Workers Compensation Security Fund
- Assets
- $229.8m
- Revenue
- $28.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Basking Ridge, NJ
- Founding
- 02/2011
- Data as of
- 12/2021
- EIN
- 27-2030868
Organization Overview
Workers Compensation Security Fund is located in Basking Ridge, NJ. The organization was established in 2011. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workers Compensation 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, Workers Compensation Security Fund generated $28.6m 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 (5.7%) each year. All expenses for the organization totaled $29.7m 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WCSF WAS ESTABLISHED BY THE NEW JERSEY LEGISLATURE IN 1935 TO PAY THE CLAIMS OF INSOLVENT WORKERS' COMPENSATION INSURANCE CARRIERS ARISING FROM THE COVERAGE OF RISKS LOCATED OR RESIDENT IN NEW JERSEY. CARRIERS AUTHORIZED TO TRANSACT THE BUSINESS OF WORKERS' COMPENSATION INSURANCE IN NEW JERSEY CONTRIBUTE TO THE WCSF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Dellafera Chief Executive Officer | Officer | 10 | $0 |
Lori Connors General Counsel | Officer | 10 | $0 |
Ronald Chess Director Of Compliance & It | Officer | 10 | $0 |
William Kahle Director Of Finance | Officer | 10 | $0 |
Trish Young Director Of Operations | Officer | 10 | $0 |
Michael Romeo Director Of Claims | Officer | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bayada Home Healthcare Inc Nursing Services | 12/30/21 | $235,763 |
Law Offices Of Peter N Laub Jr Legal Services | 12/30/21 | $127,288 |
Weiner Law Group Llp Legal Services | 12/30/21 | $155,665 |
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 | $26,579,435 |
| Investment income | $2,220,341 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$155,035 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,644,741 |
| 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. | $296,747 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,375,558 |
| Pension plan accruals and contributions | $268,633 |
| Other employee benefits | $314,592 |
| Payroll taxes | $198,274 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,714 |
| Fees for services: Accounting | $28,698 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $115,770 |
| Fees for services: Other | $180,923 |
| Advertising and promotion | $0 |
| Office expenses | $153,054 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $176,209 |
| 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 | $264,679 |
| Insurance | $36,357 |
| All other expenses | $0 |
| Total functional expenses | $29,725,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,190,203 |
| Savings and temporary cash investments | $1,051,328 |
| 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 | $227,525,144 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $229,766,675 |
| 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 | $397,867 |
| Total liabilities | $397,867 |
| 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 | $229,368,808 |
| Total liabilities and net assets/fund balances | $229,766,675 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nysa-Ila Container Royalty Fund Jersey City, NJ | $55,480,172 | $104,394,382 |
Unsatisfied Claims & Judgement Fund Basking Ridge, NJ | $69,007,782 | $67,404,449 |
Gs1 Us Inc Ewing, NJ | $478,037,755 | $93,863,501 |
International Swaps And Derivatives Association Inc New York, NY | $118,665,756 | $65,806,525 |
Association Of National Advertisers Inc New York, NY | $38,717,598 | $50,547,394 |
Global Associations Of Risk Proffesionals Inc Jersey City, NJ | $66,882,119 | $55,059,565 |
Natural Diamond Council Usa Inc New York, NY | $2,361,726 | $45,450,043 |
Better Health For Northeast New York Inc Albany, NY | $1,699,036 | $0 |
Hamaspik Of Orange County Inc Monroe, NY | $56,250,916 | $69,931,985 |
International Council Of Shopping Centers Inc New York, NY | $167,282,013 | $15,292,706 |
Housing Works Inc Brooklyn, NY | $30,231,683 | $31,989,444 |
Workers Compensation Security Fund Basking Ridge, NJ | $229,766,675 | $28,644,741 |