Minnesota School Boards Association Insurance Trust

Organization Overview

Minnesota School Boards Association Insurance Trust is located in St Peter, MN. The organization was established in 1975. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota School Boards Association Insurance Trust is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.

For the year ending 06/2023, Minnesota School Boards Association Insurance Trust generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.1% each year . All expenses for the organization totaled $903.6k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE MEMBER SCHOOL DISTRICTS WITH INSURANCE AND RISK MANAGEMENT TOOLS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE MINNESOTA SCHOOL BOARDS ASSOCIATION INSURANCE TRUST (MSBAIT) IS A JOINT-POWERS ORGANIZATION THAT WAS FORMED BY THE MINNESOTA SCHOOL BOARDS ASSOCIATION (MSBA) TO PROVIDE POOLED SELF-INSURANCE AND ENDORSED PROGRAMS TO MEMBER SCHOOLS. MSBAIT SELF-INSURANCE PROGRAMS ARE IN ABEYANCE AND THE ORGANIZATION WILL CONTINUE TO ADJUDICATE CLAIMS FOR POLICIES PREVIOUSLY UNDERWRITTEN, BUT WILL NO LONGER UNDERWRITE ANY NEW POLICIES.


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Board, Officers & Key Employees

Name (title)Compensation
Kevin Donovan
Chair
$330
Kathy Green
Trustee/vice Chair (until Oct 2022)
$240
Roy Nelson
Trustee
$180
Kent Thiesse
Trustee
$390
Jeanna Lilleberg
Trustee/vice Chair
$390
Walter Hautala
Trustee
$330

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Minnesota School Boards Association
Administrative Services
$199,095
Berkley Risk Administrators Company
Administrative Services
$227,150
View All Vendors

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$1,414,452
Investment income $1,422,185
Tax Exempt Bond Proceeds $0
Royalties $408,692
Net Rental Income $0
Net Gain/Loss on Asset Sales -$151,701
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $3,096,426

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