Michigan Property And Casualty Guaranty Association
- Assets
- $125.0m
- Revenue
- $11.3m
- Investments
- $0.0
- Employees
- 11
- Location
- Novi, MI
- Founding
- 10/1973
- Data as of
- 12/2023
- EIN
- 23-7231188
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 12/2023, 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 12/2023, Michigan Property And Casualty Guaranty Association generated $11.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (8.2%) each year. All expenses for the organization totaled $13.5m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 9 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
2023
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) | Role | Hours | Compensation |
|---|---|---|---|
James Moritz Chair | OfficerTrustee | 1 | $0 |
Steven Donnelly Board Member | Trustee | 1 | $0 |
Richard L Fox Board Member | Trustee | 1 | $0 |
Amy Mass Board Member | Trustee | 1 | $0 |
Suzanne Phillips Board Member | Trustee | 1 | $0 |
Omari Sankofa Board Member | Trustee | 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 | $8,853,405 |
| Investment income | $3,299,871 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$830,984 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,322,292 |
| 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. | $479,874 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $722,256 |
| Pension plan accruals and contributions | $220,256 |
| Other employee benefits | $121,211 |
| Payroll taxes | $118,154 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $84,565 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,683 |
| Advertising and promotion | $0 |
| Office expenses | $35,983 |
| Information technology | $63,840 |
| Royalties | $0 |
| Occupancy | $117,831 |
| Travel | $6,124 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,597 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,439 |
| Insurance | $46,756 |
| All other expenses | $0 |
| Total functional expenses | $13,548,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,764 |
| Savings and temporary cash investments | $3,502,842 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $65,719 |
| Net Land, buildings, and equipment | $23,731 |
| Investments—publicly traded securities | $118,191,113 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,176,035 |
| Total assets | $125,011,204 |
| Accounts payable and accrued expenses | $169,788 |
| 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 | $40,979,970 |
| Total liabilities | $41,149,758 |
| Net assets without donor restrictions | $0 |
| 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 | $83,861,446 |
| Total liabilities and net assets/fund balances | $125,011,204 |