Georgia Insurers Insolvency Pool
- Assets
- $146.0m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Duluth, GA
- Founding
- 04/1980
- Data as of
- 12/2021
- EIN
- 58-1391591
Organization Overview
Georgia Insurers Insolvency Pool is located in Duluth, GA. The organization was established in 1980. 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. Georgia Insurers Insolvency Pool 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 12/2021, Georgia Insurers Insolvency Pool generated $6.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.6%) each year. All expenses for the organization totaled $9.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.8%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE POOL WAS ESTABLISHED TO PROVIDE CERTAIN PROTECTIONS TO POLICYHOLDERS OF INSOLVENT INSURERS IN ACCORDANCE WITH OCGA 33-36-1 ET SQ.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PERSONS BENEFITED BY THE POOL WERE GEORGIA RESIDENT POLICYHOLDERS AND CLAIMANTS OF INSOLVENT PROPERTY AND CASUALTY INSURANCE COMPANIES. WHEN AN ADMITTED INSURER IS DECLARED INSOLVENT AND ORDERED INTO LIQUIDATION, THE POOL IS REQUIRED TO FULFILL CERTAIN OF THE CONTRACTUAL OBLIGIATIONS OF THAT COMPANY IN ORDER TO PROTECT GEORGIA RESIDENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Mcdonough Vice-Chair | OfficerTrustee | 0.1 | $0 |
Jacqueline M Schaendorf Chairman | OfficerTrustee | 0.1 | $0 |
Nicholas Boss Secretary/treasurer | OfficerTrustee | 0.1 | $0 |
Gary Willis Director | Trustee | 0.1 | $0 |
Raymond Waugh Director | Trustee | 0.1 | $0 |
Michael Markett Director | 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 | $4,491,111 |
| Investment income | $2,129,970 |
| 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 | $6,621,081 |
| 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 | $7,395,605 |
| 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 | $1,733,537 |
| Fees for services: Legal | $12,130 |
| Fees for services: Accounting | $23,195 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,834 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $9,193,301 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,499,991 |
| Savings and temporary cash investments | $0 |
| 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 | $140,462,199 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $145,962,190 |
| 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 | $145,962,190 |
| 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 | $145,962,190 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Sinai Hospital Insurance Trust No 1 Miami Beach, FL | $244,139 | $16,605,515 |
Alabama Farmers Cooperative Employees Welfare Benefit Plan Decatur, AL | $562,417 | $15,709,334 |
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |
Thompson Tractor Co Inc Employee Benefit Trust Birmingham, AL | $5,674,629 | $15,989,582 |
North Carolina Insurance Guaranty Association Raleigh, NC | $120,494,721 | $22,094,183 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Alabama Insurance Guaranty Association Birmingham, AL | $168,293,024 | $6,611,625 |
Jackson Utility Division Benefits Program Trust Jackson, TN | $8,539,572 | $8,659,868 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |
The University Of South Alabama Professional Liability Trust Fund Mobile, AL | $52,169,275 | $10,546,535 |
Hedrick Employee Group Benefit Plan Trust Salisbury, NC | $2,627,065 | $8,303,348 |
Florida Surplus Lines Service Office Tallahassee, FL | $53,775,536 | $9,728,040 |