Kentucky Insurance Guaranty Association
- Assets
- $55.7m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 4
- Location
- Louisville, KY
- Founding
- 11/1973
- Data as of
- 12/2022
- EIN
- 61-0849486
Organization Overview
Kentucky Insurance Guaranty Association is located in Louisville, KY. The organization was established in 1973. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Kentucky Insurance Guaranty Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky 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 12/2022, Kentucky Insurance Guaranty Association generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.2%) each year. All expenses for the organization totaled $5.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE PAYMENT OF INSURANCE CLAIMS DUE TO THE INSOLVENCY OF THE INSURER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE A MECHANISM FOR PAYMENT OF COVERED CLAIMS UNDER PROPERTY AND CASUALTY INSURANCE POLICIES BECAUSE OF THE INSOLVENCY OF THE INSURER AND ALSO ASSISTS IN DETECTING AND PREVENTING INSURER INSOLVENCIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Webster Secretary/executive Director | OfficerTrustee | 40 | $171,563 |
Jim Nestheide Vice-Chairperson | OfficerTrustee | 1 | $0 |
Bob Detherage Chairperson | OfficerTrustee | 1 | $0 |
Jena Stone Treasurer | OfficerTrustee | 1 | $0 |
Mark Treesh Director | Trustee | 1 | $0 |
Patrick Talley 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 | $623,822 |
| Investment income | $1,692,167 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$938,958 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,377,031 |
| 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. | $239,494 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $173,793 |
| Pension plan accruals and contributions | $32,342 |
| Other employee benefits | $57,024 |
| Payroll taxes | $25,797 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,850 |
| Fees for services: Accounting | $6,765 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $179,747 |
| Fees for services: Other | $6,940 |
| Advertising and promotion | $0 |
| Office expenses | $9,796 |
| Information technology | $84,363 |
| Royalties | $0 |
| Occupancy | $41,600 |
| Travel | $3,330 |
| 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 | $0 |
| Insurance | $50,002 |
| All other expenses | $0 |
| Total functional expenses | $5,038,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $410,689 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $55,332,678 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,743,367 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $55,743,367 |
| Total liabilities and net assets/fund balances | $55,743,367 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Independent Insurance Agents And Brokers Of America Inc Alexandria, VA | $30,236,166 | $12,870,454 |
National Association Of Insurance And Financial Advisors Falls Church, VA | $8,421,667 | $10,756,132 |
Kentucky Insurance Guaranty Association Louisville, KY | $55,743,367 | $1,377,031 |
Ohio Insurance Institute Columbus, OH | $705,390 | $1,790,344 |
Insurance Guaranty Associations Dublin, OH | $24,219,360 | $919,382 |
Ypo Inc Buffalo Grove, IL | $741,684 | $584,357 |
Kentucky Automobile Insurance Plan Louisville, KY | $1,272,983 | $247,624 |