RALEIGH, NC
4 risk indicators measuring financial stability and operational resilience
Sign in with your work email to view Tuckman-Chang indicators
Sign In — Free (10 views/day)NORTH CAROLINA SELF INSURANCE SECURITY ASSOCIATION, founded in 1986, is a community nonprofit that reported $4.1M in total revenue in fiscal year 2024. Revenue fell 30% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $3.2M, a strong 77% operating margin.
THE ASSOCIATION WAS ESTABLISHED IN 1986 BY THE NORTH CAROLINA GENERAL ASSEMBLY AND IS AUTHORIZED UNDER ARTICLE 4, CHAPTER 97 OF THE NORTH CAROLINA GENERAL STATUTES AND IS A TAX EXEMPT UNINCORPORATED LEGAL ENTITY THAT PROVIDES THE MECHANISM FOR THE PAYMENT OF COVERED WORKERS' COMPENSATION CLAIMS INCURRED AGAINST INSOLVENT MEMBER SELF-INSURERS. THE ASSOCIATION IS TAX-EXEMPT UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND SERVES A UNIQUE ROLE AS THE STATUTORY SAFETY NET FOR INJURED WORKERS OF INSOLVENT CURRENT OR FORMER SELF-INSURERS. MEMBER SELF-INSURERS ARE DEFINED BY NORTH CAROLINA LAW AS INDIVIDUAL EMPLOYERS OR GROUPS OF TWO OR MORE EMPLOYERS THAT HAVE POOLED THEIR LIABILITIES UNDER APPLICABLE INSURANCE LAW AND HAVE BEEN LICENSED BY THE NORTH CAROLINA DEPARTMENT OF INSURANCE. ALL LICENSED INDIVIDUAL AND GROUP SELF-INSURERS MUST DEMONSTRATE THE REQUISITE FINANCIAL STRENGTH TO SECURE THEIR RESPECTIVE WORKERS' COMPENSATION OBLIGATIONS AND ARE REQUIRED BY STATUTE TO BE MEMBERS OF THE ASSOCIATION. INDIVIDUAL SELF-INSURERS MUST PARTICIPATE IN THE ANNUAL ASSOCIATION AGGREGATE SECURITY SYSTEM (AASS). IF AN INDIVIDUAL LICENSED SELF-INSURER IS EXCLUDED FROM THE AASS, IT MUST POST A STATUTORY DEPOSIT WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE. THE ASSOCIATION IS AUTHORIZED TO MONITOR AND ASSESS THE FINANCIAL CONDITION OF ALL INDIVIDUAL MEMBER SELF-INSURERS THAT PARTICIPATE IN THE AASS. THE ASSOCIATION SERVES AS A RESOURCE FOR ALL MEMBER SELF-INSURERS, THE NORTH CAROLINA DEPARTMENT OF INSURANCE AND THE NORTH CAROLINA INDUSTRIAL COMMISSION. THE ASSOCIATION PAYS COVERED WORKERS' COMPENSATION CLAIMS OF INJURED WORKERS FROM ITS SECURITY FUND WHICH HAS BEEN CREATED BY MEMBER SELF-INSURER ASSESSMENTS AND STATUTORY OR TERMINATING DEPOSITS PREVIOUSLY POSTED BY MEMBER SELF-INSURERS. AGGREGATE SECURITY INCLUDING INSTRUMENTS SUCH AS FINANCIAL GUARANTEES, INSURANCE OR REINSURANCE IS ALSO PURCHASED BY THE ASSOCIATION TO PROTECT MEMBER SELF-INSURERS, THE SECURITY FUND. THE PROCEEDS OF THE SECURITY FUND ARE INVESTED AND ADMINISTERED BY INVESTMENT ADVISORS IN ACCORDANCE WITH AN INVESTMENT POLICY, WHICH IS APPROVED ANNUALLY BY THE NORTH CAROLINA STATE TREASURER.
