Utah Life & Health Insurance Guaranty Association
- Assets
- $2.5m
- Revenue
- $819.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 07/1980
- Data as of
- 12/2023
- EIN
- 87-0357341
Organization Overview
Utah Life & Health Insurance Guaranty Association is located in Salt Lake City, UT. The organization was established in 1980. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Life & Health 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, Utah Life & Health Insurance Guaranty Association generated $819.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $351.4k during the year ending 12/2023. 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
ASSOCIATION ESTABLISHED BY THE STATE OF UTAH TO PROVIDE CERTAIN PROTECTIONS TO POLICYHOLDERS OF IMPAIRED OR INSOLVENT INSURERS. (REFERENCE 31A-28-103 OF UTAH CODE ANNOTATED)
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROVIDED CERTAIN PROTECTIONS TO POLICY HOLDERS OF IMPAIRED OR INSOLVENT INSURERS IN ACCORDANCE WITH SECTION 31A-28-103 UTAH CODE ANNOTATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ted D Lewis Executive Di | Officer | 20 | $143,693 |
Andrea M Hales Public Rep. | Trustee | 1 | $1,400 |
Aaron M Pacini Secretary/tr | OfficerTrustee | 1 | $1,100 |
Stephen Foxley Vice Chairma | OfficerTrustee | 2 | $0 |
Sarah S James Director | OfficerTrustee | 1 | $0 |
William J Johnson 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 | $756,894 |
| Investment income | $62,931 |
| 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 | $819,825 |
| 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. | $146,193 |
| 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 | $0 |
| Fees for services: Accounting | $15,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,275 |
| Advertising and promotion | $0 |
| Office expenses | $1,525 |
| Information technology | $997 |
| Royalties | $0 |
| Occupancy | $6,920 |
| Travel | $12,113 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,066 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,899 |
| All other expenses | $0 |
| Total functional expenses | $351,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $153,694 |
| Savings and temporary cash investments | $2,325,208 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,478,902 |
| Accounts payable and accrued expenses | $32,113 |
| 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 | $501,336 |
| Total liabilities | $533,449 |
| Net assets without donor restrictions | $1,945,453 |
| 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 | $2,478,902 |