WORKERS' COMPENSATION REINSURANCE … - 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

1979

Legal Domicile

Principal Officer

JAMES HEER

Phone

6512930999

Tax Period

2023-01-01 to 2023-12-31

WORKERS' COMPENSATION REINSURANCE ASSOCIATION, founded in 1979, is a major nonprofit that reported $188.2M in total revenue in fiscal year 2023. Revenue fell 41% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $139.0M, a strong 74% operating margin.

Mission

THE WCRA ENSURES THE AVAILABILITY OF LONGTERM REINSURANCE PROTECTION FOR SERIOUS MINNESOTA WORKERS' COMPENSATION CLAIMS. OUR STAFF OF INNOVATIVE PROFESSIONALS IS DEDICATED TO ACHIEVING THE HIGHEST STANDARD OF EXCELLENCE THROUGH STABLE AND REASONABLE RATES, EXPERT CLAIMS ADMINISTRATION, FINANCIAL STABILITY, AND INFORMATIONAL SERVICES.

Program Service Accomplishments

Program 1

IN 2023, THE WCRA REIMBURSED 2,966 CLAIM REQUESTS AND PAID $75,842,251 FOR THESE CLAIMS. RESERVES FOR LOSSES AND LOSS EXPENSES DECREASED BY $43,609,745. OVERHEAD EXPENSES ALLOCATED TO LOSS EXPENSES...

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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 $48,475,487

Investment Income $139,729,300

Other Revenue $0

TOTAL REVENUE $188,204,787

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,525,828

Fundraising Expenses $0

Other Expenses $12,402,330

TOTAL EXPENSES $49,160,664

Year-over-Year Comparison

	2023	2022	Change
Revenue	$188,204,787	$321,335,040	-0.4%
Expenses	$49,160,664	$53,879,972	-0.1%
Net Income	$139,044,123	$267,455,068	-0.5%

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

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

$1,985,282

Total Directors

$93,700

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES HEER	PRESIDENT & CEO	50.0	Officer	$350,049	$123,016	$473,065
CYNTHIA SMITH	VP OF OPERATIONS/CORP SECRETRY	65.0	Officer	$238,178	$190,352	$428,530
ALISON KHAN	VP & ACTUARY	40.0	Officer	$254,134	$48,443	$302,577
TONY TIO	ACTUARY	40.0	Highest	$205,309	$91,467	$296,776
DAVE MCKEE	VP & CFO TREASURER	45.0	Officer	$204,683	$90,538	$295,221
NATALIE HAEFNER	VP OF CLAIMS AND INJURY MGMT	50.0	Officer	$163,789	$119,214	$283,003
DANIEL LOVHAUG	VP IT & SECURITY OFFICER	50.0	Officer	$161,906	$40,980	$202,886
RAY MULARIE	BUSINESS SYS ANALYST V	40.0	Highest	$127,190	$46,080	$173,270
PETER FOLEY	MEMBERSHIP AUDIT SUPERVISOR	40.0	Highest	$120,277	$30,410	$150,687
JAMES OUKROP	DIRECTOR	2.0	Director	$11,500	$0	$11,500
WILLIAM MCCARTHY	DIRECTOR	2.0	Director	$10,750	$0	$10,750
KENNETH PETERSON	DIRECTOR	2.0	Director	$10,750	$0	$10,750
ALLISON WAGGONER	DIRECTOR	2.0	Director	$9,250	$0	$9,250
EDWARD REYNOSO	DIRECTOR	2.0	Director	$8,500	$0	$8,500
TERRENCE MILLER	DIRECTOR	2.0	Director	$7,950	$0	$7,950
DANIEL GREENSWEIG	DIRECTOR	2.0	Director	$7,750	$0	$7,750
SAMUEL NOLLEY	DIRECTOR	2.0	Director	$7,750	$0	$7,750
SHEILA BROWN	DIRECTOR	2.0	Director	$7,000	$0	$7,000
RICHARD LONG	DIRECTOR	2.0	Director	$7,000	$0	$7,000
JEAN MACHART	DIRECTOR (AS OF 03/23)	2.0	Director	$5,500	$0	$5,500
PAUL MOORE	DIRECTOR	2.0	Director	$0	$0	$0
JILL SCHURTZ	DIRECTOR	2.0	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	$188,204,787	$49,160,664	$3,484,949,959	$139,044,123
2022	$321,335,040	$53,879,972	$2,999,849,537	$267,455,068
2021	$379,015,449	$52,075,229	$4,127,132,929	$326,940,220
2020	$279,534,324	$9,821,063	$3,581,217,851	$269,713,261
2019	$186,807,436	$62,690,152	$3,131,801,764	$124,117,284
2018	$136,794,780	$64,154,099	$2,652,078,476	$72,640,681

WORKERS' COMPENSATION REINSURANCE ASSOCIATION