MAINE SELF-INSURANCE GUARANTEE ASS… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

ELIZABETH BROGAN

Phone

2073707556

Tax Period

2023-01-01 to 2023-12-31

MAINE SELF-INSURANCE GUARANTEE ASSOCIATION, founded in 1982, is a small nonprofit that reported $175K in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $208K exceeded revenue, resulting in a 19% operating deficit.

Mission

TO PROVIDE MECHANISMS FOR THE PAYMENTS OF COVERED WORKERS' COMPENSATION CLAIMS UNDER SELF INSURANCE COVERAGE, TO AVOID EXCESSIVE DELAYS IN PAYMENT, TO AVOID FINANCIAL LOSS TO CLAIMANTS BECAUSE OF THE INSOLVENCY OF A SELF-INSURER.

Program Service Accomplishments

Program 1

GUARANTEE FUND PROVIDES FUNDS TO BE USED TO MAKE MANDATED BENEFIT PAYMENTS TO COVERED PARTICIPANTS IN SELF-INSURED WORKERS COMPENSATION PROGRAMS IN MAINE IN THE EVENT THAT THE SELF-INSURED PROGRAM...

GUARANTEE FUND PROVIDES FUNDS TO BE USED TO MAKE MANDATED BENEFIT PAYMENTS TO COVERED PARTICIPANTS IN SELF-INSURED WORKERS COMPENSATION PROGRAMS IN MAINE IN THE EVENT THAT THE SELF-INSURED PROGRAM BECOMES INSOLVENT.

Program 2

PROVIDE A MECHANISM FOR SERVICING CLAIMS THAT ARE BEING PAID OUT OF BOND PROCEEDS AFTER THE SELF INSURER HAS GONE OUT OF BUSINESS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $79,433

Investment Income $95,204

Other Revenue $0

TOTAL REVENUE $174,637

Expense Breakdown

Grants Paid $0

Salaries & Benefits $51,458

Fundraising Expenses $0

Other Expenses $156,347

TOTAL EXPENSES $207,805

Year-over-Year Comparison

	2023	2022	Change
Revenue	$174,637	$159,277	+0.1%
Expenses	$207,805	$185,982	+0.1%
Net Income	$-33,168	$-26,705	+0.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$51,458

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAN FERGUSON	CHAIR	0.10	Officer Director	$0	$0	$0
DAN SMITH	VICE CHAIR	0.10	Officer Director	$0	$0	$0
BRIAN PARKE	TREASURER	0.10	Officer Director	$0	$0	$0
PAMELA CHEESEMAN	DIRECTOR	0.10	Director	$0	$0	$0
JOHN NORMAN	DIRECTOR	0.10	Director	$0	$0	$0
CHERYL RUSSELL	DIRECTOR	0.10	Director	$0	$0	$0
AMY WEBBER	DIRECTOR	0.10	Director	$0	$0	$0
ELIZABETH BROGAN	ADMINISTRATOR	10.00	Officer	$51,458	$0	$51,458

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$174,637	$207,805	$4,439,497	$-33,168
2022	$159,277	$185,982	$4,352,275	$-26,705
2021	$175,988	$187,069	$4,634,864	$-11,081
2020	$201,058	$200,171	$4,750,165	$887
2019	$281,925	$200,357	$4,662,950	$81,568
2018	$166,119	$185,174	$4,607,165	$-19,055

MAINE SELF-INSURANCE GUARANTEE ASSOCIATION