Ohio Insurance Guaranty Association

Nonprofit profile at a glance

EIN
341112111
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Dublin, OH, USA
Phone
6144426601
Rating confidence
Limited

Reported finances

Revenue
$1,404,044
Expenses
$1,947,868
Assets
$20,308,846
Liabilities
$135,477

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

Leadership & pay

8 people listed

Executive titles in this filing

  • SONNI PETERSON (PRESIDENT)

Highest reported compensation

  • SONNI PETERSON (PRESIDENT): $331,514 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 mission of the Ohio insurance guaranty association is to provide a level of protection for certain policy holders and claimants against the insolvency of an insurance company licensed to sell those types of policies in Ohio when the company is placed into liquidation.

What it reported doing in 2024

The Ohio insurance guaranty association (oiga) is an unincorporated non-profit association organized pursuant to provisions of the Ohio insurance guaranty association act (the "act") contained in the Ohio revised code. Oiga is comprised of every insurer licensed to transact insurance in Ohio and writing one or more kinds of insurance included within section 3955.05 of the Ohio revised code. The principal responsibilities of oiga is to pay covered claims of insolvent insurers (as defined in the act), and to provide a mechanism for assessment of member insurers to accomplish claim settlement.

Operating model

Revenue model
Investment-supported. 65% of the money available for current operations came from recurring investment income.
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: 82
  • Accountability: 100
  • Sustainability: 40
  • 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: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • 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: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -38.7%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 10.43; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 17%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: -46.3% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -11.2% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $332K · 8 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $300K reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • 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 — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.