Oregon Insurance Guaranty Association
- Assets
- $75.2m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Beaverton, OR
- Founding
- 10/1975
- Data as of
- 12/2021
- EIN
- 51-0163758
Organization Overview
Oregon Insurance Guaranty Association is located in Beaverton, OR. The organization was established in 1975. 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, Oregon Insurance Guaranty Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oregon 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, Oregon Insurance Guaranty Association generated $3.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.0%) each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PAY CLAIMS OF INSOLVENT INSURANCE COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENT OF CLAIMS, CLAIMS EXPENSES AND UNEARNED PREMIUMS TO POLICY HOLDERS OF INSOLVENT INSURANCE COMPANIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine S Braughton-Bazant Administrator | Officer | 20 | $60,186 |
Steve Patterson Chairman | OfficerTrustee | 1 | $0 |
Melissa Rietmann Crawford Vice Chairman | OfficerTrustee | 1 | $0 |
Mike Rasmussen Treasurer | OfficerTrustee | 1 | $0 |
Brad Socolofsky Director | Trustee | 1 | $0 |
Aaron Selburg Director | Trustee | 1 | $0 |
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 | $1,676,959 |
| Investment income | $1,925,921 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $127,482 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,730,327 |
| 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. | $64,502 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $124,953 |
| Pension plan accruals and contributions | $5,594 |
| Other employee benefits | $13,524 |
| Payroll taxes | $15,912 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,871 |
| Fees for services: Accounting | $56,344 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $27,178 |
| Information technology | $56,486 |
| Royalties | $0 |
| Occupancy | $28,409 |
| Travel | $4,553 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,859 |
| Insurance | $3,912 |
| All other expenses | $0 |
| Total functional expenses | $545,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $537,758 |
| Savings and temporary cash investments | $611,536 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $24,851 |
| Investments—publicly traded securities | $73,327,977 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $698,585 |
| Total assets | $75,200,707 |
| Accounts payable and accrued expenses | $6,252 |
| 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 | $69,808,053 |
| Total liabilities | $69,814,305 |
| Net assets without donor restrictions | -$1,178,172 |
| Net assets with donor restrictions | $6,564,574 |
| 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 | $75,200,707 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nonprofits Insurance Alliance Of California Santa Cruz, CA | $422,311,251 | $88,356,752 |
Washington Counties Insurance Fund Tumwater, WA | $12,803,774 | $66,207,996 |
General Conference Of Seventh Day Adventist Roseville, CA | $15,390,414 | $66,062,205 |
Alliance Of Nonprofits For Insurance Risk Retention Group Inc Santa Cruz, CA | $261,341,148 | $70,179,499 |
Bio-Rad Laboratories Employee Benefit Trust Hercules, CA | $0 | $57,371,968 |
Intel Corporation Short Term Disability Plan Trust Santa Clara, CA | $0 | $22,029,560 |
Power Engineers Inc Employee Benefit Plan Hailey, ID | $6,741,524 | $36,639,487 |
Carrix Inc Benefits Trust Seattle, WA | $13,678,947 | $20,538,875 |
Loma Linda University Adventist Health Sciences Cntr Liability Tr San Bernardino, CA | $60,948,101 | $27,070,636 |
Surplus Line Association Of California San Ramon, CA | $30,618,927 | $32,067,894 |
United Employees Benefit Trust Tacoma, WA | $48,936,771 | $25,801,114 |
Dignity Health Hosp & Professional Liability Self-Insurance Trust San Francisco, CA | $0 | $32,275,072 |