Florida Workers Compensation Insurance Guaranty Association
- Assets
- $160.8m
- Revenue
- $31.0m
- Investments
- $0.0
- Employees
- 15
- Location
- Tallahassee, FL
- Founding
- 05/1998
- Data as of
- 12/2021
- EIN
- 59-3469214
Organization Overview
Florida Workers Compensation Insurance Guaranty Association is located in Tallahassee, FL. The organization was established in 1998. 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 Workers Compensation Insurance Guaranty Association employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Workers Compensation 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 12/2021, Florida Workers Compensation Insurance Guaranty Association generated $31.0m 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 (5.7%) each year. All expenses for the organization totaled $21.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.1%) 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
TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED WORKERS' COMPENSATION 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
ALL MEMBERS OF FWCIGA ARE INSURERS THAT PROVIDE WORKERS COMPENSATION COVERAGES IN FLORIDA. ASSESSMENTS ARE LEVIED ON SOLVENT MEMBERS BASED ON A PERCENTAGE OF DIRECT WRITTEN PREMIUMS FOR WORKERS COMPENSATION COVERAGES THAT ESTIMATE THE AMOUNT OF INSOLVENT MEMBERS' CLAIMS. THE ASSESSMENTS ARE USED TO PAY CLAIMS AGAINST INSOLVENT MEMBERS. IN 2021, PAID 619 CLAIMS. THERE ARE APPROXIMATELY 378 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas D Streukens Secretary | Officer | 20 | $121,335 |
Corey Neal Treasurer | Officer | 20 | $100,374 |
Charlie Greene Claims Manager | 40 | $100,161 | |
Thomas Stahl Chairman | OfficerTrustee | 2 | $0 |
Brett Stiegel Vice Chairman | OfficerTrustee | 2 | $0 |
David Conway Director (thru 2/5/2021) | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Self Insured Services Claims Handling Service | 12/30/21 | $132,912 |
North American Risk Services Claims Handling Service | 12/30/21 | $163,822 |
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 | $17,966,963 |
| Investment income | $892,662 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,983 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,980,706 |
| 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 | $575,181 |
| Pension plan accruals and contributions | $60,192 |
| Other employee benefits | $99,094 |
| Payroll taxes | $56,513 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,648 |
| Fees for services: Accounting | $60,669 |
| Fees for services: Lobbying | $22,500 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $104,809 |
| Fees for services: Other | $1,895 |
| Advertising and promotion | $0 |
| Office expenses | $109,098 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,612 |
| Travel | $9,184 |
| 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 | $38,797 |
| Insurance | $62,012 |
| All other expenses | $18,257 |
| Total functional expenses | $21,102,742 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,829,417 |
| Savings and temporary cash investments | $7,528,266 |
| 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 | $896,976 |
| Investments—publicly traded securities | $145,321,176 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $216,948 |
| Total assets | $160,792,783 |
| 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 | $160,792,783 |
| 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 | $160,792,783 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
The University Of South Alabama Professional Liability Trust Fund Mobile, AL | $52,169,275 | $10,546,535 |
Florida Surplus Lines Service Office Tallahassee, FL | $53,775,536 | $9,728,040 |
Mcelroy Truck Lines Inc Medical Benefit Plan Cuba, AL | $1,269 | $5,259,792 |