Michigan Property And Casualty Guaranty Association

Organization Overview

Michigan Property And Casualty Guaranty Association is located in Novi, MI. The organization was established in 1973. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Michigan Property And Casualty Guaranty Association employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Property And Casualty 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, Michigan Property And Casualty Guaranty Association generated $16.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $6.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (11.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO REVIEW, ADJUST, AND MAKE PAYMENTS OF COVERED CLAIMS FROM MEMBER INSOLVENT PROPERTY AND CASUALTY INSURANCE COMPANIES THAT WERE LICENSED IN THE STATE OF MICHIGAN

Describe the Organization's Program Activity:

Part 3 - Line 4a

MPCGA IS AN UNINCORPORATED ASSOCIATION OF ALL PROPERTY AND CASUALTY INSURERS AUTHORIZED TO TRANSACT INSURANCE IN MICHIGAN. MPCGA WAS CREATED BY AN ACT OF THE MICHIGAN LEGISLATURE, MCL 500.7901 ET SEQ., IN ORDER TO PROTECT THE PUBLIC AGAINST FINANCIAL LOSSES TO POLICYHOLDERS AND CLAIMANTS AS A RESULT OF PROPERTY AND CASUALTY INSURANCE COMPANY INSOLVENCIES. WHEN A MEMBER INSURER BECOMES INSOLVENT, MPCGA HAS A DUTY TO PAY CERTAIN OBLIGATIONS OF THE INSOLVENT INSURER THAT COME WITHIN THE ACT'S DEFINITION OF COVERED CLAIMS. MPCGA DOES NOT HANDLE CLAIMS ARISING OUT OF LIFE OR DISABILITY INSURANCE OR ANNUITY CONTRACTS.


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Board, Officers & Key Employees

Name (title)Compensation
Jeffery Jenkins
Executive Director
$195,221
John Arment
Director Of Finance And Admin.
$161,821
Laura Myers
Claims Manager
$121,718
Josephine Rea
Claims Support Manager
$114,188
Lori Rice
Accounting Manager
$109,528
Shannon Anderson
Chair
$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$10,222,223
Investment income $2,490,988
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $3,306,519
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $16,019,730

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