South Dakota Insurance Guaranty Association
- Assets
- $9.0m
- Revenue
- $177.2k
- Investments
- $8.8m
- Employees
- 0
- Location
- Sioux Falls, SD
- Founding
- 10/1973
- Data as of
- 12/2022
- EIN
- 46-6035349
Organization Overview
South Dakota Insurance Guaranty Association is located in Sioux Falls, SD. The organization was established in 1973. 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. South Dakota 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 12/2022, South Dakota Insurance Guaranty Association generated $177.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (22.2%) each year. All expenses for the organization totaled $306.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (16.4%) per year over the past 8 years. 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
PROVIDE BENEFITS TO INSURANCE POLICY HOLDERS OF INSOLVENT INSURANCE COMPANIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
FROM ITS INCEPTION IN 1970 THROUGH DECEMBER 31, 2022, THE ASSOCIATION HAS PAID $27.7 MILLION TO OR ON BEHALF OF HOLDERS OF COVERED CLAIMS AGAINST INSOLVENT AUTOMOBILE, WORKERS' COMPENSATION AND PROPERTY AND CASUALTY INSURERS WHO TRANSACTED BUSINESS IN THE STATE OF SOUTH DAKOTA. THE ASSOCIATION HAS ALSO REFUNDED $1.2 MILLION IN UNEARNED PREMIUM TO POLICYHOLDERS OF THOSE INSOLVENT INSURERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Johnson Chairman Until 5/22 | OfficerTrustee | 2 | $0 |
Jim Davidson Treasurer/chairman Beg 5/22 | OfficerTrustee | 2 | $0 |
Steve Bruning Rector/treasurer Beg 5/22 | OfficerTrustee | 1 | $0 |
Melvin Juran Secretary | OfficerTrustee | 1 | $0 |
Jeff Jones Director Beg 5/22 | Trustee | 1 | $0 |
Brian Bowker 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 | $100,181 |
| Investment income | $39,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $37,612 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $177,209 |
| 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 | $71,550 |
| Fees for services: Accounting | $15,607 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,626 |
| Advertising and promotion | $0 |
| Office expenses | $145 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $306,307 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $193,696 |
| 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 | $8,797,009 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,990,705 |
| 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 | $8,990,705 |
| 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 | $8,990,705 |