Insurance Security Fund
- Assets
- $29.7m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Madison, WI
- Founding
- 04/1974
- Data as of
- 12/2021
- EIN
- 23-7365644
Organization Overview
Insurance Security Fund, operating under the name Wisconsin Insurance Security Fund, is located in Madison, WI. The organization was established in 1974. 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, Wisconsin Insurance Security Fund employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wisconsin Insurance Security Fund 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, Wisconsin Insurance Security Fund generated $3.0m 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 (7.8%) each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. 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
THE INSURANCE SECURITY FUND HAS ONE MISSION, ACCOMPLISHED THROUGH ONE PROGRAM TO MAINTAIN PUBLIC CONFIDENCE IN THE PROMISES OF INSURERS BY PROVIDING A MECHANISM FOR PROTECTING INSUREDS FROM LOSS IN THE EVENT OF LIQUIDATI
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSURANCE SECURITY FUND HAS ACCOMPLISHED PAYING CLAIMS FOR POLICYHOLDERS THROUGH ONE PROGRAM PROTECTING INSUREDS FROM LOSS IN THE EVENT OF LIQUIDATION OF INSURERS AND CONTINUES TO PROVIDE PROTECTION UNDER INSURANCE POLICIES AS SPECIFIED BY WISCONSIN STATE STATUTES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allan Patek Executive Director | Officer | 40 | $186,128 |
Theresa Wedekind Associate Director Operations Finance | Officer | 40 | $117,750 |
Scott Seymour Board Member American Family Insurance, Madison Wi | Trustee | 1 | $0 |
Mark Afable Board Member Commissioner Of Insurance, Madison Wi | Trustee | 1 | $0 |
Jennifer Vernon Chair Qbe, Sun Prairie Wi | Trustee | 1 | $0 |
Heather Boyer Board Member Society Insurance, Fond Du Lac, Wi | 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 | $2,698,059 |
| Investment income | $299,114 |
| 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 | $2,997,173 |
| 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 | $3,087,404 |
| Compensation of current officers, directors, key employees. | $303,878 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $149,122 |
| Pension plan accruals and contributions | $62,385 |
| Other employee benefits | $69,324 |
| Payroll taxes | $31,135 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,158 |
| Fees for services: Accounting | $21,437 |
| 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 | $58,234 |
| Information technology | $224,731 |
| Royalties | $0 |
| Occupancy | $39,768 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,785 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,542,895 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,934,353 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $26,741,244 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $29,675,597 |
| 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 | $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 | $29,675,597 |
| Total liabilities and net assets/fund balances | $29,675,597 |
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