Michigan Catastrophic Claims Association U S
- Assets
- $27.3b
- Revenue
- $4.5b
- Investments
- $2.5b
- Employees
- 49
- Location
- Livonia, MI
- Founding
- 04/1979
- Data as of
- 06/2021
- EIN
- 38-2227794
Organization Overview
Michigan Catastrophic Claims Association U S is located in Livonia, MI. The organization was established in 1979. 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 06/2021, Michigan Catastrophic Claims Association U S employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Catastrophic Claims Association U S 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 06/2021, Michigan Catastrophic Claims Association U S generated $4.5b in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.3% each year . All expenses for the organization totaled $2.2b during the year ending 06/2021. 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
REVIEW OF PERSONAL INJURY PROTECTION CLAIMS REPORTED BY MEMBERS AND INDEMNIFICATION OF ULTIMATE MEMBER LOSS UNDER STATUTORY REQUIRED PERSONAL PROTECTION INSURANCE COVERAGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION (MCCA), A PRIVATE NON-PROFIT UNINCORPORATED ASSOCIATION, WAS CREATED BY THE STATE LEGISLATURE IN 1978 BY PUBLIC ACT 136 OF 1978, WHICH AMENDED THE NO-FAULT LAW BY ADDING SECTION 3104 EFFECTIVE JULY 1, 1978. MICHIGAN'S UNIQUE AUTO INSURANCE NO-FAULT LAW PROVIDES UNLIMITED LIFETIME COVERAGE FOR MEDICAL EXPENSES WHICH RESULT FROM AUTO ACCIDENTS. THE MCCA REIMBURSES AUTO NO-FAULT INSURANCE COMPANIES FOR EACH PERSONAL INJURY PROTECTION (PIP) MEDICAL CLAIM PAID IN EXCESS OF A SET AMOUNT. CURRENTLY THAT AMOUNT IS $580,000. THE INSURANCE COMPANY PAYS THE ENTIRE CLAIM BUT IS REIMBURSED BY THE MCCA FOR MEDICAL COSTS OVER $580,000. ALL AUTO INSURANCE COMPANIES OPERATING IN MICHIGAN ARE ASSESSED TO COVER THE CATASTROPHIC MEDICAL CLAIMS OCCURRING IN MICHIGAN. THOSE ASSESSMENTS ARE GENERALLY PASSED ON TO AUTO INSURANCE POLICYHOLDERS. THE 2020-2021 ASSESSMENT WAS $100.00 PER VEHICLE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Kevin Clinton Executive Director | Officer | 40 | $449,922 |
Joseph Erhardt General Counsel | 40 | $422,383 | |
Annette Flood Assistant Executive Director | 40 | $372,610 | |
Kathryn Miller Assistant General Counsel | 40 | $286,054 | |
James D Lunsted Controller | Officer | 40 | $226,827 |
William Mangold It Manager | 40 | $188,511 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mondrian Investment Partners Investment Mgmt | 6/29/21 | $4,501,935 |
Federated Hermes Investment Mgmt | 6/29/21 | $2,824,685 |
Dodge Cox Investment Mgmt | 6/29/21 | $3,090,473 |
Prudential Insurance Company Of Ame Investment Mgmt | 6/29/21 | $2,599,206 |
Centric Consulting Llc It Support | 6/29/21 | $2,977,499 |
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 | $883,085,753 |
| Investment income | $1,434,316,448 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,228,463,581 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,546,777,371 |
| 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. | $1,030,757 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,266,362 |
| Pension plan accruals and contributions | $600,933 |
| Other employee benefits | $804,904 |
| Payroll taxes | $452,227 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $972,396 |
| Fees for services: Accounting | $289,357 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,924,765 |
| Fees for services: Other | $440,189 |
| Advertising and promotion | $0 |
| Office expenses | -$68,973 |
| Information technology | $32,066,589 |
| Royalties | $0 |
| Occupancy | $120,040 |
| Travel | -$142,888 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$1,680 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | -$6,024,748 |
| Insurance | $1,086,904 |
| All other expenses | $0 |
| Total functional expenses | $2,222,669,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $690,745,971 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,991,012 |
| 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 | $63,276 |
| Net Land, buildings, and equipment | $59,364 |
| Investments—publicly traded securities | $23,391,264,646 |
| Investments—other securities | $2,502,445,008 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $701,174,038 |
| Total assets | $27,293,743,315 |
| Accounts payable and accrued expenses | $361,046,442 |
| 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 | $21,893,420,576 |
| Total liabilities | $22,254,467,018 |
| 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 | $5,039,276,297 |
| Total liabilities and net assets/fund balances | $27,293,743,315 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Common Ground Healthcare Cooperative Brookfield, WI | $311,102,675 | $329,524,362 |
L Brands Inc Associate Benefits Trust Columbus, OH | $0 | $116,449,951 |
Ads Alliance Data Systems Inc Employee Benefits Trust Columbus, OH | $17,341,004 | $79,868,187 |
United Church Insurance Association Cleveland, OH | $16,856,548 | $69,122,452 |
Western And Southern Life Insurance Company Veba Trust Cincinnati, OH | $9,770,641 | $57,519,736 |
Heritage Group Employee Benefit Trust Indianapolis, IN | $5,252,708 | $48,474,958 |
United Church Insurance Company Inc Cleveland, OH | $53,498,153 | $36,904,277 |
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 |
Cooper Hatchery Inc Employee Benefit Plan Trust Fort Recovery, OH | $1,179,245 | $22,649,628 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
Cleveland Automobile Dealers Association Group Insurance Plan Brecksville, OH | $4,881,741 | $19,552,991 |