Florida Insurance Guaranty Association Inc
- Assets
- $142.5m
- Revenue
- $69.8m
- Investments
- $0.0
- Employees
- 24
- Location
- Tallahassee, FL
- Founding
- 05/1973
- Data as of
- 12/2021
- EIN
- 59-1378046
Organization Overview
Florida Insurance Guaranty Association Inc is located in Tallahassee, FL. 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. As of 12/2021, Florida Insurance Guaranty Association Inc employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Insurance Guaranty Association Inc 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, Florida Insurance Guaranty Association Inc generated $69.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $156.9m during the year ending 12/2021. 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
TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS OF INSOLVENT INSURERS AND TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PAYS THE COVERED CLAIMS OF INSOLVENT INSURERS AND ASSISTS IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES. IN 2021, THERE WERE 7,660 CLAIMS. THERE ARE APPROXIMATELY 751 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lenox Godfrey Director Of Figa Claims | 40 | $137,736 | |
Delene Loughran Senior Claims Manager | 40 | $126,050 | |
Thomas Streukens Executive Director | Officer | 20 | $121,335 |
Walter Wilbourn Claims Manager | 40 | $100,853 | |
Corey Neal Chief Operating Officer | Officer | 20 | $100,374 |
Ray Waugh Director | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lozano Insurance Adjusters Inc Claim Handling Services | 12/30/21 | $686,260 |
Barrett Claims Management Inc Claim Handling Services | 12/30/21 | $553,079 |
North American Risk Services Inc Claim Handling Services | 12/30/21 | $393,062 |
Meenan Pa Legal & Legislative Services | 12/30/21 | $355,424 |
Alacrity Solutions Group Llc Claim Handling Services | 12/30/21 | $1,216,953 |
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 | $2,162,799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,627,685 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,775,108 |
| 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. | $267,692 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,350,550 |
| Pension plan accruals and contributions | $137,344 |
| Other employee benefits | $207,162 |
| Payroll taxes | $115,374 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $228,394 |
| Fees for services: Accounting | $71,068 |
| Fees for services: Lobbying | $11,250 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $184,978 |
| Fees for services: Other | $36,553 |
| Advertising and promotion | $0 |
| Office expenses | $103,466 |
| Information technology | $501,067 |
| Royalties | $0 |
| Occupancy | $39,928 |
| Travel | $11,957 |
| 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 | $66,842 |
| Insurance | $89,302 |
| All other expenses | $79 |
| Total functional expenses | $156,884,908 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $15,137,868 |
| 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 | $912,288 |
| Investments—publicly traded securities | $126,028,885 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $425,798 |
| Total assets | $142,504,839 |
| 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 | $142,504,839 |
| 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 | $142,504,839 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Employee Welfr Benft Pln Tr Of Fpl Grp Inc & Its Afflt Incl Fl Powr & Juno Beach, FL | $36,885,116 | $200,634,484 |
Florida Insurance Guaranty Association Inc Tallahassee, FL | $142,504,839 | $69,775,108 |
Health First Inc Welfare Benefit Plan Rockledge, FL | $6,596,881 | $76,084,325 |
Georgia School Board Association Risk & Insurance Management System Lawrenceville, GA | $52,422,531 | $34,786,604 |
Flnc Inc Apopka, FL | $48,544,911 | $28,151,992 |
Florida Workers Compensation Insurance Guaranty Association Tallahassee, FL | $160,792,783 | $30,980,706 |
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 |
Thompson Tractor Co Inc Employee Benefit Trust Birmingham, AL | $5,674,629 | $15,989,582 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Alabama Insurance Guaranty Association Birmingham, AL | $168,293,024 | $6,611,625 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |