Iowa Insurance Guaranty Association
- Assets
- $8.3m
- Revenue
- $443.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Des Moines, IA
- Founding
- 10/1973
- Data as of
- 12/2023
- EIN
- 42-6173619
Organization Overview
Iowa Insurance Guaranty Association is located in Des Moines, IA. The organization was established in 1973. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, 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. Iowa 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 12/2023, Iowa Insurance Guaranty Association generated $443.3k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FUNDING OF INSOLVENT INSURERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
GUARANTEE POLICY PAYMENTS IN THE EVENT OF AN INSOLVENT INSURANCE COMPANY QUALIFIED TO DO BUSINESS IN THE STATE OF IOWA.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hansen Rory Chairman | OfficerTrustee | 1 | $0 |
Weist Meg Vice-Chairman | OfficerTrustee | 1 | $0 |
Bohan Bill Secretary/treasurer | OfficerTrustee | 1 | $0 |
Kennedy Sean Director | Trustee | 1 | $0 |
Holmes Kami Director | Trustee | 1 | $0 |
Swinton Paul Director | Trustee | 1 | $0 |
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 | $265,129 |
| Investment income | $178,147 |
| 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 | $443,276 |
| 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. | $0 |
| 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 | $87,057 |
| Fees for services: Accounting | $22,208 |
| 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 | $6,982 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,498 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,120 |
| All other expenses | $0 |
| Total functional expenses | $2,449,502 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1 |
| Savings and temporary cash investments | $8,314,165 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,314,164 |
| 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 | $0 |
| Net assets with donor restrictions | $8,314,164 |
| 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 | $8,314,164 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wisconsin Insurance Plan South Milwaukee, WI | $6,298,743 | $7,656,859 |
Iowa Insurance Guaranty Association Des Moines, IA | $8,314,164 | $443,276 |
Ypo Inc Buffalo Grove, IL | $752,878 | $1,052,857 |
Pregnancy Options Wisconsin Education Resources & Support Madison, WI | $79,890 | $0 |
Illinois Tax Purchasers Association Inc Belleville, IL | $11,199 | $0 |