Delaware Insurance Guaranty Association
- Assets
- $30.2m
- Revenue
- $1.2m
- Investments
- $29.3m
- Employees
- 4
- Location
- Newark, DE
- Founding
- 04/1974
- Data as of
- 12/2021
- EIN
- 23-7322105
Organization Overview
Delaware Insurance Guaranty Association is located in Newark, DE. The organization was established in 1974. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Delaware Insurance Guaranty Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Delaware 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, Delaware Insurance Guaranty Association generated $1.2m 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 (5.2%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.0%) 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
PAYMENT OF CLAIMS TO POLICYHOLDERS OR CLAIMANTS OF INSOLVENT INSURANCE COMPANIES PER CHAPTER 42 OF THE INSURANCE CODE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENT OF COVERED CLAIMS UNDER CERTAIN PROPERTY AND CASUALTY INSURANCE POLICIES TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF THE INSURED PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE.
DELAWARE INSURANCE DEPARTMENT-BERG ASSESSMENT IS TO PROVIDE FUNDING FOR THE SOLVENCY OVERSIGHT OF THE MEMBER COMPANIES BY THE DELAWARE INSURANCE COMMISSIONER, PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE,THEREBY MINIMIZING THE EXPENSE OF THE PROGRAM LISTED IN 4A.
UNEARNED PREMIUM REFUND CLAIMS PAID TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF THE INSURED PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry R Miller Executive Director | Officer | 37.5 | $161,798 |
Richard M Ritter Chairman | OfficerTrustee | 1 | $0 |
Noel Patterson Secretary | OfficerTrustee | 1 | $0 |
Jaynine Warner Vice Chairman | OfficerTrustee | 1 | $0 |
Jeffrey Gillentine Treasurer | OfficerTrustee | 1 | $0 |
Jeff Beck Director | 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 | $238,260 |
| Investment income | $371,133 |
| 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 | $1,199,460 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $225,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,006,220 |
| Compensation of current officers, directors, key employees. | $169,888 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $184,077 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $103,907 |
| Payroll taxes | $25,430 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,533 |
| Fees for services: Accounting | $26,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,871 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,224 |
| Information technology | $28,763 |
| Royalties | $0 |
| Occupancy | $32,719 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,837 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,205 |
| All other expenses | $0 |
| Total functional expenses | $1,917,972 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $793,283 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,270 |
| 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 | $29,343,832 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,500 |
| Total assets | $30,181,885 |
| 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 | $25,652,653 |
| Total liabilities | $25,652,653 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $4,529,232 |
| 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 | $30,181,885 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Insurance Agents And Brokers Of Pennsylvania Inc Mechanicsburg, PA | $6,872,120 | $2,426,813 |
Wellness Advocacy Fund Fulton, MD | $42,284,192 | $3,562,740 |
Delaware Insurance Guaranty Association Newark, DE | $30,181,885 | $1,199,460 |
Joint Insurance Association Ellicott City, MD | $2,641,203 | $770,233 |
Highland Park Chinese Association Highland Park, NJ | $47,615 | $0 |
Lackawaxen Honesdale Shippers Assoc Iation Inc Honesdale, PA | $234,052 | $0 |
Upper Darby Corporation For Community And Economic Development Drexel Hill, PA | $21,836 | $34,362 |
Grandsavers Are Lifesavers Mainesburg, PA | $17,676 | $17,401 |
Cazzeek Brothers Neptune, NJ | $0 | $0 |