Illinois Insurance Guaranty Fund
- Assets
- $151.6m
- Revenue
- $12.1m
- Investments
- $0.0
- Employees
- 12
- Location
- Chicago, IL
- Founding
- 10/1972
- Data as of
- 12/2023
- EIN
- 36-2737437
Organization Overview
Illinois Insurance Guaranty Fund is located in Chicago, IL. The organization was established in 1972. 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 12/2023, Illinois Insurance Guaranty Fund employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Insurance Guaranty 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 12/2023, Illinois Insurance Guaranty Fund generated $12.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (13.6%) each year. All expenses for the organization totaled $14.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (13.4%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROTECT POLICYHOLDERS OF PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN ILLINOIS AGAINST LOSS IN THE EVENT OF INSOLVENCY OF THE INSURANCE COMPANY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ILLINOIS INSURANCE GUARANTY FUND IS A STATUTORILY MANDATED ORGANIZATION WHICH PAID, WHEN LEGALLY DUE, ALL COVERED CLAIMS AS DEFINED BY STATUTE AND OTHERWISE FULLY DISCHARGED ITS STATUTORY OBLIGATION IN ACCORDANCE WITH ILLINOIS LAW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Schotke Executive Di | Officer | 40 | $299,805 |
Latoya Hines Controller | Officer | 40 | $200,573 |
Valerie Mcgregor Claims Direc | 40 | $186,607 | |
Michael Dickey It Manager | 40 | $132,199 | |
Gerald Gorak Sr. Claims E | 40 | $127,557 | |
Michael Levesque Sr. Claims E | 40 | $107,738 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kent Lucaccioni Ltd Legal Services | 12/30/23 | $431,623 |
Medicalservicequotes Pharmacy Progra | 12/30/23 | $343,880 |
Locke Lord Llp Legal Services | 12/30/23 | $328,987 |
Lightspeed Data Solutions Claims System | 12/30/23 | $215,340 |
Payden And Rygel Investments | 12/30/23 | $263,710 |
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 | $10,942,230 |
| Investment income | $1,085,364 |
| 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 | $12,078,200 |
| 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. | $627,639 |
| Compensation of current officers, directors, key employees. | $40,082 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,241,589 |
| Pension plan accruals and contributions | $76,572 |
| Other employee benefits | $207,990 |
| Payroll taxes | $107,365 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $590,282 |
| Fees for services: Accounting | $184,500 |
| Fees for services: Lobbying | $54,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $263,710 |
| Fees for services: Other | $55,138 |
| Advertising and promotion | $0 |
| Office expenses | $96,777 |
| Information technology | $366,518 |
| Royalties | $0 |
| Occupancy | $276,328 |
| Travel | $35,373 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,687 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,655 |
| Insurance | $125,345 |
| All other expenses | $0 |
| Total functional expenses | $14,062,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,108 |
| Savings and temporary cash investments | $973,958 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,464,186 |
| 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 | $205,604 |
| Net Land, buildings, and equipment | $119,656 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $144,517,365 |
| Intangible assets | $0 |
| Other assets | $2,299,337 |
| Total assets | $151,645,214 |
| Accounts payable and accrued expenses | $1,065,114 |
| 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 | $1,992,508 |
| Total liabilities | $3,057,622 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $9,023,212 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $139,564,380 |
| Total liabilities and net assets/fund balances | $151,645,214 |