Overview
What is New Jersey Self-Insurers Guaranty Association?
The New Jersey Self-Insurers Guaranty Association is a nonprofit organization established by the state legislature, located at 107 Tindall Road 6, Middletown, NJ 07748. Its primary mission is to provide workers' compensation benefits to employees of insolvent self-insured employers who have covered claims. Annually, the association evaluates the need to levy an assessment on its members to maintain adequate funding for meeting its obligations related to workers' compensation claims. The organization is currently managed by a single employee.
Is New Jersey Self-Insurers Guaranty Association legitimate?
New Jersey Self-Insurers Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Jersey Self-Insurers Guaranty Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $94,039
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of New Jersey Self-Insurers Guaranty Association?
The New Jersey Self-Insurers Guaranty Association was established by the state legislature with a primary mission. This mission involves providing workers' compensation benefits to employees of self-insured employers who face insolvency and have covered claims. The association evaluates the need to levy an annual assessment on its members to ensure adequate funding, enabling it to fulfill its obligations related to workers' compensation claims.
Who is the CEO of New Jersey Self-Insurers Guaranty Association?
Ralph A Angelo is the Chairperson/Director of New Jersey Self-Insurers Guaranty Association.
What is the revenue of New Jersey Self-Insurers Guaranty Association?
New Jersey Self-Insurers Guaranty Association's revenue in 2022 was $2,254,119.
Who are the executives of New Jersey Self-Insurers Guaranty Association and what are their salaries?
The average compensation at New Jersey Self-Insurers Guaranty Association during 2022 was $94,039. There is 1 employee and 5 volunteers at New Jersey Self-Insurers Guaranty Association.
Here are 6 key members and their salaries:
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- Compensation: $94,039
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Where can I find the form 990 for New Jersey Self-Insurers Guaranty Association?
New Jersey Self-Insurers Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Jersey Self-Insurers Guaranty Association
The New Jersey Self-Insurers Guaranty Association, established by the state legislature, is dedicated to providing workers' compensation benefits to employees of insolvent self-insured employers who have valid claims. The organization's mission is rooted in ensuring financial security for these workers, safeguarding their rights to compensation in the event of their employers' financial instability. When the need arises, the association assesses its members annually to maintain sufficient funding, enabling it to meet its obligations related to workers' compensation claims. By performing this crucial role, the New Jersey Self-Insurers Guaranty Association serves as a safety net for employees, ensuring they are not left unprotected in the event of their employers' insolvency.
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Impact
October, 2024
The New Jersey Self-Insurers Guaranty Association plays a crucial role in ensuring that employees of insolvent self-insured employers receive the workers' compensation benefits they are entitled to. Established by the New Jersey State Legislature, the Association addresses a significant gap in workers' compensation coverage, protecting both employees and the integrity of the system.
When a self-insured employer becomes insolvent, the Association steps in to evaluate claims and distribute benefits, thereby safeguarding the financial interests of affected employees. To maintain its financial viability and fulfill these obligations, the Association assesses its members annually, ensuring that sufficient funds are available to cover existing claims.
This mechanism not only provides security and peace of mind to employees but also enhances community stability by promoting responsible business practices and accountability within the self-insured sector. Overall, the Association's impact is vital for protecting vulnerable workers and fostering a reliable environment for workers' compensation in New Jersey.
This information is meant to be a general summary of New Jersey Self-Insurers Guaranty Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $8,035
- Program Service Revenue: $2,246,084
- Gross Receipts: $2,254,119
Assets and Liabilities:
- Total Assets: $3,687,206
- Total Liabilities: $6,006,168
- Net Assets: -$2,318,962
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$2,245,584
APPLICATION FEE
Revenue
$500
Organization Details
Founding Year
1993
Phone
(609) 497-2338Principal Officer
Ralph A Angelo
Main Address
107 TINDALL ROAD 6, MIDDLETOWN, NJ, 07748
NTEE Category
Code: S41 - Community improvement
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