DELAWARE INSURANCE GUARANTY ASSOCIATION

EIN: 237322105

NEWARK, DE

Total Revenue
$2,146,616
Total Expenses
$2,194,867
Total Assets
$27,353,508
Net Assets
$11,850,558
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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
1970
Legal Domicile
DE
Principal Officer
BARRY MILLER
Phone
3024563656
Tax Period
2024-01-01 to 2024-12-31

DELAWARE INSURANCE GUARANTY ASSOCIATION, founded in 1970, is a community nonprofit that reported $2.1M in total revenue in fiscal year 2024. Revenue surged 202% from the prior year, signaling strong growth momentum. Net assets of $11.9M represent 66 months of operating reserves.

Mission

PAYMENT OF CLAIMS TO POLICYHOLDERS OR CLAIMANTS OF INSOLVENT INSURANCE COMPANIES PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE.

Program Service Accomplishments

Program 1

PAYMENT OF COVERED CLAIMS UNDER CERTAIN PROPERTY AND CASUALTY INSURANCE POLICIES TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF THE INSURED PER CHAPTER 42 OF...

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PAYMENT OF COVERED CLAIMS UNDER CERTAIN PROPERTY AND CASUALTY INSURANCE POLICIES TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF THE INSURED PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE.

Program 2

DELAWARE INSURANCE DEPARTMENT-BERG ASSESSMENT IS TO PROVIDE FUNDING FOR THE SOLVENCY OVERSIGHT OF THE MEMBER COMPANIES BY THE DELAWARE INSURANCE COMMISSIONER, PER CHAPTER 42 OF THE DELAWARE INSURANCE...

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DELAWARE INSURANCE DEPARTMENT-BERG ASSESSMENT IS TO PROVIDE FUNDING FOR THE SOLVENCY OVERSIGHT OF THE MEMBER COMPANIES BY THE DELAWARE INSURANCE COMMISSIONER, PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE,THEREBY MINIMIZING THE EXPENSE OF THE PROGRAM LISTED IN 4A.

Program 3

UNEARNED PREMIUM REFUND CLAIMS PAID TO AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS AS A RESULT OF THE INSOLVENCY OF THE INSURED PER CHAPTER 42 OF THE DELAWARE INSURANCE CODE.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,326,395
Investment Income $608,391
Other Revenue $211,830
TOTAL REVENUE $2,146,616

Expense Breakdown

Grants Paid $600,000
Salaries & Benefits $477,191
Fundraising Expenses $0
Other Expenses $256,099
TOTAL EXPENSES $2,194,867

Year-over-Year Comparison

2024 2023 Change
Revenue $2,146,616 $710,629 +2.0%
Expenses $2,194,867 $2,630,891 -0.2%
Net Income $-48,251 $-1,920,262 -1.0%
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

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Governance

Voting Members
9
Independent Members
9
Employees
N/A
Volunteers
9

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
5
$234,152
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL RUSSELL DIRECTOR 1.00
Director
$0 $0 $0
COURTNEY THOMAS SECRETARY 1.00
Officer Director
$0 $0 $0
JAYNINE WARNER VICE CHAIR 1.00
Officer Director
$0 $0 $0
MELISSA WHEELER DIRECTOR 1.00
Director
$0 $0 $0
MAUREEN ORTEGA DIRECTOR 1.00
Director
$0 $0 $0
LAURIE G KUIPER DIRECTOR 1.00
Director
$0 $0 $0
RICHARD M RITTER CHAIR 1.00
Officer Director
$0 $0 $0
STEVEN HARRIS TREASURER 1.00
Officer Director
$0 $0 $0
TINNA QUIGLEY DIRECTOR 1.00
Director
$0 $0 $0
BARRY R MILLER EXECUTIVE DIRECTOR 37.50
Officer
$223,002 $11,150 $234,152
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 $2,146,616 $2,194,867 $27,353,508 $-48,251
2023 $710,629 $2,630,891 $27,232,252 $-1,920,262
2022 $1,008,034 $1,667,884 $27,933,767 $-659,850
2021 $1,199,460 $1,917,972 $30,181,885 $-718,512
2020 $2,356,382 $1,884,301 $31,414,404 $472,081
2019 $2,299,091 $2,453,406 $30,767,385 $-154,315
2018 $3,075,755 $2,417,155 $30,460,700 $658,600
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