West Virginia Insurance Guaranty Association
- Assets
- $18.6m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Dublin, OH
- Founding
- 01/1976
- Data as of
- 12/2023
- EIN
- 51-0138344
Organization Overview
West Virginia Insurance Guaranty Association is located in Dublin, OH. The organization was established in 1976. 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. West Virginia 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, West Virginia Insurance Guaranty Association generated $5.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 27.0% each year . All expenses for the organization totaled $927.8k during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
THE MISSION OF THE WEST VIRGINIA INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE SOME LEVEL OF PROTECTION FOR CERTAIN POLICY HOLDERS AND CLAIMANTS AGAINST THE INSOLVENCY OF THE INSURANCE COMPANY LICENSED TO SELL THOSE TYPES OF POLICIES IN WEST VIRGINIA WHEN THE COMPANY IS PLACED INTO LIQUIDATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WEST VIRGINIA INSURANCE GUARANTY ASSOCIATION (WVIGA) IS A NOT-FOR-PROFIT, UNINCORPORATED LEGAL ENTITY. IT PROVIDES A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS, INCLUDING REFUNDS OF UNEARNED PREMIUMS, TO AVOID FINANCIAL LOSS TO WEST VIRGINIA CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF DIRECT INSURERS(EXCLUDING LIFE, TITLE SURETY, DISABILITY, CREDIT, MORTGAGE GUARANTY AND OCEAN MARINE). INSURANCE COMPANIES ARE MEMBERS OF THE ASSOCIATION IF THEY WRITE INSURANCE COVERED BY THE ASSOCIATION AND IF THEY ARE LICENSED TO WRITE INSURANCE IN WEST VIRGINIA. WHEN AN INSURANCE COMPANY BECOMES INSOLVENT, THE ASSOCIATION ESTIMATES THE AMOUNT OF COVERED CLAIMS OF WEST VIRGINIA CLAIMANTS AND POLICYHOLDERS, AND BASED ON CERTAIN PRESCRIBED PROCEDURES, ASSESSES THE MEMBER INSURANCE COMPANIES FOR THEIR PORTION OF SUCH COVERED LOSSES. A SEPARATE FUND IS MAINTAINED FOR EACH INSOLVENCY AND RECEIPTS AND DISBURSEMENTS ALLOCABLE TO A SPECIFIC INSOLVENCY ARE ACCOUNTED FOR IN THAT FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey S Gillentine Chairman | OfficerTrustee | 1 | $0 |
William Mcgee Jr ESQ Secretary/treasurer | OfficerTrustee | 1 | $0 |
R Lindsey Mccutchan Director | Trustee | 0.5 | $0 |
Damien Josefiak Director | Trustee | 0.5 | $0 |
Laura E Hayes Director | Trustee | 0.5 | $0 |
Kirk H Larsen Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Linkous Law Pllc Claims Payment Processing | 12/30/22 | $184,710 |
Beam Legal Team Llc Claims Settlements | 12/30/22 | $300,000 |
Tiano O Dell Pllc Claims Settlements | 12/30/22 | $146,505 |
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 | $4,892,193 |
| Investment income | $495,723 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,466 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,420,382 |
| 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. | $83,468 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $43,497 |
| Pension plan accruals and contributions | $9,942 |
| Other employee benefits | $24,371 |
| Payroll taxes | $8,657 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,004 |
| Fees for services: Accounting | $9,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,466 |
| Fees for services: Other | $2,841 |
| Advertising and promotion | $0 |
| Office expenses | $1,973 |
| Information technology | $64,744 |
| Royalties | $0 |
| Occupancy | $21,147 |
| Travel | $2,494 |
| 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 | $19,565 |
| Insurance | $10,401 |
| All other expenses | $926 |
| Total functional expenses | $927,845 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $212,152 |
| Savings and temporary cash investments | $2,473,188 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,133 |
| 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 | $21,412 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $15,736,543 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $34,451 |
| Other assets | $0 |
| Total assets | $18,590,879 |
| Accounts payable and accrued expenses | $539 |
| 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 | $32,033 |
| Total liabilities | $32,572 |
| Net assets without donor restrictions | $18,558,307 |
| 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 | $18,590,879 |