Minnesota Self-insurer's Security Fund

Nonprofit profile at a glance

EIN
411634385
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
St Paul, MN, USA
Phone
6512919155
Rating confidence
Limited
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$2,842,331
Expenses
$2,897,868
Assets
$18,786,579
Liabilities
$15,725,849

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • BILL MCCARTHY (PRESIDENT EMERITUS (UNTIL 11/24))
  • BRANDON MILLER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • BRANDON MILLER (EXECUTIVE DIRECTOR): $56,650 total reported compensation
  • BRAD KOLAND (CHAIR): $5,000 total reported compensation
  • SUMRATI TICKOO (TREASURER): $4,400 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 purpose of Minnesota self-insurer's security fund is to fulfill the obligations placed upon it by Minnesota session laws, chapter 674 (1988), codified as minn. Stat. Section 79a.01 et.seq., and acts amendatory thereto, and such other purposes with unlimited power to engage in and do any lawful act which any corporation organized as a non-profit corporation under the laws of the state of Minnesota may do.

What it reported doing in 2024

The organization was set up as a result of an act passed by the Minnesota legislature in regard to workers' compensation. The purpose of the fund is to insure that any workers whose work related injury occurred when an employer was duly self-insured in the state of Minnesota, will continue to receive workers' compensation benefits in the event the self-insured employer files for bankruptcy, becomes insolvent and/or defaults on its workers' compensation obligation. Currently the Minnesota self-insurer's security fund is utilizing posted security obtained from defaulting members and assessments to pay claims to or on behalf of the injured employees.if the posted security is inadequate, members of the Minnesota self-insurer's security fund will be assessed so that the injured employees continue to receive appropriate benefits.

Operating model

Revenue model
Earned-program. 93% 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: 90
  • Accountability: 82
  • Sustainability: 48
  • Growth: 60

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: 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: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 6.48; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 2.4%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 7.2% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $57K · 15 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 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.

  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.