Workers' Compensation Security Fund

Legal name: Workers Compensation Security Fund

Nonprofit profile at a glance

EIN
272030868
IRS 990 coverage
2011–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Basking Ridge, NJ, USA
Phone
(908) 382-7100
Rating confidence
Limited
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$38,797,654
Expenses
$26,453,818
Assets
$255,648,805
Liabilities
$341,051

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

Leadership & pay

23 people listed

Executive titles in this filing

  • JOSEPH DELLAFERA (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • JOSEPH DELLAFERA (CHIEF EXECUTIVE OFFICER): $330,714 total reported compensation
  • LORI CONNORS (SPECIAL COUNSEL): $268,249 total reported compensation
  • RONALD CHESS (DIR. OF COMPLIANCE & IT): $228,700 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 wcsf was established by the New Jersey legislature in 1935 to paythe claims of insolvent workers' compensation insurance carriersarising from the coverage of risks located or resident in New Jersey.carriers authorized to transact the business of workers' compensationinsurance in New Jersey contribute to the wcsf.

What it reported doing in 2024

The wcsf was established by the New Jersey legislature in 1935 to pay the claims of insolvent workers' compensation insurance carriers arising from the coverage of risks located or resident in New Jersey. Carriers authorized to transact the business of workers' compensation insurance in New Jersey contribute to the wcsf.

Operating model

Revenue model
Earned-program. 76% 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: 60
  • Accountability: 91
  • Sustainability: 90
  • 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; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 66th 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: Fail
    • 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: 31.8%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 9.66; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 1.3%; rating input score 83; 83rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0.4% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 6.8% per year; rating input score 100; 48th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $331K · 23 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $743K reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.