2024-05-15T09:17:47-05:00 2023-06-30 PwC US Tax LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2022-07-01 851472543 GENERAL LIABILITY DEFENSE IC % UNIV OF SOUTHERN CALIFORNIA GENE 2138211900 UNIVERSITY GARDENS UGB205 LOS ANGELES CA 900898003 ERIK BRINK TREASURER/DIRECTOR 2138211900 2024-05-14 true ERIK BRINK 999009999 TRAVIS L PATTON P00369623 2024141000 2024-05-14 3 2022 2023-04-26 12:10:37Z ERIK BRINK UNIVERSITY GARDENS UGB205 LOS ANGELES CA 900898003 0 false X N/A X 2020 VT SEE SCHEDULE O 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 213587 149409 213587 149409 -213587 -149409 2767067 2627137 1708656 1718135 1058411 909002 X SEE SCHEDULE O false false 149409 0 0 SEE SCHEDULE O 149409 true false false false false false false false false false false false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false false false true true false false false true 0 0 0 false false false false false false false false false false false false X 5 0 true false false false true true true true false false false true true true true false false false false false X UNIV OF SOUTHERN CALIFORNIA 2138211900 UNIVERSITY GARDENS UGB205 LOS ANGELES CA 900898003 X STEVEN D SHAPIRO DIRECTOR 2.0 56.0 X 0 2859021 571140 JAMES M STATEN DIRECTOR UNTIL 2/28/23 2.0 58.5 X 0 1916188 78971 BEONG-SOO KIM DIRECTOR 2.0 56.0 X 0 1176988 236558 DRDAVID PENG DIRECTOR 2.0 46.5 X 0 1049978 140400 ERIK BRINK TREASURER/DIRECTOR 2.0 56.0 X X 0 697286 101538 JASON BENNETT PRESIDENT/DIRECTOR 5.0 10.0 X X 0 423941 58938 CAROLYN DOMEN-BROSHEARS SECRETARY 2.0 54.0 X 0 437088 38834 0 8560490 1226379 0 false true false 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 0 0 0 0 0 0 0 0 0 0 15000 15000 0 32550 32550 0 0 0 98268 98268 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PREMIUM TAXES 3591 3591 149409 149409 0 0 0 0 2567067 2427137 0 0 0 0 0 0 0 0 0 0 0 0 200000 200000 0 0 0 0 0 0 0 0 0 0 0 0 2767067 2627137 90603 132046 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1618053 1586089 1708656 1718135 X 0 0 0 0 1058411 909002 1058411 909002 2767067 2627137 -149409 X false true X true X X X 1 UNIVERSITY OF SOUTHERN CALIFORNIA 951642394 2 true 0 0 1 0 0 true false false false false false false false false false false false false false false true false 0 DEPOSIT LIABILITY TO USC 1586089 1586089 X SCHEDULE D, PART X, LINE 2: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED AS PART OF CONSOLIDATED FINANCIAL STATEMENTS. THE COMPANIES HAVE RECEIVED DETERMINATION LETTERS FROM THE INTERNAL REVENUE SERVICE DATED OCTOBER 13, 2021, INDICATING THE COMPANIES QUALIFY UNDER THE PROVISIONS OF SECTION 501 OF THE INTERNAL REVENUE CODE AS EXEMPT FROM FEDERAL INCOME TAXES. THE COMPANIES ACCOUNT FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC 740, "INCOME TAXES". FASB ASC 740 PROVIDES A FRAMEWORK FOR HOW COMPANIES SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE UNCERTAIN TAX POSITIONS IN THEIR FINANCIAL STATEMENTS. THE COMPANIES MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE COMPANIES DID NOT RECORD ANY UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2023 AND 2022. THE COMPANIES DO NOT BELIEVE IT IS REASONABLY POSSIBLE THAT ITS UNRECOGNIZED TAX BENEFITS WOULD MATERIALLY CHANGE IN THE NEXT TWELVE MONTHS. IN THE EVENT THE COMPANIES WERE TO BECOME SUBJECT TO FEDERAL INCOME TAXES, THE COMPANIES' POLICY WOULD BE TO