PURSUANT TO THE 2006 AND 2011 STATUTORY AMENDMENTS, THE ASSOCIATION EXPANDED ITS PROGRAM SERVICES TO INCLUDE THE PURCHASE OF FINANCIAL GUARANTEES, INSURANCE, REINSURANCE OR OTHER INSTRUMENTS TO...
PURSUANT TO THE 2006 AND 2011 STATUTORY AMENDMENTS, THE ASSOCIATION EXPANDED ITS PROGRAM SERVICES TO INCLUDE THE PURCHASE OF FINANCIAL GUARANTEES, INSURANCE, REINSURANCE OR OTHER INSTRUMENTS TO COLLECTIVELY SECURE ALL OUTSTANDING INDIVIDUAL MEMBER SELF-INSURER WORKERS' COMPENSATION LIABILITIES BASED UPON ACTUARIAL REPORTS PROVIDED BY EACH MEMBER SELF-INSURER. IN ACCORDANCE WITH ITS STATUTORY MANDATE, THE ASSOCIATION MAY ANNUALLY IMPLEMENT AN ALTERNATIVE SECURITY PROGRAM KNOWN AS THE ASSOCIATION AGGREGATE SECURITY SYSTEM (AASS) THE AASS PROVIDES FOR A PORTFOLIO BASED PROGRAM WHICH REPLACED INDIVIDUAL STATUTORY DEPOSITS POSTED BY MEMBER SELF-INSURERS BASED ON THEIR WORKERS' COMPENSATION LIABILITIES,WHICH WAS ALSO REQUIRED AS A CONDITION OF RECEIVING A NORTH CAROLINA LICENSE TO SELF-INSURE BY THE NORTH CAROLINA DEPARTMENT OF INSURANCE.. FOR THE PORTFOLIO BASED PROGRAM IN ORDER TO PROTECT ALL MEMBER SELF-INSURERS,THE AASS MAY USE A COMBINATION OF THE SECURITY FUND, FINANCIAL GUARANTEES, INSURANCE POLICIES OR OTHER INSTRUMENTS WHICH ARE PURCHASED BY THE ASSOCIATION.AS OF DECEMBER 31, 2024, THE ASSOCIATION HAD COVERAGE THROUGH A THREE-YEAR INSURANCE POLICY WHICH COVERED ALL PARTICIPATING MEMBER SELF-INSURERS IN THE AASS AS OF DECEMBER 1, 2022, AND WILL REMAIN IN EFFECT THROUGH NOVEMBER 30, 2025. THE ANNUAL COSTS OF THE AASS INCLUDE THE INSURANCE POLICY AS WELL AS DESIGN AND IMPLEMENTATION WHICH ARE PAID FROM THE AASS ASSESSMENTS OF PARTICIPATING SELF INSURERS AS DETERMINED BY THE ASSOCIATION BOARD OF DIRECTORS. AASS ASSESSMENTS ARE BASED ON THE CREDIT WORTHINESS OF PARTICIPATING SELF INSURERS AND THEIR PRO-RATA SHARE OF THE AGGREGATE OUTSTANDING WORKERS' COMPENSATION CLAIMS LIABILITIES. THE ASSOCIATION IS AUTHORIZED TO MONITOR THE CREDIT WORTHINESS OF EACH PARTICIPATING MEMBER SELF-INSURER AND ENGAGES IN FINANCIAL EVALUATION OF EACH PARTICIPANT IN THE 2024-2025 AASS. ALTHOUGH MEMBER GROUP SELF-INSURERS DO NOT PARTICIPATE IN THE AASS, THE ASSOCIATION IS REQUIRED TO PAY COVERED CLAIMS INCURRED AGAINST INSOLVENT GROUP SELF-INSURERS IN ACCORDANCE WITH ITS STATUTORY MANDATE THEREFORE, THE ASSOCIATION HAS DISCRETION TO CONDUCT A SEPARATE ASSESSMENT OF GROUP SELF INSURERS.
