FLORIDA INSURANCE GUARANTY ASSOCIA… - 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

1970

Legal Domicile

Principal Officer

STEVE BROWN

Phone

8503869200

Tax Period

2023-01-01 to 2023-12-31

FLORIDA INSURANCE GUARANTY ASSOCIATION INC, founded in 1970, is a major nonprofit that reported $478.4M in total revenue in fiscal year 2023. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $773.9M exceeded revenue, resulting in a 62% operating deficit.

Mission

TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS OF INSOLVENT INSURERS AND TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES.

Program Service Accomplishments

Program 1

THE ASSOCIATION PAYS THE COVERED CLAIMS OF INSOLVENT INSURERS AND ASSISTS IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES. IN 2023, THERE WERE 27,051 CLAIMS. THERE ARE APPROXIMATELY 797...

THE ASSOCIATION PAYS THE COVERED CLAIMS OF INSOLVENT INSURERS AND ASSISTS IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES. IN 2023, THERE WERE 27,051 CLAIMS. THERE ARE APPROXIMATELY 797 MEMBERS.

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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 $0

Investment Income $19,063,825

Other Revenue $459,302,277

TOTAL REVENUE $478,366,102

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,855,778

Fundraising Expenses $0

Other Expenses $769,030,341

TOTAL EXPENSES $773,886,119

Year-over-Year Comparison

	2023	2022	Change
Revenue	$478,366,102	$646,169,972	-0.3%
Expenses	$773,886,119	$677,050,862	+0.1%
Net Income	$-295,520,017	$-30,880,890	+8.6%

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

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

$156,861

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIMBERLY BLACKBURN	CHAIRMAN	2.00	Officer Director	$0	$0	$0
CARLY HERMANSON	DIRECTOR	2.00	Director	$0	$0	$0
RENE HERNANDEZ	DIRECTOR	2.00	Director	$0	$0	$0
RAYMOND WAUGH	DIRECTOR	2.00	Director	$0	$0	$0
PAMELA MATTHEWS	DIRECTOR	2.00	Director	$0	$0	$0
PAULA LUTES	DIRECTOR	2.00	Director	$0	$0	$0
CHARLES LYDECKER	DIRECTOR	2.00	Director	$0	$0	$0
BRENT BRUMMER	DIRECTOR	2.00	Director	$0	$0	$0
COREY NEAL	SECRETARY TREASURER	20.00	Officer	$130,308	$26,553	$156,861
LENOX GODFREY	DIRECTOR OF FIGA CLAIMS	40.00	Highest	$155,299	$28,614	$183,913
WILLIAM HUGHESE	VP OF CLAIMS	30.00	Highest	$132,683	$27,441	$160,124
MICHELLE CAMPOS	CLAIM MANAGER	40.00	Highest	$105,627	$27,854	$133,481
ELIZABETH FRISBIE	CONTROLLER	30.00	Highest	$103,011	$23,968	$126,979

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	$478,366,102	$773,886,119	$617,776,231	$-295,520,017
2023	$478,366,102	$773,886,119	$617,776,231	$-295,520,017
2022	$646,169,972	$677,050,862	$632,385,089	$-30,880,890
2021	$69,775,108	$156,884,908	$142,504,839	$-87,109,800
2020	$30,726,205	$78,648,502	$229,614,639	$-47,922,297
2019	$33,099,802	$45,470,004	$277,536,936	$-12,370,202
2018	$36,407,539	$14,225,337	$289,907,138	$22,182,202

FLORIDA INSURANCE GUARANTY ASSOCIATION INC