MINNESOTA INSURANCE GUARANTY ASSOCIATION (EIN 416140766) - Form 990 Financial Analysis & Trantor Score

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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

1971

Legal Domicile

Principal Officer

JEFF CHRISTENSEN

Phone

9528311908

Tax Period

2023-01-01 to 2023-12-31

MINNESOTA INSURANCE GUARANTY ASSOCIATION, founded in 1971, is a community nonprofit that reported $7.4M in total revenue in fiscal year 2023. Expenses of $11.8M exceeded revenue, resulting in a 60% operating deficit.

Mission

TO PROVIDE A METHOD OF PAYMENT FOR CERTAIN CLAIMS AGAINST INSOLVENT INSURANCE COMPANIES.

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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 $1,644,415

Investment Income $5,727,231

Other Revenue $0

TOTAL REVENUE $7,371,646

Expense Breakdown

Grants Paid $0

Salaries & Benefits $688,821

Fundraising Expenses $0

Other Expenses $11,086,663

TOTAL EXPENSES $11,775,484

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,371,646	$7,219,133	+0.0%
Expenses	$11,775,484	$10,507,373	+0.1%
Net Income	$-4,403,838	$-3,288,240	+0.3%

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

$207,649

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT FARBER	EXECUTIVE DIRECTOR	37.50	Officer	$167,449	$40,200	$207,649
MICHAEL F MCGOVERN	CHAIR	1.00	Officer Director	$0	$0	$0
KATHLEEN BRAY	VICE CHAIR	1.00	Officer Director	$0	$0	$0
CHRISTOPHER DORLE	MEMBER	1.00	Director	$0	$0	$0
SARAH GROSKREUTZ	MEMBER	1.00	Director	$0	$0	$0
CHRIS MERIDETH	MEMBER	1.00	Director	$0	$0	$0
VICKY RIZZOLO	MEMBER	1.00	Director	$0	$0	$0
MICHAEL STERN	MEMBER	1.00	Director	$0	$0	$0
SEEMA TANEJA	MEMBER	1.00	Director	$0	$0	$0
ANDREW WHITMAN	MEMBER	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	$7,371,646	$11,775,484	$179,721,179	$-4,403,838
2022	$7,219,133	$10,507,373	$184,125,017	$-3,288,240
2021	$18,086,231	$12,399,874	$187,413,257	$5,686,357
2020	$12,001,627	$9,370,085	$181,726,900	$2,631,542
2019	$11,914,528	$9,105,166	$179,095,358	$2,809,362
2018	$16,636,952	$10,749,050	$176,285,996	$5,887,902

MINNESOTA INSURANCE GUARANTY ASSOCIATION