Minnesota School Boards Association Insurance Trust
Nonprofit profile at a glance
- EIN
- 416160028
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- St Peter, MN, USA
- Phone
- 5079342450
- Rating
- 52
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $3,524,069
- Expenses
- $818,290
- Assets
- $54,809,365
- Liabilities
- $19,327,432
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Highest reported compensation
- Mike Pfeil (Trustee): $630 total reported compensation
- Jeanna Lilleberg (Chair): $480 total reported compensation
- Deb Pauly (Vice Chair): $480 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide for its members and their employees and officials various forms of insurance. (Continued on Schedule O)To provide for its members and their employees and officials various forms of insurance, including any forms of permitted group insurance, for the benefit of school districts which are members of the MSBA and to effectuate cost savings in the procurement and administration of such insurance programs.
What it reported doing in 2024
The Minnesota School Boards Association Insurance Trust (MSBAIT) is a joint-powers organization that was formed by the Minnesota School Boards Association (MSBA) to provide pooled self-insurance and endorsed programs to member schools. MSBAIT self-insurance programs are in abeyance and the organization will continue to adjudicate claims for policies previously underwritten, but will no longer underwrite any new policies.
Operating model
- Revenue model
- Investment-supported. 64% of the money available for current operations came from recurring investment income.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 4
- Transparency & Controls: 90
- Accountability: 95
- Sustainability: 88
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0.8%; rating input score 1
- Program expense ratio: 9.3%; rating input score 9
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- 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: 7 of 9 controls in place; rating input score 88
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Limited
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 76.8%; rating input score 97; 97th percentile among comparable filings
- Total-asset coverage ratio: 66.98; rating input score 99; 99th percentile among comparable filings
- Liabilities to assets ratio: 0.35; rating input score 30; 30th percentile among comparable filings
- Officer compensation ratio: 0.3%; rating input score 82; 82nd percentile among comparable filings
Growth
- Program expense growth: -26.5% per year; rating input score 0; 1st percentile among comparable filings
- Revenue growth: -4.9% per year; rating input score 0; 4th percentile among comparable filings
- Asset growth: -4.3% per year; rating input score 0; 4th percentile among comparable filings
Details
- Where the money goes: 0.8% of revenue deployed · 9.3% of spending went to programs
- Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $76K in reported program spending
- Leadership: top reported pay $630 · 9 people listed
- Highest-paid contractors: 1 contractor listed · $195K reported
- Consistency: 26 of 26 current checks pass
- Schedules: 3 filed schedules
- Filing history: 15 filing years from 2009 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 1/100.
- High — Financial Efficiency: Program expense ratio scored 9/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 30/100.