Illinois Insurance Guaranty Fund
- Assets
- $161.4m
- Revenue
- $26.3m
- Investments
- $0.0
- Employees
- 14
- Location
- Chicago, IL
- Founding
- 10/1972
- Data as of
- 12/2021
- 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 12/2021, Illinois Insurance Guaranty Fund employed 14 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 12/2021, Illinois Insurance Guaranty Fund generated $26.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $16.4m 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
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 STATUE 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 |
|---|---|---|---|
Timothy Schotke Executive Director | Officer | 40 | $276,549 |
Latoya Hines Controller | Officer | 40 | $181,284 |
Gregory Jankowski Claims Director | 40 | $169,452 | |
Valerie Mcgregor Claims Director | 40 | $167,009 | |
Michael Dickey It Manager | 40 | $120,731 | |
Gerald Gorak Senior Claims Examiner | 40 | $118,108 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Medicalservicequotes Pharmacy Program Manager | 12/30/21 | $345,314 |
Corvel Corporation Medical Bill Review | 12/30/21 | $312,812 |
Locke Lord Llp Legal Services | 12/30/21 | $541,384 |
Payden And Rygel Investment Portfolio Manager | 12/30/21 | $275,139 |
Lightspeed Data Solutions Inc Tecnhology Consulting | 12/30/21 | $198,000 |
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 | $23,712,990 |
| Investment income | $2,607,541 |
| 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 | $26,320,531 |
| 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. | $1,453,188 |
| Compensation of current officers, directors, key employees. | $107,348 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $505,558 |
| Pension plan accruals and contributions | $76,826 |
| Other employee benefits | $103,429 |
| Payroll taxes | $116,601 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $785,882 |
| Fees for services: Accounting | $145,000 |
| Fees for services: Lobbying | $59,400 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $275,139 |
| Fees for services: Other | $63,713 |
| Advertising and promotion | $0 |
| Office expenses | $104,359 |
| Information technology | $319,956 |
| Royalties | $0 |
| Occupancy | $331,127 |
| Travel | $6,338 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,911 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,686 |
| Insurance | $91,492 |
| All other expenses | $0 |
| Total functional expenses | $16,374,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $848,015 |
| Savings and temporary cash investments | $2,081,024 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,790,300 |
| 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 | $185,120 |
| Net Land, buildings, and equipment | $92,582 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $144,019,099 |
| Intangible assets | $0 |
| Other assets | $401,745 |
| Total assets | $161,417,885 |
| Accounts payable and accrued expenses | $1,218,340 |
| 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 | $1,235,599 |
| Total liabilities | $2,453,939 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $9,666,725 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $149,297,221 |
| Total liabilities and net assets/fund balances | $161,417,885 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Heritage Group Employee Benefit Trust Indianapolis, IN | $5,252,708 | $48,474,958 |
Ssmhcs Liability Trust Mercantile Bank Ttee St Louis, MO | $216,786,212 | $51,161,074 |
Rush University Medical Centers Self-Insurance Trust For Healthcar Chicago, IL | $184,033,612 | $58,498,218 |
American United Life Insurance Company Welfare Benefits Trust Indianapolis, IN | $8,410,756 | $27,962,029 |
Hills Insurance Company Inc Mishawaka, IN | $233,016,594 | $7,136,194 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
Automatic Sprinkler-281 U A Welfare Fund Alsip, IL | $43,182,482 | $25,386,372 |
Learfield Communications Group Benefit Trust Inc Jefferson City, MO | $2,893,573 | $17,688,532 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |
Illinois Insurance Guaranty Fund Chicago, IL | $161,417,885 | $26,320,531 |
Healthalliance Benefit Plan Urbandale, IA | $4,354,956 | $14,851,406 |
Clara Abbott Foundation Abbott Park, IL | $224,191,754 | $3,270,470 |