North Dakota Insurance Guaranty Association
- Assets
- $6.4m
- Revenue
- $96.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Bismarck, ND
- Founding
- 05/1976
- Data as of
- 12/2023
- EIN
- 51-0186142
Organization Overview
North Dakota Insurance Guaranty Association is located in Bismarck, ND. 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. North 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 12/2023, North Dakota Insurance Guaranty Association generated $96.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (16.2%) each year. All expenses for the organization totaled $158.9k 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
THE ASSOCIATION PAYS INSURANCE CLAIMS, ADJUSTING AND RETURN PREMIUMS FOR INSOLVENT INSURANCE COMPANIES THAT WERE LICENSED AND DOING BUSINESS IN THE STATE OF NORTH DAKOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NORTH DAKOTA INSURANCE GUARANTY ASSOCIATION (THE "ASSOCIATION") WAS CREATED IN JULY 1971 AS A NONPROFIT LEGAL ENTITY UNDER SECTION 26.142.104 OF THE NORTH DAKOTA CENTURY CODE. THE ASSOCIATION PERFORMS ITS FUNCTIONS UNDER A PLAN OF OPERATION ESTABLISHED AND APPROVED UNDER NDCC 26.142.104 AND EXERCISES ITS POWERS THROUGH A BOARD OF DIRECTORS. THE ASSOCIATION CONSISTS OF MEMBER INSURERS THAT ARE AUTHORIZED TO TRANSACT PROPERTY AND CASUALTY INSURANCE IN THE STATE OF NORTH DAKOTA. ALL MEMBER INSURERS SHALL BE AND REMAIN MEMBERS OF THE ASSOCIATION AS A CONDITION OF THE INSURERS' AUTHORITY TO TRANSACT INSURANCE IN NORTH DAKOTA. THE ASSOCIATION WAS ESTABLISHED TO PROVIDE PROTECTION TO POLICYHOLDERS AND CLAIMANTS OF PROPERTY AND CASUALTY INSURANCE POLICIES OF INSOLVENT INSURER MEMBERS. THE ASSOCIATION PAYS INSURANCE CLAIMS, ADJUSTING AND RETURN PREMIUMS FOR INSOLVENT INSURANCE COMPANIES THAT ARE LICENSED AND DOING BUSINESS IN THE STATE OF NORTH DAKOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Folendorf Treasurer | OfficerTrustee | 10 | $24,100 |
Rob Hovland Board Chairman | OfficerTrustee | 1 | $0 |
Kristi Schlosser-Carlson Secretary | OfficerTrustee | 1 | $0 |
Tony Burbach Board Member | Trustee | 0.1 | $0 |
Chris Oen Board Member | Trustee | 0.1 | $0 |
Dean Richter Board Member | Trustee | 0.1 | $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 | $0 |
| Investment income | $95,470 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $626 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $96,096 |
| 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. | $68,000 |
| 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 | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49 |
| Fees for services: Other | $1,000 |
| Advertising and promotion | $0 |
| Office expenses | $3,964 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,870 |
| Travel | $7,815 |
| 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 | $888 |
| All other expenses | $0 |
| Total functional expenses | $158,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,383 |
| Savings and temporary cash investments | $60,547 |
| 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 | $6,305,713 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,379,643 |
| 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 | $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 | $6,379,643 |
| Total liabilities and net assets/fund balances | $6,379,643 |