ILLINOIS INSURANCE GUARANTY FUND

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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

1971

Legal Domicile

Principal Officer

TIM SCHOTKE

Phone

3124229700

Tax Period

2024-01-01 to 2024-12-31

ILLINOIS INSURANCE GUARANTY FUND, founded in 1971, is a mid-sized nonprofit that reported $15.2M in total revenue in fiscal year 2024. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $14.2M left a modest 7% surplus.

Mission

TO PROTECT AGAINST LOSS BY PROVIDING A MECHANISM TO PAY COVERED CLAIMS AND RETURN UNEARNED PREMIUMS OF POLICYHOLDERS, RESULTING FROM INSOLVENT INSURERS AND TO ASSESS THE COSTS TO COMPANIES HOLDING A CERTIFICATE OF AUTHORITY TO TRANSACT INSURANCE IN THE STATE OF ILLINOIS.

Program Service Accomplishments

Program 1

Expenses: $13,947,222 Revenue: $9,943,181

THE ILLINOIS INSURANCE GUARANTY FUND IS A STATUTORILY MANDATED ORGANIZATION WHICH PAID, WHEN LEGALLY DUE, ALL COVERED CLAIMS AS DEFINED BY STATUTE AND OTHERWISE FULLY DISCHARGED ITS STATUTORY...

THE ILLINOIS INSURANCE GUARANTY FUND IS A STATUTORILY MANDATED ORGANIZATION WHICH PAID, WHEN LEGALLY DUE, ALL COVERED CLAIMS AS DEFINED BY STATUTE AND OTHERWISE FULLY DISCHARGED ITS STATUTORY OBLIGATION IN ACCORDANCE WITH ILLINOIS LAW.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $9,943,181

Investment Income $5,248,466

Other Revenue $0

TOTAL REVENUE $15,191,647

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,335,134

Fundraising Expenses $0

Program Expenses $13,947,222

Other Expenses $11,850,576

TOTAL EXPENSES $14,185,710

Year-over-Year Comparison

	2024	2023	Change
Revenue	$15,191,647	$12,078,200	+0.3%
Expenses	$14,185,710	$14,062,124	+0.0%
Net Income	$1,005,937	$-1,983,924	-1.5%

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

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

$658,647

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TIM SCHOTKE	EXECUTIVE DI	40.00	Officer	$310,916	$84,315	$395,231
LATOYA HINES	CONTROLLER	40.00	Officer	$208,455	$54,961	$263,416
VALERIE MCGREGOR	CLAIMS DIREC	40.00	Highest	$194,278	$47,341	$241,619
MICHAEL DICKEY	IT MANAGER	40.00	Highest	$140,832	$48,493	$189,325
LAUREN WILK	SR. CLAIMS E	40.00	Highest	$102,880	$51,243	$154,123
MICHAEL LEVESQUE	SR. CLAIMS E	40.00	Highest	$109,645	$48,012	$157,657
STACIE GRAHAM	CHAIR	0.00	Officer Director	$0	$0	$0
JOYCE HALL MELLINGER	VICE CHAIRMA	0.00	Officer Director	$0	$0	$0
AMBER MITCHELL	SECRETARY	0.00	Officer Director	$0	$0	$0
PAUL BLUME JR	DIRECTOR	0.00	Director	$0	$0	$0
JENNIFER ELLIN	DIRECTOR	0.00	Director	$0	$0	$0
MICHAEL PAQUETTE	DIRECTOR	0.00	Director	$0	$0	$0
CHRISTOPHER WASSON	DIRECTOR	0.00	Director	$0	$0	$0
ANDREA DOSS	DIRECTOR	0.00	Director	$0	$0	$0
DOUG ELLERMAN	DIRECTOR	0.00	Director	$0	$0	$0
JOHN MATHEWS	DIRECTOR	0.00	Director	$0	$0	$0

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	$15,191,647	$14,185,710	$153,894,587	$1,005,937
2023	$12,078,200	$14,062,124	$151,645,214	$-1,983,924
2022	$7,186,826	$13,915,166	$147,561,188	$-6,728,340
2021	$26,320,531	$16,374,218	$161,417,885	$9,946,313
2020	$33,980,707	$24,245,058	$156,745,785	$9,735,649
2019	$27,782,777	$32,802,850	$162,540,478	$-5,020,073
2018	$29,523,834	$20,948,401	$152,399,067	$8,575,433