Michigan Basic Property Insurance … - 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

1968

Legal Domicile

Principal Officer

Michelle Mooradian

Phone

3138777400

Tax Period

2023-01-01 to 2023-12-31

Michigan Basic Property Insurance Association, founded in 1968, is a mid-sized nonprofit that reported $11.8M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $11.2M left a modest 6% surplus.

Mission

The mission of Michigan Basic Property Insurance Association is to provide prompt courteous and efficient service to our customers; be aware of the responsibility we have to our member companies and policyholders to utilize resources effectively; provide a work environment that recognizes creativity and promotes teamwork; and be sensitive to the needs of the community.

Program Service Accomplishments

Program 1

Expenses: $11,173,760 Revenue: $11,110,385

The issuance of basic property insurance and home property insurance policies is the sole business related activity of the association. Generally the policies are issued for high-risk insurers...

The issuance of basic property insurance and home property insurance policies is the sole business related activity of the association. Generally the policies are issued for high-risk insurers. Member property insurance companies participate collectively through their mandatory membership in the association. Assessment paid to the association by member companies are covered through adjustments to the rates for the voluntary market.

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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 $11,110,385

Investment Income $734,388

Other Revenue $554

TOTAL REVENUE $11,845,327

Expense Breakdown

Grants Paid $5,492

Salaries & Benefits $2,318,825

Fundraising Expenses $0

Program Expenses $11,173,760

Other Expenses $8,849,441

TOTAL EXPENSES $11,173,758

Year-over-Year Comparison

	2023	2022	Change
Revenue	$11,845,327	$12,632,616	-0.1%
Expenses	$11,173,758	$10,898,573	+0.0%
Net Income	$671,569	$1,734,043	-0.6%

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

Total Directors

$9,150

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Janie Hathaway	Board of Governors	0.50	Director	$0	$0	$0
Randy McKee	Board of Governors	0.50	Director	$0	$0	$0
Leroy Bostic	Board of Governors	0.50	Director	$1,800	$0	$1,800
Christopher Cleveland	Board of Governors	0.50	Director	$0	$0	$0
David Field	Board of Governors	0.50	Director	$1,500	$0	$1,500
Erin Fowle	Board of Governors	0.50	Director	$0	$0	$0
Lisa Hicks	Board of Governors	0.50	Director	$0	$0	$0
Michael C Levine	Board of Governors	0.50	Director	$750	$0	$750
Linda Maar	Board of Governors	0.50	Director	$0	$0	$0
Solon Phillips	Board of Governors	0.50	Director	$1,050	$0	$1,050
Steve Rock	Board of Governors	0.50	Director	$1,650	$0	$1,650
Muddasar Tawakkul	Board of Governors	0.50	Director	$2,100	$0	$2,100
Jeffrey O Williams	Board of Governors	0.50	Director	$150	$0	$150
Eugene Hawkins III	Board of Governors	0.50	Director	$150	$0	$150
Michael Wykes	Board of Governors	0.50	Director	$0	$0	$0
Timothy Dillahunt	Board of Governors	0.50	Director	$0	$0	$0
Matthew Hillborg	Board of Governors	0.50	Director	$0	$0	$0
Nathan Powell	Board of Governors	0.50	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	No data	No data	No data	No data
2023	$11,845,327	$11,173,758	$15,762,775	$671,569
2022	$12,632,616	$10,898,573	$16,573,320	$1,734,043
2021	$14,270,902	$10,325,535	$25,213,481	$3,945,367
2020	$15,942,154	$10,878,766	$36,478,347	$5,063,388
2019	$15,458,807	$13,303,987	$54,265,153	$2,154,820
2018	$15,633,024	$20,692,923	$49,195,801	$-5,059,899

Michigan Basic Property Insurance Association