MINNESOTA FAIR PLAN

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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

1969

Legal Domicile

Principal Officer

GARY RUPP

Phone

6123387584

Tax Period

2023-01-01 to 2023-12-31

MINNESOTA FAIR PLAN, founded in 1969, is a community nonprofit that reported $3.3M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $4.1M exceeded revenue, resulting in a 26% operating deficit.

Mission

TO PROVIDE OWNERS AND TENANTS OF INDIVIDUAL RESIDENCES, SMALL BUSINESS OWNERS, FARMERS AND CO-OP RESIDENTS AN OPPORTUNITY TO PURCHASE LIMITED PROPERTY OR HOMEOWNERS INSURANCE WHEN THEY ARE UNABLE TO DO SO IN THE VOLUNTARY MARKET.

Program Service Accomplishments

Program 1

DURING 2023, THE MINNESOTA FAIR PLAN PROVIDED INSURANCE COVERAGE TO 3,200 POLICYHOLDERS THROUGHOUT THE STATE OF MINNESOTA. THE MN FAIR PLAN CONTINUED ITS ROLE AS THE PRIMARY FINANCIAL SUPPORTER FOR THE IAAI'S ARSON HOTLINE REWARD PROGRAM. IN ADDITION, THE FAIR PLAN CONTINUED ITS ROLE AS THE PRIMARY FINANCIAL SUPPORTER FOR THE GOVERNOR'S FIRE SAFETY DAY AT THE STATE FAIR.

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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 $3,231,015

Investment Income $53,570

Other Revenue $112

TOTAL REVENUE $3,284,697

Expense Breakdown

Grants Paid $0

Salaries & Benefits $693,453

Fundraising Expenses $0

Other Expenses $3,443,528

TOTAL EXPENSES $4,136,981

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,284,697	$2,996,039	+0.1%
Expenses	$4,136,981	$3,501,113	+0.2%
Net Income	$-852,284	$-505,074	+0.7%

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

$187,218

Total Directors

$4,800

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GARY RUPP	EXECUTIVE DIRECTOR	37.50	Officer	$170,424	$13,194	$183,618
BRIAN HALLGREN	INSURANCE OPERATIONS MANAGER	37.50	Highest	$119,523	$9,578	$129,101
ELAINE LOVE	TREASURER	1.00	Officer Director	$2,000	$0	$2,000
MICHAEL MCHUGH	SECRETARY	1.00	Officer Director	$1,600	$0	$1,600
SHERI MELANDER-SMITH	DIRECTOR	1.00	Director	$1,200	$0	$1,200
ROGER OOMS	CHAIR	1.00	Officer Director	$0	$0	$0
VICKY RIZZOLO	VICE CHAIR	1.00	Officer Director	$0	$0	$0
SCOTT BAUER	DIRECTOR	1.00	Director	$0	$0	$0
MIKE FLUGUM	DIRECTOR	1.00	Director	$0	$0	$0
AMY HERRICK	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS MERIDETH	DIRECTOR	1.00	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	No data	No data	No data	No data
2023	$3,284,697	$4,136,981	$1,833,374	$-852,284
2022	$2,996,039	$3,501,113	$2,205,893	$-505,074
2021	$3,023,700	$3,185,896	$3,079,043	$-162,196
2020	$3,238,799	$3,262,563	$3,360,181	$-23,764
2019	$3,451,551	$3,758,910	$3,310,155	$-307,359
2018	$3,764,378	$4,386,137	$3,676,199	$-621,759