California Life Insurance Guaranty Association
- Assets
- $56.6m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Roseville, CA
- Founding
- 03/1993
- Data as of
- 06/2022
- EIN
- 95-4311716
Organization Overview
California Life Insurance Guaranty Association is located in Roseville, CA. The organization was established in 1993. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, 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. California Life 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 06/2022, California Life Insurance Guaranty Association generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $50.2m during the year ending 06/2022. 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
THE ASSOCIATION WAS ESTABLISHED TO PROVIDE CERTAIN PROTECTIONS TO POLICYHOLDERS AND BENEFICIARIES OF POLICYHOLDERS OF IMPAIRED OR INSOLVENT INSURERS IN ACCORDANCE WITH SECTION 1067 OF THE CALIFORNIA INSURANCE CODE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION'S SOLE PROGRAM SERVICE IS PROVIDING CERTAIN PROTECTIONS TO POLICYHOLDER AND BENEFICIARIES OF POLICYHOLDERS OF IMPAIRED OR INSOLVENT INSURERS IN ACCORDANCE WITH SECTION 1067 OF THE CALIFORNIA INSURANCE CODE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Thakar The Thakar Group Executive Director | Officer | 40 | $642,000 |
Mildred Moon Chair | Officer | 4 | $0 |
Sonya Ekart Vice Chair | Officer | 3 | $0 |
Jennifer Webb Secretary Treasurer | Officer | 3 | $0 |
Sara Flocks Director | Trustee | 1 | $0 |
Alan Acosta Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lewis Roca Rothgerber Llp Legal Services | 6/29/18 | $241,430 |
Todd Thakar Attorney At Law Legal Services | 6/29/18 | $115,825 |
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 | $2,384,489 |
| Investment income | -$757,324 |
| 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 | $1,627,165 |
| 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 | $331,154 |
| Compensation of current officers, directors, key employees. | $642,000 |
| Compensation of current officers, directors, key employees. | $102,206 |
| 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 | $198,080 |
| Fees for services: Accounting | $57,636 |
| Fees for services: Lobbying | $120,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,110 |
| Fees for services: Other | $17,969 |
| Advertising and promotion | $0 |
| Office expenses | $10,372 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $45,052 |
| 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 | $47,542 |
| All other expenses | $0 |
| Total functional expenses | $50,204,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,635,668 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,502,817 |
| 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 | $59,375 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $31,422,465 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,620,325 |
| Accounts payable and accrued expenses | $198,632 |
| 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 | $140,627,859 |
| Total liabilities | $140,826,491 |
| Net assets without donor restrictions | -$84,206,166 |
| 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 | $56,620,325 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Life Insurance Guaranty Association Roseville, CA | $56,620,325 | $1,627,165 |
Colorado Health Insurance Cooperative Inc San Francisco, CA | $25,019,242 | -$159,737 |
Apple Valley Fire Protection District Retiree Hra Trust Apple Valley, CA | $4,033,135 | $940,909 |
Advanced Providers Insurance Risk Retention Group Inc Phoenix, AZ | $1,682,938 | $106,563 |
Heritage Estates Mutual Water Company Gilroy, CA | $96,170 | $0 |