New Mexico Property & Casualty Insurance Guaranty Association
- Assets
- $22.0m
- Revenue
- $657.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Albuquerque, NM
- Founding
- 01/1977
- Data as of
- 12/2022
- EIN
- 85-0249111
Organization Overview
New Mexico Property & Casualty Insurance Guaranty Association is located in Albuquerque, NM. The organization was established in 1977. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Property & 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 12/2022, New Mexico Property & Casualty Insurance Guaranty Association generated $657.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (30.3%) each year. All expenses for the organization totaled $2.7m 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
TO PAY COVERED CLAIMS OF INSOLVENT INSURANCE COMPANIES UNDER POLICIES COVERED BY THE NEW MEXICO PROPERTY AND CASUALTY INSURANCE GUARANTY ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADJUSTMENT AND PAYMENT OF CLAIMS OF INSOLVENT AND CASUALTY INSURANCE COMPANIES. 143 CLAIMS WERE ADJUSTED AND/OR PAID IN 2022.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justin Marcusson Chairman | OfficerTrustee | 7 | $0 |
Charlie Harford Director | Trustee | 1 | $0 |
David Sell Director | Trustee | 1 | $0 |
Steven Harris Director | Trustee | 1 | $0 |
Joseph Manero Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integrion Group Inc Admin, Claims | 12/30/22 | $438,248 |
Law Office Of Arlyn G Crow Legal | 12/30/22 | $210,983 |
Progressive Medical Llc Optum Workers Compensation Of Ohio Claims | 12/30/22 | $180,381 |
Tenet Hospitals Limited Medical | 12/30/22 | $165,233 |
Alius Health Claims | 12/30/22 | $141,456 |
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 | $538,842 |
| Investment income | $147,778 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$29,499 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $657,121 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,456 |
| Fees for services: Accounting | $11,322 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $764,061 |
| Advertising and promotion | $0 |
| Office expenses | $4,361 |
| Information technology | $2,192 |
| Royalties | $0 |
| Occupancy | $3,304 |
| Travel | $2,869 |
| 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 | $5,788 |
| All other expenses | $0 |
| Total functional expenses | $2,666,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $680,128 |
| Savings and temporary cash investments | $7,312,502 |
| 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 | $13,980,699 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,973,329 |
| 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 | $21,973,329 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $21,973,329 |