OHIO INSURANCE GUARANTY ASSOCIATION

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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

1974

Legal Domicile

Principal Officer

SONNI PETERSON

Phone

6144426601

Tax Period

2023-01-01 to 2023-12-31

OHIO INSURANCE GUARANTY ASSOCIATION, founded in 1974, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2023. Revenue surged 207% from the prior year, signaling strong growth momentum. Expenses of $2.8M exceeded revenue, resulting in a 141% operating deficit.

Mission

THE MISSION OF THE OHIO INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE SOME LEVEL OF PROTECTION FOR CERTAIN POLICY HOLDERS AND CLAIMANTS AGAINST THE INSOLVENCY OF AN INSURANCE COMPANY LICENSED TO SELL THOSE TYPES OF POLICIES IN OHIO WHEN THE COMPANY IS PLACED INTO LIQUIDATION.

Program Service Accomplishments

Program 1

THE OHIO INSURANCE GUARANTY ASSOCIATION (OIGA) IS AN UNINCORPORATED NON-PROFIT ASSOCIATION ORGANIZED PURSUANT TO PROVISIONS OF THE OHIO INSURANCE GUARANTY ASSOCIATION ACT (THE "ACT") CONTAINED IN THE OHIO REVISED CODE. OIGA IS COMPRISED OF EVERY INSURER LICENSED TO TRANSACT INSURANCE IN OHIO AND WRITING ONE OR MORE KINDS OF INSURANCE INCLUDED WITHIN SECTION 3955.05 OF THE OHIO REVISED CODE. THE PRINCIPAL RESPONSIBILITIES OF OIGA IS TO PAY COVERED CLAIMS OF INSOLVENT INSURERS (AS DEFINED IN THE ACT), AND TO PROVIDE A MECHANISM FOR ASSESSMENT OF MEMBER INSURERS TO ACCOMPLISH CLAIM SETTLEMENT.

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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 $391,082

Investment Income $775,596

Other Revenue $0

TOTAL REVENUE $1,166,678

Expense Breakdown

Grants Paid $0

Salaries & Benefits $315,670

Fundraising Expenses $0

Other Expenses $2,495,185

TOTAL EXPENSES $2,810,855

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,166,678	$380,341	+2.1%
Expenses	$2,810,855	$2,089,367	+0.3%
Net Income	$-1,644,177	$-1,709,026	0.0%

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

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

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

$265,612

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLES WILSON	DIRECTOR	0.50	Director	$0	$0	$0
MARK SCHLOEMER	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
WILLIAM MCGEE JR	DIRECTOR	0.50	Director	$0	$0	$0
LAVAWN COLEMAN	CHAIRMAN	1.00	Officer Director	$0	$0	$0
BRADLEY CORSO	DIRECTOR	0.50	Director	$0	$0	$0
ERIN FOWLE	DIRECTOR	0.50	Director	$0	$0	$0
PATRICK FOLTYN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
SONNI PETERSON	PRESIDENT	14.00	Officer	$239,982	$25,630	$265,612

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
2024	No data	No data	No data	No data
2023	$1,166,678	$2,810,855	$20,866,631	$-1,644,177
2022	$380,341	$2,089,367	$22,280,994	$-1,709,026
2021	$919,382	$1,189,848	$24,219,360	$-270,466
2020	$353,561	$646,455	$24,754,720	$-292,894
2019	$1,470,475	$568,916	$24,790,400	$901,559
2018	$1,707,966	$635,783	$23,732,429	$1,072,183