RECOGNIZE INTEREST AND PENALTIES RELATED TO INCOME TAXES AS COMPONENTS OF INTEREST AND PENALTIES EXPENSE INCLUDED WITHIN GENERAL AND ADMINISTRATIVE EXPENSES IN THE COMBINED STATEMENT OF OPERATIONS. AS OF JUNE 30, 2023 AND 2022, THE COMPANIES DID NOT RECORD ANY INTEREST OR PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS. false true false false false false false false false JAMES M STATEN DIRECTOR UNTIL 2/28/23 0 1524938 0 100000 0 291250 0 30500 0 48471 0 1995159 0 0 ERIK BRINK TREASURER/DIRECTOR 0 560155 0 80000 0 57131 0 30500 0 71038 0 798824 0 0 CAROLYN DOMEN-BROSHEARS SECRETARY 0 353679 0 50000 0 33409 0 30500 0 8334 0 475922 0 0 BEONG-SOO KIM DIRECTOR 0 737879 0 300000 0 139109 0 230500 0 6058 0 1413546 0 0 JASON BENNETT PRESIDENT/DIRECTOR 0 367883 0 36000 0 20058 0 30500 0 28438 0 482879 0 0 STEVEN D SHAPIRO DIRECTOR 0 1522927 0 1000000 0 336094 0 530500 0 40640 0 3430161 0 625000 DRDAVID PENG DIRECTOR 0 905418 0 75000 0 69560 0 30500 0 109900 0 1190378 0 0 SCHEDULE J, PART I, LINE 3 THE ORGANIZATION RELIES ON THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC), A RELATED ORGANIZATION, TO ESTABLISH THE COMPENSATION OF THE PRESIDENT. SCHEDULE J, PART I, LINE 4B BEONG-SOO KIM: DURING CALENDAR YEAR 2022, SENIOR VICE PRESIDENT & GENERAL COUNSEL AT THE UNIVERSITY OF SOUTHERN CALIFORNIA, PARTICIPATED IN A RETENTION PROGRAM. A PAYMENT OF $1,000,000 (ACCRUING AT $200,000 PER YEAR) IS SCHEDULED TO VEST AND BE PAYABLE IN 2026 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. AN ACCRUAL OF $200,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). STEVEN D. SHAPIRO: UNDER HIS EMPLOYMENT AGREEMENT, THE SENIOR VICE PRESIDENT OF HEALTH AFFAIRS AT THE UNIVERSITY OF SOUTHERN CALIFORNIA WAS ELIGIBLE FOR BONUSES IN GUARANTEED AMOUNTS. A PAYMENT OF $1,000,000 VESTED AND WAS PAYABLE IN JUNE 2022. ANOTHER PAYMENT OF AT LEAST $750,000 IS SCHEDULED TO VEST AND BE PAYABLE IN JUNE 2023. THE BONUSES ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. A RATABLE ACCRUAL OF $375,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). DURING CALENDAR YEAR 2022, HE PARTICIPATED IN A RETENTION PROGRAM. A PAYMENT OF $1,000,000 (ACCRUING AT $200,000 PER YEAR) IS SCHEDULED TO VEST AND BE PAYABLE IN 2026 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. AN ACCRUAL OF $125,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). OTHER: IN 1994 USC CREATED A 457(F) SUPPLEMENTAL RETIREMENT PLAN TO PROVIDE MAKE-UP BENEFITS TO EMPLOYEES WHOSE COMPENSATION EXCEEDS THE EARNINGS LIMITATION FOR CONTRIBUTIONS TO THE USC DEFINED CONTRIBUTION RETIREMENT PLAN. AS OF JANUARY 1, 2005, THE PLAN WAS FROZEN AND PARTICIPANTS, WITH RESPECT TO FUTURE MAKE UP BENEFITS, WERE NO LONGER PERMITTED TO DEFER THESE BENEFITS. SCHEDULE J, PART II NONE OF THE OFFICERS AND DIRECTORS OF THIS ORGANIZATION RECEIVED ANY COMPENSATION FROM THE FILING ORGANIZATION DURING 2022. DURING 2022, THE INDIVIDUALS REPORTED ON SCHEDULE J, PART II WERE EMPLOYEES OF THE ORGANIZATION'S SUPPORTED ORGANIZATION, THE UNIVERSITY OF SOUTHERN CALIFORNIA ("USC"). FORM 990, PART I, LINE 1 AND PART III, ORGANIZATION'S PRIMARY ACTIVITY GENERAL LIABILITY DEFENSE, IC (GENERAL LIABILITY) IS A PUBLIC BENEFIT CORPORATION AND INCORPORATED PROTECTED CELL OF A SPONSORED CAPTIVE INSURANCE COMPANY ORGANIZED IN ACCORDANCE WITH THE VERMONT NONPROFIT CORPORATION ACT AND CHAPTER 141 OF TITLE 