Workers' Compensation Reinsurance Association

Nonprofit profile at a glance

EIN
411357750
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-N 2011
Location
St Paul, MN, USA
Phone
6512930999
Rating confidence
Limited

Official website

Reported finances

Revenue
$260,552,944
Expenses
$-6,535,237
Assets
$3,753,979,130
Liabilities
$1,503,872,857

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

Leadership & pay

24 people listed

Executive titles in this filing

  • JAMES HEER (PRESIDENT & CEO)

Highest reported compensation

  • JAMES HEER (PRESIDENT & CEO): $524,805 total reported compensation
  • CYNTHIA SMITH (VP OF OPERATIONS/CORP SECRETRY): $411,925 total reported compensation
  • ALISON KHAN (VP & ACTUARY): $327,880 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 wcra ensures the availability of longterm reinsurance protection for serious Minnesota workers' compensation claims. Our staff of innovative professionals is dedicated to achieving the highest standard of excellence through stable and reasonable rates, expert claims administration, financial stability, and informational services.

What it reported doing in 2024

In 2024, the wcra reimbursed 2,690 claim requests and paid $73,440,955 for these claims. Reserves for losses and loss expenses decreased by $94,920,757. Overhead expenses allocated to loss expenses totaled $2,471,335.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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: 54
  • Accountability: 91
  • Sustainability: 5
  • 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; 68th 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: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.4; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: 9.4% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 4.4% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 13 of 13 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $525K · 24 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5.8M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 4 filed schedules · includes foreign activity and executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 22 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.