South Dakota Insurance Guaranty

Nonprofit profile at a glance

EIN
466035349
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Sioux Falls, SD, USA
Phone
6052759599
Rating confidence
Limited

Reported finances

Revenue
$567,718
Expenses
$1,127,039
Assets
$7,299,419
Liabilities
$0

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

Leadership & pay

8 people listed

People named in this filing

  • JIM DAVIDSON (CHAIRMAN)
  • STEVE BRUNING (TREASURER)
  • MELVIN JURAN (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The South Dakota insurance guaranty association was formed to provide benefits to insurance policy holders of property, casualty, workmen's compensation, and automobile liability policies, in the event such an insurance company that does business in South Dakota becomes insolvent.

What it reported doing in 2024

From its inception in 1970 through december 31, 2024, the association has paid $28.7 million to or on behalf of holders of covered claims against insolvent automobile, workers' compensation and property and casualty insurers who transacted business in the state of South Dakota. The association has also refunded $1.8 million in unearned premium to policyholders of those insolvent insurers.

Operating model

Revenue model
Earned-program. 84% 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: 94
  • Sustainability: 47
  • Growth: 20

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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -98.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 6.48; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -4.2% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 30th 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 · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Highest-paid contractors: 1 contractor listed · $198K reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 1/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.