Minnesota Workers Compensation Insurers Association Inc
- Assets
- $5.2m
- Revenue
- $7.9m
- Investments
- $0.0
- Employees
- 40
- Location
- Minneapolis, MN
- Founding
- 07/1985
- Data as of
- 12/2021
- EIN
- 41-0417040
Organization Overview
Minnesota Workers Compensation Insurers Association Inc is located in Minneapolis, MN. The organization was established in 1985. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Minnesota Workers Compensation Insurers Association Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Workers Compensation Insurers Association Inc 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, Minnesota Workers Compensation Insurers Association Inc generated $7.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $7.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE TO ITS MEMBERS SERVICES AND INFORMATION REQUIRED UNDER PROVISIONS OF MN STATUTES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SERVICES TO INSURANCE COMPANIES LICENSED TO WRITE WORKERS' COMPENSATION INSURANCE IN MINNESOTA TO ENABLE THEM TO COMPLY WITH STATUTORY REQUIREMENTS.
COVER CLAIMS FOR INSURANCE COMPANIES THAT WENT INSOLVENT PRIOR TO 1983.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandon Miller President | Officer | 40 | $233,769 |
Muhammad Kashif Director Of Information Te | Officer | 40 | $191,353 |
Kathleen Peterson Sr. VP - Operations/treasu | Officer | 40 | $188,553 |
Andrea Everling Director Of Actuarial Serv | Officer | 40 | $148,750 |
Thomas Harms Deferred Compensation | 0 | $148,642 | |
Patrick Riley Sr. Network Administrator | 40 | $113,714 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Spectrum Partners Llc Database Support | 12/30/21 | $299,183 |
Stinson Leonard Street Llp Legal | 12/30/21 | $178,750 |
Sound Actuarial Consulting Actuarial Consulting | 12/30/21 | $115,348 |
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 | $7,752,587 |
| Investment income | $107,637 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,337 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,886,561 |
| 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. | $762,424 |
| Compensation of current officers, directors, key employees. | $330,700 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,886,192 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $178,751 |
| Fees for services: Accounting | $74,834 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $129,231 |
| Information technology | $1,024,147 |
| Royalties | $0 |
| Occupancy | $510,027 |
| Travel | $10,632 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $32,110 |
| Total functional expenses | $7,111,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,288,875 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,859,931 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,377 |
| Total assets | $5,175,183 |
| Accounts payable and accrued expenses | $0 |
| 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 | $4,903,905 |
| Total liabilities | $4,903,905 |
| Net assets without donor restrictions | $271,278 |
| 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 | $5,175,183 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Minnesota Insurance Guaranty Association Edina, MN | $187,413,257 | $18,086,231 |
Minnesota Workers Compensation Insurers Association Inc Minneapolis, MN | $5,175,183 | $7,886,561 |
Professional Liability Underwriting Society Minneapolis, MN | $7,512,109 | $4,853,702 |
Independent Insurance Agents Of South Dakota Ft Pierre, SD | $988,411 | $686,215 |
Brookings Convention & Visitors Bureau Brookings, SD | $571,661 | $471,143 |
Soy Aquaculture Alliance Inc Ankeny, IA | $540,903 | $433,856 |
Mutual Insurance Association Of Iowa Janesville, IA | $697,921 | $349,100 |
North Dakota Association Of Independent Insurance Agents Fargo, ND | $205,143 | $193,504 |
National Association Of Insurance And Financial Advisors-Ohio Cedar Falls, IA | $137,390 | $0 |
American Institute Of Professional Association Group Insurance Admini Minneapolis, MN | $136,076 | $0 |
Iowa School Counselor Association West Des Moines, IA | $167,802 | $0 |
Heart Of Iowa Regional Board Of Realtors Ames, IA | $105,184 | $0 |