MINNESOTA SELF-INSURER'S SECURITY … - 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

1988

Legal Domicile

Principal Officer

BRAD KOLAND

Phone

6512919155

Tax Period

2024-07-01 to 2025-06-30

MINNESOTA SELF-INSURER'S SECURITY FUND, founded in 1988, is a community nonprofit in the Community Improvement sector that reported $2.8M in total revenue in fiscal year 2024. Revenue fell 71% from the prior year — a significant decline worth monitoring.

Mission

THE PURPOSE OF MINNESOTA SELF-INSURER'S SECURITY FUND IS TO FULFILL THE OBLIGATIONS PLACED UPON IT BY MINNESOTA SESSION LAWS, CHAPTER 674 (1988), CODIFIED AS MINN. STAT. SECTION 79A.01 ET.SEQ., AND ACTS AMENDATORY THERETO, AND SUCH OTHER PURPOSES WITH UNLIMITED POWER TO ENGAGE IN AND DO ANY LAWFUL ACT WHICH ANY CORPORATION ORGANIZED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF MINNESOTA MAY DO.

Program Service Accomplishments

Program 1

THE ORGANIZATION WAS SET UP AS A RESULT OF AN ACT PASSED BY THE MINNESOTA LEGISLATURE IN REGARD TO WORKERS' COMPENSATION. THE PURPOSE OF THE FUND IS TO INSURE THAT ANY WORKERS WHOSE WORK RELATED...

THE ORGANIZATION WAS SET UP AS A RESULT OF AN ACT PASSED BY THE MINNESOTA LEGISLATURE IN REGARD TO WORKERS' COMPENSATION. THE PURPOSE OF THE FUND IS TO INSURE THAT ANY WORKERS WHOSE WORK RELATED INJURY OCCURRED WHEN AN EMPLOYER WAS DULY SELF-INSURED IN THE STATE OF MINNESOTA, WILL CONTINUE TO RECEIVE WORKERS' COMPENSATION BENEFITS IN THE EVENT THE SELF-INSURED EMPLOYER FILES FOR BANKRUPTCY, BECOMES INSOLVENT AND/OR DEFAULTS ON ITS WORKERS' COMPENSATION OBLIGATION. CURRENTLY THE MINNESOTA SELF-INSURER'S SECURITY FUND IS UTILIZING POSTED SECURITY OBTAINED FROM DEFAULTING MEMBERS AND ASSESSMENTS TO PAY CLAIMS TO OR ON BEHALF OF THE INJURED EMPLOYEES.IF THE POSTED SECURITY IS INADEQUATE, MEMBERS OF THE MINNESOTA SELF-INSURER'S SECURITY FUND WILL BE ASSESSED SO THAT THE INJURED EMPLOYEES CONTINUE TO RECEIVE APPROPRIATE BENEFITS.

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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 $2,910,719

Investment Income $-68,388

Other Revenue $0

TOTAL REVENUE $2,842,331

Expense Breakdown

Grants Paid $0

Salaries & Benefits $67,769

Fundraising Expenses $0

Other Expenses $2,830,099

TOTAL EXPENSES $2,897,868

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,842,331	$9,877,695	-0.7%
Expenses	$2,897,868	$10,946,923	-0.7%
Net Income	$-55,537	$-1,069,228	-0.9%

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

$66,050

Total Directors

$14,150

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUMRATI TICKOO	TREASURER	3.00	Officer Director	$4,400	$0	$4,400
BRAD KOLAND	CHAIR	1.00	Officer Director	$5,000	$0	$5,000
MICHAEL HAPPE	TRUSTEE	1.00	Director	$2,700	$0	$2,700
HOWARD BICKER	TRUSTEE	1.00	Director	$2,050	$0	$2,050
BERNIE BERNHAM	TRUSTEE	1.00	Director	$0	$0	$0
DALE HAUG	CHAIR (UNTIL 8/24)	1.00	Officer Director	$0	$0	$0
LEE INGRASSIA	TRUSTEE	1.00	Director	$0	$0	$0
LISA MALOY	TRUSTEE	1.00	Director	$0	$0	$0
JEFF MCBRIDE	TRUSTEE (UNTIL 2/25)	1.00	Director	$0	$0	$0
BILL MCCARTHY	PRESIDENT EMERITUS (UNTIL 11/24)	1.00	Officer Director	$0	$0	$0
JIM OUKRUP	TRUSTEE (UNTIL 11/24)	1.00	Director	$0	$0	$0
SHELLEY ROBASSE-SOUKUP	TRUSTEE	1.00	Director	$0	$0	$0
RICK THEISEN	SECRETARY (UNTIL 8/24)	1.00	Officer Director	$0	$0	$0
STEPHANIE ZIMMERLI	TRUSTEE	1.00	Director	$0	$0	$0
BRANDON MILLER	EXECUTIVE DIRECTOR	9.00	Officer	$56,650	$0	$56,650

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
2025	$2,842,331	$2,897,868	$18,786,579	$-55,537
2024	$9,877,695	$10,946,923	$18,933,750	$-1,069,228
2023	$2,905,061	$2,177,717	$13,214,298	$727,344
2022	$2,139,379	$1,964,922	$14,241,443	$174,457
2021	$3,509,533	$2,865,205	$15,074,173	$644,328
2020	$2,793,758	$1,820,269	$15,836,969	$973,489
2019	$2,408,737	$1,590,206	$14,087,580	$818,531
2018	$2,278,091	$1,437,725	$12,757,908	$840,366

MINNESOTA SELF-INSURER'S SECURITY FUND