Kentucky Insurance Guaranty Association
- Assets
- $54.7m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 3
- Location
- Louisville, KY
- Founding
- 11/1973
- Data as of
- 12/2023
- EIN
- 61-0849486
Organization Overview
Kentucky Insurance Guaranty Association is located in Louisville, KY. The organization was established in 1973. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Kentucky Insurance Guaranty Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky 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, Kentucky Insurance Guaranty Association generated $4.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $5.7m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE PAYMENT OF INSURANCE CLAIMS DUE TO THE INSOLVENCY OF THE INSURER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE A MECHANISM FOR PAYMENT OF COVERED CLAIMS UNDER PROPERTY AND CASUALTY INSURANCE POLICIES BECAUSE OF THE INSOLVENCY OF THE INSURER AND ALSO ASSISTS IN DETECTING AND PREVENTING INSURER INSOLVENCIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bob Detherage Chairperson | OfficerTrustee | 1 | $0 |
Jena Stone Treasurer | OfficerTrustee | 1 | $0 |
Patrick Talley Director | Trustee | 1 | $0 |
Jim Nestheide Vice-Chairperson | OfficerTrustee | 1 | $0 |
Scott Webster Secretary/executive Director | OfficerTrustee | 40 | $255,797 |
Mark Treesh Director | Trustee | 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 | $3,705,257 |
| Investment income | $1,724,982 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$819,856 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,610,383 |
| 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. | $334,271 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $155,660 |
| Pension plan accruals and contributions | $33,627 |
| Other employee benefits | $65,252 |
| Payroll taxes | $24,445 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,116 |
| Fees for services: Accounting | $7,820 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $166,671 |
| Fees for services: Other | $3,961 |
| Advertising and promotion | $0 |
| Office expenses | $11,778 |
| Information technology | $86,134 |
| Royalties | $0 |
| Occupancy | $47,611 |
| Travel | $5,810 |
| 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 | $43,953 |
| All other expenses | $0 |
| Total functional expenses | $5,692,009 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,432,550 |
| 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 | $53,229,191 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,661,741 |
| 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 | $54,661,741 |
| Total liabilities and net assets/fund balances | $54,661,741 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Independent Insurance Agents And Brokers Of America Inc Alexandria, VA | $28,779,460 | $11,907,811 |
National Association Of Insurance And Financial Advisors Arlington, VA | $6,355,683 | $10,491,477 |
Kentucky Insurance Guaranty Association Louisville, KY | $54,661,741 | $4,610,383 |
Insurance Guaranty Associations Dublin, OH | $20,866,631 | $1,166,678 |
Ohio Insurance Institute Columbus, OH | $916,176 | $1,824,096 |
Ypo Inc Buffalo Grove, IL | $752,878 | $1,052,857 |
Kentucky Automobile Insurance Plan Louisville, KY | $1,190,068 | $347,004 |
Illinois Tax Purchasers Association Inc Belleville, IL | $11,199 | $0 |