SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOC (EIN 576069141) - 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

SMITTY HARRISON

Phone

8037444326

Tax Period

2024-01-01 to 2024-12-31

SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOC, founded in 1971, is a mid-sized nonprofit that reported $28.1M in total revenue in fiscal year 2024. Revenue surged 79% from the prior year, signaling strong growth momentum. The organization ran a surplus of $19.6M, a strong 70% operating margin.

Mission

TO MAKE PAYMENTS FOR UNPAID CLAIMS ON VARIOUS LINES OF INSURANCE WHEN AN INSURER ISSUING SUCH POLICIES BECOMES INSOLVENT AND IS PLACED UNDER AN ORDER OF LIQUIDATION. THE ASSOCIATION IS GOVERNED BY THE SOUTH CAROLINA DEPARTMENT OF INSURANCE.

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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 $26,342,667

Investment Income $1,747,368

Other Revenue $0

TOTAL REVENUE $28,090,035

Expense Breakdown

Grants Paid $0

Salaries & Benefits $218,436

Fundraising Expenses $0

Program Expenses $8,476,918

Other Expenses $2,411,439

TOTAL EXPENSES $8,476,918

Year-over-Year Comparison

	2024	2023	Change
Revenue	$28,090,035	$15,689,505	+0.8%
Expenses	$8,476,918	$26,030,359	-0.7%
Net Income	$19,613,117	$-10,340,854	-2.9%

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

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

$2,537,322

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RONALD D PAYNE	CHAIRMAN	1.00	Director	$0	$0	$0
RICK PIERCE	DIRECTOR	1.00	Director	$0	$0	$0
HANK FAGLIE	DIRECTOR	1.00	Director	$0	$0	$0
MIKE MASIAK	VICE CHAIRMA	1.00	Director	$0	$0	$0
LEE JEDZINIAK	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT BATES	TREASURER	1.00	Director	$0	$0	$0
RAY WAUGH	DIRECTOR	1.00	Director	$0	$0	$0
ED STUCKRATH	DIRECTOR	1.00	Director	$0	$0	$0
SMITTY HARRISON	SECRETARY	1.00	Officer	$0	$0	$670,268
RICK AMICK	ASSISTANT TR	1.00	Officer	$0	$0	$489,348
BRAD WOODWARD	ASSISTANT TR	1.00	Officer	$0	$0	$182,125
THOMAS SOUDER	ASSISTANT SE	1.00	Officer	$0	$0	$491,087
RANDY MASON	ASSISTANT SE	1.00	Officer	$0	$0	$358,042
CAROL PUGH	ASSISTANT SE	1.00	Officer	$0	$0	$346,452

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	$28,090,035	$8,476,918	$68,777,256	$19,613,117
2023	$15,689,505	$26,030,359	$48,691,852	$-10,340,854
2022	$43,567,997	$50,297,098	$58,568,404	$-6,729,101
2021	$7,748,729	$11,392,478	$65,366,148	$-3,643,749
2020	$6,387,405	$5,520,900	$69,009,897	$866,505
2019	$26,864,755	$8,763,095	$68,143,392	$18,101,660
2018	$12,889,071	$12,124,099	$50,041,732	$764,972

SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOC