The Minnesota Self-Insurers Security Fund
- Assets
- $14.2m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 09/2002
- Data as of
- 06/2022
- EIN
- 41-1634385
Organization Overview
The Minnesota Self-Insurers Security Fund is located in St Paul, MN. The organization was established in 2002. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Self-Insurers Security Fund 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, Minnesota Self-Insurers Security Fund generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. 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
THE FUND'S PRIMARY PURPOSE IS TO PROMOTE THE COMMON BUSINESS INTERESTS OF ITS MEMBER ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS SET UP AS A RESULT OF AN ACT PASSED BY THE MINNESOTA LEGISLATURE IN REGARD TO WORKERS' COMPENSATION. THE PURPOSE OF THE FUND IS TO INSURE THAT ANY WORKERS WHOSE WORK RELATED INJURY OCCURRED WHEN AN EMPLOYER WAS DULY SELF-INSURED IN THE STATE OF MINNESOTA, WILL CONTINUE TO RECEIVE WORKERS' COMPENSATION BENEFITS IN THE EVENT THE SELF-INSURED EMPLOYER FILES FOR BANKRUPTCY, BECOMES INSOLVENT AND/OR DEFAULTS ON ITS WORKERS' COMPENSATION OBLIGATION. CURRENTLY THE MINNESOTA SELF-INSURERS' SECURITY FUND IS UTILIZING POSTED SECURITY OBTAINED FROM DEFAULTING MEMBERS AND ASSESSMENTS TO PAY CLAIMS TO OR ON BEHALF OF THE INJURED EMPLOYEES.IF THE POSTED SECURITY IS INADEQUATE, MEMBERS OF THE MINNESOTA SELF-INSURERS' SECURITY FUND WILL BE ASSESSED SO THAT THE INJURED EMPLOYEES CONTINUE TO RECEIVE APPROPRIATE BENEFITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Haug Chair | OfficerTrustee | 1 | $0 |
Jeff Horner Trustee/vice Chair Thru August 2021 | OfficerTrustee | 1 | $150 |
Janel Wahl French Treasurer | OfficerTrustee | 3 | $4,250 |
Rick Theisen Secretary | OfficerTrustee | 1 | $2,250 |
Howard Bicker Trustee | Trustee | 1 | $1,750 |
Brad Koland Vice Chair | OfficerTrustee | 1 | $1,450 |
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 | $1,964,175 |
| Investment income | $110,608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,596 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,139,379 |
| 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. | $61,006 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,443 |
| Fees for services: Accounting | $103,230 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,752 |
| Fees for services: Other | $64,343 |
| Advertising and promotion | $0 |
| Office expenses | $11,649 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,072 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,100 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,237 |
| All other expenses | $27,926 |
| Total functional expenses | $1,964,922 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,784,274 |
| 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 | $45 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,845,202 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,611,922 |
| Total assets | $14,241,443 |
| Accounts payable and accrued expenses | $25,703 |
| Grants payable | $0 |
| Deferred revenue | $512,788 |
| 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 | $10,482,352 |
| Total liabilities | $11,020,843 |
| 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 | $3,220,600 |
| Total liabilities and net assets/fund balances | $14,241,443 |