Workers Compensation Reinsurance Association
- Assets
- $3.0b
- Revenue
- $321.3m
- Investments
- $0.0
- Employees
- 33
- Location
- St Paul, MN
- Founding
- 02/1997
- Data as of
- 12/2022
- EIN
- 41-1357750
Organization Overview
Workers Compensation Reinsurance Association is located in St Paul, MN. The organization was established in 1997. 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 12/2022, Workers Compensation Reinsurance Association employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workers Compensation Reinsurance Association is a 501(c)(27) and as such, is described as a "State-Sponsored Workers' Compensation Reinsurance Organization" by the IRS.
For the year ending 12/2022, Workers Compensation Reinsurance Association generated $321.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $53.9m during the year ending 12/2022. While expenses have increased by 0.2% per year over the past 8 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
INDEMNIFY SERIOUS WORKERS' COMPENSATION CLAIMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE WCRA REIMBURSED 2,941 CLAIM REQUESTS AND PAID $71,389,219 FOR THESE CLAIMS. RESERVES FOR LOSSES AND LOSS EXPENSES DECREASED BY $31,433,546. OVERHEAD EXPENSES ALLOCATED TO LOSS EXPENSES TOTALED $2,035,512.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Heer President & CEO | Officer | 50 | $335,621 |
Cynthia Smith VP Of Operations/corp Secretry | Officer | 65 | $221,648 |
Tony Tio Actuary | 40 | $199,104 | |
Dave Mckee VP & Cfo/treasurer | Officer | 45 | $190,817 |
Natalie Haefner VP Of Claims And Injury Mgmt | Officer | 50 | $156,667 |
Lynn Carroll VP & Actuary (until 10/10) | Officer | 40 | $214,681 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jp Morgan Institutional Investments Portfolio Management | 12/30/22 | $1,435,192 |
Pimco Portfolio Management | 12/30/22 | $997,814 |
Rsm Us Llp App Development Spt | 12/30/22 | $1,269,616 |
Blackrock Financial Portfolio Management | 12/30/22 | $824,797 |
Hotchkis Wiley Portfolio Management | 12/30/22 | $582,190 |
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 | $56,516,705 |
| Investment income | $48,679,522 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $216,138,813 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $321,335,040 |
| 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 | $39,955,673 |
| Compensation of current officers, directors, key employees. | $2,060,057 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,595,552 |
| Pension plan accruals and contributions | $207,963 |
| Other employee benefits | $284,468 |
| Payroll taxes | $212,872 |
| Fees for services: Management | $99,790 |
| Fees for services: Legal | $124,902 |
| Fees for services: Accounting | $192,630 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,563,323 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $137,053 |
| Information technology | $809,021 |
| Royalties | $0 |
| Occupancy | $216,059 |
| Travel | $10,866 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,772 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,363 |
| Insurance | $244,880 |
| All other expenses | $86,728 |
| Total functional expenses | $53,879,972 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $155,048,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $393,904 |
| 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 | $3,629,683 |
| Investments—publicly traded securities | $2,826,948,958 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,828,407 |
| Total assets | $2,999,849,537 |
| Accounts payable and accrued expenses | $2,535,179 |
| 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 | $1,546,979,298 |
| Total liabilities | $1,549,514,477 |
| 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 | $1,450,335,060 |
| Total liabilities and net assets/fund balances | $2,999,849,537 |