Michigan Catastrophic Claims Association U S
- Assets
- $21.9b
- Revenue
- $1.7b
- Investments
- $2.5b
- Employees
- 48
- Location
- Livonia, MI
- Founding
- 04/1979
- Data as of
- 06/2022
- 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 06/2022, Michigan Catastrophic Claims Association U S employed 48 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 06/2022, Michigan Catastrophic Claims Association U S generated $1.7b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $4.4b during the year ending 06/2022. While expenses have increased by 6.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
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 $600,000. THE INSURANCE COMPANY PAYS THE ENTIRE CLAIM BUT IS REIMBURSED BY THE MCCA FOR MEDICAL COSTS OVER $600,000. 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 2021-2022 ASSESSMENT WAS $86.00 PER VEHICLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director & Vice Chair (beg 6/22) | OfficerTrustee | 1 | $0 |
Name Not Listed Director & Vice Chair (until 5/22) | OfficerTrustee | 1 | $0 |
Name Not Listed Director & Chair (beg 10/21) | OfficerTrustee | 1 | $0 |
Name Not Listed Director & Chair (until 9/21) | OfficerTrustee | 1 | $0 |
Name Not Listed Director (beg 6/22) | Trustee | 1 | $0 |
Name Not Listed Director (beg 6/22) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mondrian Investment Partners Investment Management | 6/29/22 | $5,542,950 |
Centric Consulting Llc It Support | 6/29/22 | $5,413,486 |
Invesco Secured Management Investment Management | 6/29/22 | $2,880,739 |
Dodge & Cox Investment Management | 6/29/22 | $3,356,863 |
Federated Hermes Investment Management | 6/29/22 | $3,153,912 |
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 | $492,001,046 |
| Investment income | $682,270,037 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $569,757,536 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,744,028,645 |
| 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. | $1,075,691 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,174,343 |
| Pension plan accruals and contributions | $926,892 |
| Other employee benefits | $553,081 |
| Payroll taxes | $145,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,074,148 |
| Fees for services: Accounting | $336,918 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,360,760 |
| Fees for services: Other | $534,588 |
| Advertising and promotion | $0 |
| Office expenses | -$65,041 |
| Information technology | $11,100,381 |
| Royalties | $0 |
| Occupancy | -$8,300 |
| Travel | $767 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | -$2,035,290 |
| Insurance | $2,604,229 |
| All other expenses | $0 |
| Total functional expenses | $4,428,123,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $507,720,272 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,116,639 |
| 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 | $586,683 |
| Net Land, buildings, and equipment | $28,154 |
| Investments—publicly traded securities | $18,191,374,334 |
| Investments—other securities | $2,538,600,230 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $602,870,406 |
| Total assets | $21,855,296,718 |
| Accounts payable and accrued expenses | $345,177,697 |
| 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 | $25,185,288,522 |
| Total liabilities | $25,530,466,219 |
| 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 | -$3,675,169,501 |
| Total liabilities and net assets/fund balances | $21,855,296,718 |