UPON THE INSOLVENCY OF A MEMBER SELF-INSURER, THE ASSOCIATION COLLABORATES WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE, INVESTIGATES AND PARTICIPATES IN BANKRUPTCY PROCEEDINGS, AND WORKS WITH...
UPON THE INSOLVENCY OF A MEMBER SELF-INSURER, THE ASSOCIATION COLLABORATES WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE, INVESTIGATES AND PARTICIPATES IN BANKRUPTCY PROCEEDINGS, AND WORKS WITH CORPORATE REPRESENTATIVES FROM THE INSOLVENT SELF-INSURER TO DETERMINE THE ACTION PLAN FOR THE PAYMENT OF OUTSTANDING MEMBER WORKERS' COMPENSATION CLAIMS. THE ASSOCIATION INVESTIGATES ALL RELEVANT INSURANCE CARRIERS TO DETERMINE WHAT IF ANY RECOVERIES MAY BE AVAILABLE FOR THE PAYMENT OF WORKERS' COMPENSATION CLAIMS. IN ACCORDANCE WITH ITS STATUTORY MANDATE, UPON DEFAULT ON THE PAYMENT OF WORKERS' COMPENSATION CLAIMS BY A FORMER MEMBER SELF-INSURER, THE ASSOCIATION PAYS COVERED CLAIMS AND PURSUES RECOVERIES IN THE BANKRUPTCY COURT OR LIQUIDATION PROCEEDING AND PURSUES RECOVERIES FROM ALL RELEVANT INSURANCE CARRIERS OR FINANCIAL INSTITUTIONS.
Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency
Sign in to view Trantor Score and financial metrics
Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)
Sign In — Free (10 views/day)| 2024 | 2023 | Change | |
|---|---|---|---|
| Revenue | $4,083,621 | $5,855,428 | -0.3% |
| Expenses | $932,039 | $9,526,619 | -0.9% |
| Net Income | $3,151,582 | $-3,671,191 | -1.9% |
Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics
Financial Distress Indicator
Liquidity & Cash Position
Sign in to view all financial metrics
Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics
Sign In| Name | Title | Hours/Week | Role | Reportable Comp | Other Comp | Total |
|---|---|---|---|---|---|---|
| THOMAS R YARBORO | CHAIRMAN, BOARD OF DIRECTO | 3.00 |
Officer
Director
|
$0 | $0 | $0 |
| SCOTT MYERS | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| TIA SCHWEIKERT | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| PATRICK EGLINTON | VICE CHAIRMAN, BOARD OF DI | 2.00 |
Officer
Director
|
$0 | $0 | $0 |
| JULIE GROVES | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| MELISSA CULBRETH | SECRETARY-TREASURER, BOARD | 2.00 |
Officer
Director
|
$0 | $0 | $0 |
| NEAL COPE | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| LEIGH HICKMAN | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| CHARLES C KYLES | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| STEPHANIE ROGERS | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| GILL FRAZIER | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| AMANDA CULTER | DIRECTOR | 1.00 |
Director
|
$0 | $0 | $0 |
| Year | Revenue | Expenses | Assets | Net Income |
|---|---|---|---|---|
| 2024 | $4,083,621 | $932,039 | $51,180,282 | $3,151,582 |
| 2023 | $5,855,428 | $9,526,619 | $49,828,194 | $-3,671,191 |
| 2022 | $1,919,399 | $1,536,342 | $42,811,926 | $383,057 |
| 2021 | $3,842,262 | $1,298,299 | $48,695,161 | $2,543,963 |
| 2020 | $3,366,637 | $2,102,480 | $46,345,350 | $1,264,157 |
| 2019 | $3,531,027 | $2,167,713 | $41,472,126 | $1,363,314 |
| 2018 | $3,488,583 | $1,113,494 | $35,748,658 | $2,375,089 |
Compare NORTH CAROLINA SELF INSURANCE SECURITY ASSOCIATION with other nonprofits in North Carolina and across the country.