New Mexico Property & Casualty Insurance Guaranty Association
- Assets
- $24.0m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Albuquerque, NM
- Founding
- 01/1977
- Data as of
- 12/2021
- EIN
- 85-0249111
Organization Overview
New Mexico Property & Casualty Insurance Guaranty Association is located in Albuquerque, NM. The organization was established in 1977. 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. New Mexico Property & Casualty 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, New Mexico Property & Casualty Insurance Guaranty Association generated $4.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 3.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 PAY COVERED CLAIMS OF INSOLVENT INSURANCE COMPANIES UNDER POLICIES COVERED BY THE NEW MEXICO PROPERTY AND CASUALTY INSURANCE GUARANTY ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADJUSTMENT AND PAYMENT OF CLAIMS OF INSOLVENT AND CASUALTY INSURANCE COMPANIES. 248 CLAIMS WERE ADJUSTED AND/OR PAID IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justin Marcusson Chairman | OfficerTrustee | 7 | $0 |
David Sell Director | Trustee | 1 | $0 |
Charlie Harford Director | Trustee | 1 | $0 |
Steven Harris Director | Trustee | 1 | $0 |
Joseph Manero Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alius Health Claims | 12/30/21 | $297,949 |
Integrion Group Inc Admin, Claims | 12/30/21 | $422,929 |
Rodey Dickason Sloan Akin & Robb Legal | 12/30/21 | $149,354 |
J&j Home Care Inc Home Health | 12/30/21 | $119,658 |
Progressive Medical Llc Optum Workers Compensation Of Ohio Claims | 12/30/21 | $255,472 |
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 | $4,164,952 |
| Investment income | $177,631 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$121,290 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,221,293 |
| 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. | $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 | $0 |
| Fees for services: Legal | -$39,223 |
| Fees for services: Accounting | $15,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $761,080 |
| Advertising and promotion | $0 |
| Office expenses | $5,956 |
| Information technology | $6,650 |
| Royalties | $0 |
| Occupancy | $3,057 |
| Travel | $1,313 |
| 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 | $5,788 |
| All other expenses | $0 |
| Total functional expenses | $3,749,181 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,807,319 |
| Savings and temporary cash investments | $9,542,417 |
| 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 | $11,632,772 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,982,508 |
| 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 | $23,982,508 |
| 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 | $23,982,508 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dolese Bros Co Veba Trust Oklahoma City, OK | $445,170 | $18,567,104 |
Methodist Hospital Self Insurance Trust Houston, TX | $122,957,500 | $20,327,926 |
Forfeiture Support Associates Llc Welfare Benefit Tr Dallas, TX | $59,802 | $13,723,885 |
Worldatwork Scottsdale, AZ | $26,461,650 | $14,061,947 |
Texas Life Accident Health & Hosp Service Insurance Guaranty Assoc Austin, TX | $70,747,885 | $31,418,906 |
Utah Automobile Dealers Association Insurance Trust Murray, UT | $2,618,814 | $8,161,346 |
Kaiser-Francis Employees Benefit Tr Tulsa, OK | $1,100,579 | $8,088,672 |
City Of Hope Self Ins Trust 1-08243-00-2 Union Bank Ttee Phoenix, AZ | $2,960,993 | $6,033,607 |
Surplus Lines Stamping Office Of Texas Austin, TX | $37,353,756 | $7,506,175 |
New Mexico Property Insurance Program Albuquerque, NM | $10,306,888 | $4,751,492 |
Arizona Childrens Risk Solutions Phoenix, AZ | $42,245,805 | $7,064,411 |
Lyle Hughart Welfare Fund-Tr Oklahoma City, OK | $8,143,494 | $4,449,291 |