Maine Self Insurance Guaranty Association
- Assets
- $4.6m
- Revenue
- $176.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Cape Elizabeth, ME
- Founding
- 04/1984
- Data as of
- 12/2021
- EIN
- 01-0390410
Organization Overview
Maine Self Insurance Guaranty Association is located in Cape Elizabeth, ME. The organization was established in 1984. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Self Insurance Guaranty Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Maine Self Insurance Guaranty Association generated $176.0k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $187.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MECHANISMS FOR THE PAYMENTS OF COVERED WORKERS COMPENSATION CLAIMS UNDER SELF INSURANCE COVERAGE, TO AVOID EXCESSIVE DELAYS IN PAYMENT, TO AVOID FINANCIAL LOSS TO CLAIMANTS BECAUSE OF THE INSOLVENCY OF A SELF-INSURER AND TO ASSIST WHEN CALLED UPON TO DO SO BY THE SUPERINTENDENT OF INSURANCE, IN THE DETECTION OF SELF-INSURER INSOLVENCIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GUARANTEE FUND PROVIDES FUNDS TO BE USED TO MAKE MANDATED BENEFIT PAYMENTS TO COVERED PARTICIPANTS IN SELF-INSURED WORKERS COMPENSATION PROGRAMS IN MAINE IN THE EVENT THAT THE SELF-INSURED PROGRAM BECOMES INSOLVENT.
PROVIDE A MECHANISM FOR SERVICING CLAIMS THAT ARE BEING PAID OUT OF BOND PROCEEDS AFTER THE SELF INSURER HAS GONE OUT OF BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Brogan Administrator | Officer | 10 | $47,917 |
Dan Ferguson Chair | OfficerTrustee | 0.1 | $0 |
Dan Smith Vice Chair | OfficerTrustee | 0.1 | $0 |
Brian Parke Treasurer | OfficerTrustee | 0.1 | $0 |
John Norman Director | Trustee | 0.1 | $0 |
Cheryl Russell Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $103,150 |
| Investment income | $72,838 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $175,988 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $53,553 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,740 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,672 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $26 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,672 |
| All other expenses | $9 |
| Total functional expenses | $187,069 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,344,934 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $140,809 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,625 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,004,224 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $141,272 |
| Total assets | $4,634,864 |
| Accounts payable and accrued expenses | $50,863 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $50,863 |
| Net assets without donor restrictions | $4,584,001 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,634,864 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Hampshire Bankers Association Insurance Trust Concord, NH | $1,655,893 | $8,712,913 |
Main Insurance Agents Assoc Hallowell, ME | $944,580 | $941,041 |
New Hampshire Association Of Insurance Agents Inc Concord, NH | $1,259,818 | $644,627 |
Bangor Hydro-Electric Company Voluntary Employee Benefit Bangor, ME | $702,654 | $244 |
Maine Self Insurance Guaranty Association Cape Elizabeth, ME | $4,634,864 | $175,988 |
J W Robinson Welfare Trust Gardiner, ME | $1,373,333 | $66,048 |
Workers Compensation Coordinating Council Augusta, ME | $80,869 | $0 |
Claremont Youth Baseball & Softball Inc Claremont, NH | $25,931 | $0 |