Minnesota FAIR Plan
Nonprofit profile at a glance
- EIN
- 410950742
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Bloomington, MN, United States
- Phone
- (612) 338-7584 or (800) 524-1640
- Rating confidence
- Limited
Reported finances
- Revenue
- $4,108,120
- Expenses
- $2,957,433
- Assets
- $3,208,455
- Liabilities
- $2,398,028
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- GARY RUPP (EXECUTIVE DIRECTOR)
Highest reported compensation
- GARY RUPP (EXECUTIVE DIRECTOR): $191,311 total reported compensation
- BRIAN HALLGREN (INSURANCE OPERATIONS MANAGER): $139,622 total reported compensation
- ELAINE LOVE (TREASURER): $1,200 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Minnesota FAIR Plan was established in 1968 for the purpose of making property insurance available to applicants in Minnesota who have not been able to secure insurance in the standard market.
What it reported doing in 2024
During 2024, the Minnesota fair plan provided insurance coverage to approximately 3,400 policyholders throughout the state of Minnesota. The mn fair plan continued its role as the primary financial supporter for the iaai's arson hotline reward program. In addition, the fair plan continued its role as the primary financial supporter for the governor's fire safety day at the state fair.
Operating model
- Revenue model
- Earned-program. 98% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 77
- Accountability: 100
- Sustainability: 55
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 28%; rating input score 83; 83rd percentile among comparable filings
- Total-asset coverage ratio: 1.08; rating input score 40; 40th percentile among comparable filings
- Liabilities to assets ratio: 0.75; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 11.3%; rating input score 26; 26th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -3.2% per year; rating input score 0; 5th percentile among comparable filings
- Asset growth: -10.1% per year; rating input score 0; 2nd percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $191K · 11 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $389K reported
- Consistency: 11 of 11 current checks pass
- Schedules: 3 filed schedules · includes executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 6 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
- High — Sustainability: Liabilities to assets ratio scored 12/100.
- High — Sustainability: Officer compensation ratio scored 26/100.