Michigan Workers Compensation Placement Facility
- Assets
- $2.4m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Livonia, MI
- Founding
- 12/1982
- Data as of
- 12/2022
- EIN
- 38-2435776
Organization Overview
Michigan Workers Compensation Placement Facility is located in Livonia, MI. The organization was established in 1982. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Workers Compensation Placement Facility 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 12/2022, Michigan Workers Compensation Placement Facility generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $2.3m during the year ending 12/2022. 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
RESPONSIBLE FOR ADDRESSING ALL PLAN AND POOL ADMINISTRATION DUTIES ASSOCIATED WITH SUPPORTING THE MICHIGAN WORKERS' COMPENSATION RESIDUAL MARKET, I.E. MARKET OF LAST RESORT
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FACILITY'S PRIMARY FOCUS IS REVIEWING POTENTIAL INSURANCE APPLICANTS AND ASSIGNING THEM TO ONE OF THE ESTABLISHED SERVICING CARRIERS CONSISTENT WITH THEIR ESTABLISHED QUOTA SHARE. THE FACILITY UTILIZES EXTERNAL RESOURCES TO ASSIST WITH THE SERVICING CARRIER SELECTION PROCESS, TO ANNUALLY EVALUATE EACH SERVICING CARRIER'S PERFORMANCE AGAINST ESTABLISHED PERFORMANCE STANDARDS, TO PROMULGATE EXPERIENCE MODS, TO PREPARE THE ANNUAL FACILITY RATE FILING AND TO MAINTAIN POOL RESERVES SUFFICIENT TO COVER THE FACILITY'S ULTIMATE LIABILITY
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 |
|---|---|---|---|
Tracey Mclenon Board Member | Trustee | 1 | $0 |
Dawn Elzinga Board Member | Trustee | 1 | $0 |
Amanda Warner Board Member | Trustee | 1 | $0 |
Ed Hanlon Board Member | Trustee | 1 | $0 |
Ryan Vaughn Board Member | Trustee | 1 | $0 |
Brian Melas Board Member | Trustee | 1 | $0 |
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 | $2,833,657 |
| Investment income | $0 |
| 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 | $2,833,657 |
| 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. | $304,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,178,674 |
| Pension plan accruals and contributions | $132,997 |
| Other employee benefits | $266,450 |
| Payroll taxes | $107,512 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,488 |
| Fees for services: Accounting | $21,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,438 |
| Advertising and promotion | $0 |
| Office expenses | $26,780 |
| Information technology | $55,087 |
| Royalties | $0 |
| Occupancy | $93,687 |
| Travel | $9,003 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,625 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $32,791 |
| All other expenses | $0 |
| Total functional expenses | $2,339,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,380,602 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $970,840 |
| 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 | $18,735 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,370,177 |
| Accounts payable and accrued expenses | $2,009,001 |
| 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 | $0 |
| Total liabilities | $2,009,001 |
| Net assets without donor restrictions | $361,176 |
| 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 | $2,370,177 |