Illinois Life & Health Insurance Guaranty Association
- Assets
- $89.7m
- Revenue
- $14.5m
- Investments
- $2.0m
- Employees
- 9
- Location
- Lisle, IL
- Founding
- 05/1981
- Data as of
- 12/2023
- EIN
- 36-3117539
Organization Overview
Illinois Life & Health Insurance Guaranty Association is located in Lisle, IL. The organization was established in 1981. 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 12/2023, Illinois Life & Health Insurance Guaranty Association employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Life & Health 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 12/2023, Illinois Life & Health Insurance Guaranty Association generated $14.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.4%) each year. All expenses for the organization totaled $11.0m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (7.8%) per year over the past 6 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED IN 1980 UNDER CHAPTER 215 ART XXXIIII12 OF THE ILLINOIS INSURANCE CODE TO ASSURE FULFILLMENT OF COVERED POLICY OBLIGATIONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EXPENSES DURING 2023 WERE $11 MILLION OF WHICH $8 MILLION WAS PAID TO OR ON BEHALF OF POLICYHOLDERS. REVENUE DURING 2023 TOTALED $15 MILLION WHICH WAS COMPRISED OF $7 MILLION IN ESTATE RECOVERIES; $3 MILLION IN PREMIUM COLLECTIONS; $3 MILLION IN NET INVESTMENT INCOME; $2 MILLION IN ASSESSMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janis D Potter Executive Director | Officer | 40 | $453,222 |
Lillian Cilano Controller | 40 | $204,182 | |
David K Hill Chair | OfficerTrustee | 1 | $0 |
James R Jones Doi Appointee | Trustee | 1 | $0 |
Name Not Listed Director | 1 | $0 | |
Name Not Listed Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Evolent Health Llc Tpa Services | 12/30/18 | $151,750 |
Lewis Roca Rothgerber Christie Llp Legal Services | 12/30/18 | $1,078,387 |
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 | $11,631,222 |
| Investment income | $2,880,902 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,512,124 |
| 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. | $517,470 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $481,462 |
| Pension plan accruals and contributions | $60,662 |
| Other employee benefits | $211,022 |
| Payroll taxes | $66,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $94,042 |
| Fees for services: Accounting | $41,812 |
| Fees for services: Lobbying | $50,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $78,644 |
| Fees for services: Other | $69,023 |
| Advertising and promotion | $0 |
| Office expenses | $111,729 |
| Information technology | $167,406 |
| Royalties | $0 |
| Occupancy | $213,304 |
| Travel | $47,650 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $14,890 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,375 |
| Insurance | $85,138 |
| All other expenses | $78,785 |
| Total functional expenses | $10,963,853 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419,017 |
| Savings and temporary cash investments | $17,395,276 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $85,575 |
| 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 | $8,843 |
| Net Land, buildings, and equipment | $24,834 |
| Investments—publicly traded securities | $69,494,518 |
| Investments—other securities | $1,987,403 |
| Investments—program-related | $0 |
| Intangible assets | $259,956 |
| Other assets | $49,662 |
| Total assets | $89,725,084 |
| Accounts payable and accrued expenses | $78,127 |
| 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 | $13,679,603 |
| Total liabilities | $13,757,730 |
| Net assets without donor restrictions | $1,623,779 |
| Net assets with donor restrictions | $74,343,575 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $89,725,084 |