Minnesota Insurance Guaranty Association
- Assets
- $187.4m
- Revenue
- $18.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Edina, MN
- Founding
- 06/1973
- Data as of
- 12/2021
- EIN
- 41-6140766
Organization Overview
Minnesota Insurance Guaranty Association is located in Edina, MN. The organization was established in 1973. 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 Insurance Guaranty Association employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Insurance Guaranty Association 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 Insurance Guaranty Association generated $18.1m 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 $12.4m during the year ending 12/2021. 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 A METHOD OF PAYMENT FOR CERTAIN CLAIMS AGAINST INSOLVENT INSURANCE COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MINNESOTA INSURANCE GUARANTY ASSOCIATION (THE ASSOCIATION) WAS ORGANIZED ON NOVEMBER 24, 1971 BY STATE STATUTE AS A NONPROFIT, UNINCORPORATED LEGAL ENTITY. THE PURPOSE OF THE ASSOCIATION IS TO PROVIDE A METHOD OF PAYMENT FOR CERTAIN CLAIMS AGAINST INSOLVENT INSURANCE COMPANIES, TO AVOID FINANCIAL LOSS TO CLAIMANTS OR TO POLICYHOLDERS, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION OF INSURERS AGAINST WHICH THE COST OF SUCH PROTECTION MAY BE ASSESSED IN AN EQUITABLE MANNER.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Farber Executive Director | Officer | 37.5 | $148,408 |
Vicky Rizzolo Chair | OfficerTrustee | 1 | $0 |
Michael F Mcgovern Vice-Chair | OfficerTrustee | 1 | $0 |
Christopher Dorle Member | Trustee | 1 | $0 |
Chris Merideth Member | Trustee | 1 | $0 |
Andrew Whitman Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corvel Healthcare Bill Review And Check Pay | 12/30/21 | $1,178,782 |
Allina Health System Various Medical Services | 12/30/21 | $590,691 |
Fairview Health Services Various Medical Services | 12/30/21 | $338,458 |
Swor & Gato Plaintiff Attorney | 12/30/21 | $300,000 |
Nicollet Law Office Plaintiff Attorney | 12/30/21 | $300,000 |
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 | $12,215,616 |
| Investment income | $5,870,615 |
| 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 | $18,086,231 |
| 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. | $184,579 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $324,339 |
| Pension plan accruals and contributions | $34,141 |
| Other employee benefits | $91,388 |
| Payroll taxes | $12,812 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,404 |
| Fees for services: Accounting | $39,178 |
| 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 | $34,013 |
| Information technology | $134,189 |
| Royalties | $0 |
| Occupancy | $36,163 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $102,937 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $13,926 |
| All other expenses | $0 |
| Total functional expenses | $12,399,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,151,521 |
| 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 | $180,261,736 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $187,413,257 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $187,413,257 |
| 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 | $187,413,257 |
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 |