FLORIDA WORKERS' COMPENSATION INSURANCE GUARANTY ASSOCIATION INC

EIN: 593469214

TALLAHASSEE, FL

Total Revenue
$7,986,133
Total Expenses
$14,551,893
Total Assets
$146,462,410
Net Assets
$146,462,410
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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
1998
Legal Domicile
FL
Principal Officer
STEVE BROWN
Phone
8503869200
Tax Period
2023-01-01 to 2023-12-31

FLORIDA WORKERS' COMPENSATION INSURANCE GUARANTY ASSOCIATION INC, founded in 1998, is a community nonprofit that reported $8.0M in total revenue in fiscal year 2023. Revenue decreased 9% compared to the prior year. Expenses of $14.6M exceeded revenue, resulting in a 82% operating deficit.

Mission

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

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,548,337
Investment Income $3,395,149
Other Revenue $3,042,647
TOTAL REVENUE $7,986,133

Expense Breakdown

Grants Paid $0
Salaries & Benefits $787,802
Fundraising Expenses $0
Other Expenses $13,764,091
TOTAL EXPENSES $14,551,893

Year-over-Year Comparison

2023 2022 Change
Revenue $7,986,133 $8,796,054 -0.1%
Expenses $14,551,893 $16,560,667 -0.1%
Net Income $-6,565,760 $-7,764,613 -0.2%
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

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Governance

Voting Members
11
Independent Members
11
Employees
17
Volunteers
11

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
3
$156,861
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
THOMAS STAHL CHAIRMAN 2.00
Officer Director
$0 $0 $0
BRETT STIEGEL VICE CHAIRMAN 2.00
Officer Director
$0 $0 $0
MATTHEW BROOKS DIRECTOR 2.00
Director
$0 $0 $0
TASHA CARTER DIRECTOR 2.00
Director
$0 $0 $0
JIM COSTA DIRECTOR 2.00
Director
$0 $0 $0
THERESE STEVENS DIRECTOR 2.00
Director
$0 $0 $0
ALAN HAIR DIRECTOR 2.00
Director
$0 $0 $0
JOHN WEBER DIRECTOR 2.00
Director
$0 $0 $0
SAM OSWALD DIRECTOR 2.00
Director
$0 $0 $0
JIM WARD DIRECTOR 2.00
Director
$0 $0 $0
ROBERT DEVIERE DIRECTOR 2.00
Director
$0 $0 $0
COREY NEAL SECRETARY/TREASURER 20.00
Officer
$130,308 $26,553 $156,861
CHARLIE GREENE CLAIMS MANAGER 40.00
Highest
$118,597 $27,077 $145,674
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 $7,986,133 $14,551,893 $146,462,410 $-6,565,760
2022 $8,796,054 $16,560,667 $153,086,185 $-7,764,613
2021 $30,980,706 $21,102,742 $160,792,783 $9,877,964
2020 $34,230,229 $21,327,247 $150,914,819 $12,902,982
2019 $46,138,634 $37,587,286 $138,011,837 $8,551,348
2018 $82,026,974 $49,261,978 $129,460,489 $32,764,996
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