MICHIGAN LIFE AND HEALTH 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

1982

Legal Domicile

Principal Officer

SCOTT J GOLDE

Phone

5173394500

Tax Period

2024-01-01 to 2024-12-31

MICHIGAN LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION, founded in 1982, is a mid-sized nonprofit that reported $94.9M in total revenue in fiscal year 2024. Revenue surged 3533% from the prior year, signaling strong growth momentum. The organization ran a surplus of $90.8M, a strong 96% operating margin.

Mission

TO PROTECT MICHIGAN POLICYHOLDERS IN THE EVENT OF IMPAIRMENT OR INSOLVENCY OF A MEMBER INSURANCE COMPANY AND TO GUARANTEE PAYMENTS OF BENEFITS AND CONTINUATION OF COVERAGE, SUBJECT TO LIMITS.

Program Service Accomplishments

Program 1

856 MEMBERS OF THE ASSOCIATION ARE SUBJECT TO ASSESSMENT, WITHIN CERTAIN LIMITS, TO PROVIDE FUNDS TO GUARANTEE CERTAIN PAYMENTS AND COVERAGE IN THE EVENT OF IMPAIRMENT OR INSOLVENCY OF MEMBER...

856 MEMBERS OF THE ASSOCIATION ARE SUBJECT TO ASSESSMENT, WITHIN CERTAIN LIMITS, TO PROVIDE FUNDS TO GUARANTEE CERTAIN PAYMENTS AND COVERAGE IN THE EVENT OF IMPAIRMENT OR INSOLVENCY OF MEMBER INSURANCE COMPANIES. CLAIMS WERE PAID TO POLICYHOLDERS OR THEIR BENEFICIARIES FOR 4 INSOLVENT COMPANIES DURING THE YEAR.

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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 $94,667,720

Investment Income $230,449

Other Revenue $0

TOTAL REVENUE $94,898,169

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $855,490

TOTAL EXPENSES $4,135,673

Year-over-Year Comparison

	2024	2023	Change
Revenue	$94,898,169	$2,612,192	+35.3%
Expenses	$4,135,673	$1,110,151	+2.7%
Net Income	$90,762,496	$1,502,041	+59.4%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN M HEIL CPA CGMA	DIRECTOR	1.00	Director	$0	$0	$0
MOLLIE K ZITO	DIRECTOR	1.00	Director	$0	$0	$0
LORRI RISHAR	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT L FREEMAN	DIRECTOR	1.00	Director	$0	$0	$0
JAMES W HOLEVAS	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN MAC LEAN	DIRECTOR (START 12/16/24)	1.00	Director	$0	$0	$0
KEN ROSS	DIRECTOR	1.00	Director	$0	$0	$0
PHILLIP GILLESPIE	VICE CHAIR (ENDED 12/16/24)	1.00	Officer Director	$0	$0	$0
SCOTT GOLDE	CHAIR	3.00	Officer Director	$0	$0	$0
JOSHUA KORSON	SECRETARY/TREASURER	1.00	Officer 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	$94,898,169	$4,135,673	$102,182,337	$90,762,496
2023	$2,612,192	$1,110,151	$11,425,385	$1,502,041
2022	$105,433	$690,700	$9,917,800	$-585,267
2021	$1,469,899	$630,253	$10,503,067	$839,646
2020	$4,505,214	$729,366	$9,663,421	$3,775,848
2019	$238,626	$758,795	$5,887,573	$-520,169
2018	$11,699,720	$29,121,531	$6,407,742	$-17,421,811

MICHIGAN LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION