Idaho Insurance Guaranty Association
- Assets
- $7.4m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Denver, CO
- Founding
- 03/1973
- Data as of
- 12/2023
- EIN
- 23-7237062
Organization Overview
Idaho Insurance Guaranty Association is located in Denver, CO. The organization was established in 1973. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, 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. Idaho 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 12/2023, Idaho Insurance Guaranty Association generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 39.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 5.3% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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 EFFICIENTLY PAY COVERED CLAIMS OF POLICYHOLDERS AND CLAIMANTS OF INSOLVENT PROPERTY AND CASUALTY INSURERS ACCORDING TO THE IDAHO INSURANCE GUARANTY ASSOCIATION ACT IN COOPERATION WITH REGULATORS AND RECEIVERS, WHILE RESPONSIBLY MANAGING THE FUNDS OF THE ASSOCIATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDAHO INSURANCE GUARANTY ASSOCIATION REVIEWED OVER 40 CLAIM FILES IN 2023 AND HAD 33 CLAIMS PENDING AT YEAR END. OVER 1,000 CHECKS WERE ISSUED TO CLAIMANTS AND PROVIDERS DURING 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phillip Joslin Rep Farm Bureau Ins Board Chair | Trustee | 1 | $0 |
John Graham Rep Associated Loggers Board Vice Chair | Trustee | 1 | $0 |
Kim Decker Rep Farmers Insurance Board Member | Trustee | 1 | $0 |
Veronica Vanslyke Rep American Fam Board Member | Trustee | 1 | $0 |
Bob Locke Rep Gen State Ins Board Member | Trustee | 1 | $0 |
Jon Hedegard Rep Allstate Ins Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alliance Home Health Of South Ut Llc Medical | 12/30/23 | $111,632 |
Best Of Care Llc Dba Home Instead Senior Care Medical | 12/30/23 | $303,819 |
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 | $2,377,851 |
| Investment income | $249,075 |
| 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 | $2,626,926 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,105,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250,000 |
| Savings and temporary cash investments | $7,094,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,394,670 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $7,394,670 |
| 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 | $7,394,670 |