Insurance Guaranty Associations
- Assets
- $20.9m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Dublin, OH
- Founding
- 02/1974
- Data as of
- 12/2023
- EIN
- 34-1112111
Organization Overview
Insurance Guaranty Associations is located in Dublin, OH. 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 12/2023, Insurance Guaranty Associations employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Guaranty Associations 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, Insurance Guaranty Associations generated $1.2m 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 (9.0%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2023. 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
THE MISSION OF THE OHIO INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE SOME LEVEL OF PROTECTION FOR CERTAIN POLICY HOLDERS AND CLAIMANTS AGAINST THE INSOLVENCY OF AN INSURANCE COMPANY LICENSED TO SELL THOSE TYPES OF POLICIES IN OHIO WHEN THE COMPANY IS PLACED INTO LIQUIDATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OHIO INSURANCE GUARANTY ASSOCIATION (OIGA) IS AN UNINCORPORATED NON-PROFIT ASSOCIATION ORGANIZED PURSUANT TO PROVISIONS OF THE OHIO INSURANCE GUARANTY ASSOCIATION ACT (THE "ACT") CONTAINED IN THE OHIO REVISED CODE. OIGA IS COMPRISED OF EVERY INSURER LICENSED TO TRANSACT INSURANCE IN OHIO AND WRITING ONE OR MORE KINDS OF INSURANCE INCLUDED WITHIN SECTION 3955.05 OF THE OHIO REVISED CODE. THE PRINCIPAL RESPONSIBILITIES OF OIGA IS TO PAY COVERED CLAIMS OF INSOLVENT INSURERS (AS DEFINED IN THE ACT), AND TO PROVIDE A MECHANISM FOR ASSESSMENT OF MEMBER INSURERS TO ACCOMPLISH CLAIM SETTLEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Wilson Director | Trustee | 0.5 | $0 |
Mark Schloemer Secretary/treasurer | OfficerTrustee | 1 | $0 |
William Mcgee Jr Director | Trustee | 0.5 | $0 |
Lavawn Coleman Chairman | OfficerTrustee | 1 | $0 |
Bradley Corso Director | Trustee | 0.5 | $0 |
Erin Fowle Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Usaa Annuity Services Corp | 12/30/22 | $250,000 |
Weson Hur Llp Claims Disbusement | 12/30/22 | $118,238 |
Thompson Hine Llp Claims Disbusement | 12/30/22 | $119,755 |
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 | $391,082 |
| Investment income | $775,596 |
| 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 | $1,166,678 |
| 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. | $88,526 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $164,407 |
| Pension plan accruals and contributions | $14,455 |
| Other employee benefits | $35,138 |
| Payroll taxes | $13,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $54,060 |
| Fees for services: Accounting | $9,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,606 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,308 |
| Information technology | $124,151 |
| Royalties | $0 |
| Occupancy | $27,833 |
| Travel | $5,170 |
| 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 | $21,274 |
| Insurance | $16,811 |
| All other expenses | $2,976 |
| Total functional expenses | $2,810,855 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $132,852 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $194,564 |
| 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 | $71,367 |
| Net Land, buildings, and equipment | $31,245 |
| Investments—publicly traded securities | $20,283,464 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $34,450 |
| Other assets | $118,689 |
| Total assets | $20,866,631 |
| Accounts payable and accrued expenses | $86,444 |
| 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 | $130,568 |
| Total liabilities | $217,012 |
| Net assets without donor restrictions | $20,649,619 |
| 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 | $20,866,631 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Michigan Basic Property Insurance Association Farmington Hills, MI | $16,573,320 | $12,632,616 |
Kentucky Insurance Guaranty Association Louisville, KY | $54,661,741 | $4,610,383 |
Insurance Guaranty Associations Dublin, OH | $20,866,631 | $1,166,678 |
Service Employees International Union Lansing, MI | $3,014,829 | $2,682,935 |
Insurance Agents And Brokers Of Pennsylvania Inc Mechanicsburg, PA | $6,042,204 | $2,170,730 |
Ohio Insurance Institute Columbus, OH | $916,176 | $1,824,096 |
Kentucky Automobile Insurance Plan Louisville, KY | $1,190,068 | $347,004 |
Naifa Michigan Dewitt, MI | $54,650 | $125,470 |
Upper Darby Corporation For Community And Economic Development Drexel Hill, PA | $848 | $671 |
Lackawaxen Honesdale Shippers Assoc Iation Inc Honesdale, PA | $234,052 | $0 |
Grandsavers Are Lifesavers Mainesburg, PA | $0 | $17,401 |