Pennsylvania Property And Casualty Insurance Guaranty Association
- Assets
- $159.2m
- Revenue
- $35.8m
- Investments
- $0.0
- Employees
- 10
- Location
- Philadelphia, PA
- Founding
- 09/1974
- Data as of
- 12/2021
- EIN
- 23-1965995
Organization Overview
Pennsylvania Property And Casualty Insurance Guaranty Association is located in Philadelphia, PA. The organization was established in 1974. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Pennsylvania Property And Casualty Insurance Guaranty Association employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pennsylvania Property And Casualty Insurance Guaranty Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Pennsylvania Property And Casualty Insurance Guaranty Association generated $35.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $9.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
REFER TO FORM 990, PART III, LINE 1
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, THE PENNSYLVANIA PROPERTY & CASUALTY INSURANCE GUARANTY ASSOCIATION PROVIDED PAYMENT OF COVERED CLAIMS UNDER CERTAIN PROPERTY AND CASUALTY INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT OF SUCH CLAIMS AND TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF AN INSURER IN ACCORDANCE WITH TITLE 40 - INSURANCE P.S. 991.1801 ET SEQ OF THE PENNSYLVANIA STATUTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond M Bauso Executive Director | Officer | 40 | $224,246 |
Douglas R Fahringer General Counsel | 40 | $171,767 | |
Shichuang Hu It Manager | 40 | $164,966 | |
Lisa A Pratt Claim Manager | 40 | $159,287 | |
Francis E King Claim Supervisor | 40 | $150,178 | |
Christoher Shermer Accounting Manager | Trustee | 40 | $135,921 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dickie Mc Camey & Chilcote Pc Legal Services | 12/30/21 | $345,310 |
Young Ricchiuti Caldwell & Heller Llc Legal Services | 12/30/21 | $300,000 |
Naulty Scaricamazza & Mcdevitt Llc Legal Services | 12/30/21 | $308,236 |
Reilly Janiczek Mcdevitt Henrich & Chold Legal Services | 12/30/21 | $582,142 |
Marshall Dennehey Warner Coleman & Goggi Legal Services | 12/30/21 | $332,563 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $35,152,504 |
| Investment income | $905,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$285,105 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,772,841 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $224,246 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $836,141 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $253,416 |
| Payroll taxes | $80,114 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,140 |
| Fees for services: Accounting | $47,449 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,410 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $65,078 |
| Information technology | $96,801 |
| Royalties | $0 |
| Occupancy | $174,227 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $139,238 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,118 |
| Insurance | $14,908 |
| All other expenses | $9,543 |
| Total functional expenses | $9,448,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,525,382 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $84,940,219 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $662,791 |
| Investments—publicly traded securities | $70,084,747 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,973 |
| Total assets | $159,227,112 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $744,717,865 |
| Total liabilities | $744,717,865 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$585,490,753 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $159,227,112 |
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