8 OF THE VERMONT STATUTES ANNOTATED. GENERAL LIABILITY IS ORGANIZED AND OPERATED AS A SUPPORTING ORGANIZATION DESCRIBED IN INTERNAL REVENUE CODE SECTION 509(A)(3) TO PROVIDE SERVICES AND RESOURCES FOR THE BENEFIT OF, TO PERFORM FUNCTIONS OF, AND TO CARRY OUT THE PURPOSES OF, THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC) AND USC'S TAX-EXEMPT AFFILIATES, SO LONG AS USC AND SUCH AFFILIATES ARE DESCRIBED IN PARAGRAPHS (1) OR (2) OF SECTION 509(A). SPECIFICALLY, GENERAL LIABILITY'S SOLE PLANNED ACTIVITY IS TO FACILITATE SELF-INSURANCE WITH RESPECT TO CERTAIN CASUALTY EXPOSURES OF USC AND USC'S TAX-EXEMPT AFFILIATES. FORM 990, PART VI, SECTION A, LINE 2 CERTAIN INDIVIDUALS LISTED IN PART VII ARE OFFICERS AND DIRECTORS OF THE UNIVERSITY OF SOUTHERN CALIFORNIA, A RELATED ORGANIZATION. ALL INDIVIDUALS LISTED WITH RELATED ORGANIZATION COMPENSATION ARE COMPENSATED BY THE UNIVERSITY. FORM 990, PART VI, SECTION A, LINES 6, 7A, AND 7B THE SOLE CORPORATE MEMBER OF THE ORGANIZATION IS THE UNIVERSITY OF SOUTHERN CALIFORNIA, A CALIFORNIA TAX-EXEMPT ORGANIZATION. THE CORPORATE MEMBER HAS THE AUTHORITY TO APPROVE DIRECTORS ELECTED BY THE BOARD AND REMOVE DIRECTORS AND THE AUTHORITY TO APPROVE CHANGES TO THE BYLAWS. ACTIONS REQUIRING APPROVAL OF THE CORPORATE MEMBER INCLUDE ANY CHANGES TO THE COMPOSITION OF THE BOARD OF DIRECTORS AND BYLAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 IS REVIEWED AT SEVERAL LEVELS. THE ORGANIZATION ENGAGES AN EXTERNAL PUBLIC ACCOUNTING FIRM TO ASSIST IN THE PREPARATION AND REVIEW OF ITS FORM 990 AND THAT SIGNS AS PAID PREPARER. THE REVIEW OF THE FINAL FORM 990 IS CONDUCTED BY THE CAPTIVE INSURANCE MANAGER, AON, INC. AND THE USC COMPTROLLER'S OFFICE PRIOR TO BOARD DISTRIBUTION AND IS BEING FILED WITH THE IRS. FORM 990, PART VI, LINES 12, 13, AND 14 THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY. PURSUANT TO THE CONFLICT OF INTEREST POLICY, IF AN INDIVIDUAL BELIEVES OR SUSPECTS THAT A CONFLICT OF INTEREST MAY EXIST IT SHOULD BE DISCLOSED TO THE BOARD OF DIRECTORS. RELATED ORGANIZATIONS OF THE UNIVERSITY OF SOUTHERN CALIFORNIA FOLLOW THE UNIVERSITY'S POLICIES. GENERAL LIABILITY DEFENSE IC FOLLOWS THE UNIVERSITY OF SOUTHERN CALIFORNIA'S WRITTEN DOCUMENT RETENTION AND WHISTLEBLOWER POLICIES WHICH WERE PREVIOUSLY ISSUED BY UNIVERSITY MANAGEMENT AND ARE CURRENTLY IN EFFECT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE ORGANIZATION IS INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS WITH THE UNIVERSITY OF SOUTHERN CALIFORNIA WHICH IS MADE AVAILABLE TO THE PUBLIC ON THE UNIVERSITY'S WEBSITE. FORM 990, PART VII, COLUMN (B) THE INDIVIDUALS REPORTED AS RECEIVING COMPENSATION FROM A RELATED ORGANIZATION IN COLUMNS (E) AND (F) IN FORM 990, PART VII, ARE EMPLOYEES OF THE UNIVERSITY OF SOUTHERN CALIFORNIA, A TAX-EXEMPT RELATED ORGANIZATION. EACH OF THESE INDIVIDUALS HAS DEVOTED AN AVERAGE OF 40-50 HOURS PER WEEK TO THEIR POSITIONS AT THE UNIVERSITY OF SOUTHERN CALIFORNIA. FORM 990 PART IX LINE 11G DESCRIPTION:CLAIMS HANDLING FEE TOTAL FEES:90000 FORM 990 PART IX LINE 11G DESCRIPTION:PROGRAM EXP FEES FROM COR TOTAL FEES:8268 UNIVERSITY OF SOUTHERN CALIFORNIA UNIVERSITY GARDENS - UGB203 LOS ANGELES CA 90089 951642394 EDUCATION CA 501(C)(3) 2 NA false ICT PRODUCTIONS INC C/O USC UGB 203 LOS ANGELES CA 90089 954843260 EDUC. 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