Self Insurers Security Fund

Organization Overview

Self Insurers Security Fund is located in Oakland, CA. The organization was established in 1985. 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 06/2021, Self Insurers Security Fund employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Self Insurers Security Fund 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 06/2021, Self Insurers Security Fund generated $73.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $16.2m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (12.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

SEE SCHEDULE O

Describe the Organization's Program Activity:

Part 3 - Line 4a

ALTERNATIVE SECURITY PROGRAM ASSESSMENTS - SELF-INSURED CORPORATIONS MEETING CERTAIN MINIMUM CREDIT QUALITY STANDARDS ARE ASSESSED ANNUAL FEES FOR PARTICIPATION IN THE ASP PROGRAM IN LIEU OF POSTING A SECURITY DEPOSIT. THE ASP PROGRAM PROVIDES PROTECTION TO SELF-INSURED EMPLOYERS IN THE CASE OF ANY FUTURE DEFAULTS. SISF USES THE ASSESSMENTS TO PROVIDE FUNDS FOR ANY FUTURE DEFAULTS AND TO PURCHASE CATASTROPHE COVERAGE/HEDGE INSTRUMENTS FOR CERTAIN LOSS EXPOSURES ASSOCIATED WITH THE PROGRAM.


SECURITY DEPOSITS AND RECOVERIES - SISF RECEIVES REVENUE FROM SURETY BONDS AND DEPOSITS WHEN THE ORGANIZATION ASSUMES, AS STIPULATED IN THE LABOR CODE, THE RESPONSIBILITY TO ADMINISTER THE FUNDS NECESSARY TO PAY WORKERS' COMPENSATION OBLIGATIONS AGAINST AN INSOLVENT SELF-INSURER.


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Board, Officers & Key Employees

Name (title)Compensation
Grant Heinitz
Risk Manager
$165,152
Adriana Mertinak
Controller
$155,000
Jill Dulich
Claims And Ops. Manager
$129,384
John Smolk
Treasurer
$2,300
William Lyons
Trustee
$1,800
Tim East
Chairperson
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Bdo
Audit And Tax
$134,527
Tristar Risk Management
Tpa
$645,447
Charles Taylor Tpa
Tpa
$1,020,813
Nixon Peabody Llp
Legal
$1,332,331
Marsh Usa Inc
Consulting
$1,175,291
View All Vendors

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$24,151,649
Investment income $8,461,392
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $40,626,592
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $73,239,633

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