Overview
What is Workers Compensation Security Fund?
The Workers Compensation Security Fund (WCSF) is a New Jersey-based nonprofit organization, founded in 1935 by the state legislature. Its primary role is to settle the claims of insolvent workers' compensation insurance carriers, arising from risks located or residing in New Jersey. Carriers authorized to conduct workers' compensation insurance business in the state are required to contribute to the WCSF. In essence, the WCSF acts as a safety net, ensuring the financial security and continuity of compensation for injured workers when their insurance carriers face insolvency.
Official website here: www.njguaranty.org
What are the reviews and ratings of this charity?
The Workers Compensation Security Fund is not currently rated by Charity Navigator, as it does not qualify for evaluation under the current requirements. This is due to its status as a non-501(c)(3) entity, which restricts its evaluation concerning Accountability & Finance or Impact & Measurement. The absence of a formal rating does not necessarily indicate any deficit in function or operation, but rather reflects the entity's structural classification outside typical nonprofit evaluation parameters.
The organization does not provide electronically filed Form 990 data, and thus, insights into revenue, expenses, or key personnel salaries are unavailable. A lack of financial transparency or historical data might pose understanding limitations on the organization's economic scale or operational efficiency. However, the lack of data points in specific parameters does not inherently suggest any operational issues.
As the Workers Compensation Security Fund lacks user reviews on GreatNonprofits, there isn't a collection of community feedback to provide additional perspectives on public perception or firsthand experiences with the organization. As a result, stakeholders must look to alternate resources or direct communication for further engagement or assessment.
This AI summary has been generated from information found on Charity Navigator.
Is Workers Compensation Security Fund legitimate?
Workers Compensation Security Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Workers Compensation Security Fund 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: $260,306
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,063,460
For more financial information, click here
Official website here: www.njguaranty.org
What is the mission statement of Workers Compensation Security Fund?
The Workers Compensation Security Fund (WCSF) was established by the legislature in 1935 to address the issue of insolvent workers' compensation insurance carriers and their resulting claims. The fund is designed to cover risks located or residing in New Jersey. Carriers authorized to write workers' compensation insurance business in the state contribute to the WCSF. In essence, the WCSF functions to ensure that claims arising from insolvent workers' compensation carriers are paid.
Official website here: www.njguaranty.org
Who is the CEO of Workers Compensation Security Fund?
Frank Rotella is the Trustee - Director of Workers Compensation Security Fund. The CEO's salary of Workers Compensation Security Fund is $0 and their total compensation is $326,911.
Official website here: www.njguaranty.org
What is the revenue of Workers Compensation Security Fund?
Workers Compensation Security Fund's revenue in 2022 was $33,850,495.
Official website here: www.njguaranty.org
Who are the executives of Workers Compensation Security Fund and what are their salaries?
Here are 20 key members and their salaries (Workers Compensation Security Fund's CEO's salary is $0 and their total compensation is $326,911):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $293,170
- Other: $33,741
- Compensation: $0
- Related: $230,797
- Other: $30,437
- Compensation: $0
- Related: $175,130
- Other: $30,393
- Compensation: $0
- Related: $166,795
- Other: $28,999
- Compensation: $0
- Related: $166,110
- Other: $26,324
- Compensation: $0
- Related: $161,084
- Other: $13,570
- Compensation: $0
- Related: $146,036
- Other: $31,540
- Compensation: $0
- Related: $138,416
- Other: $23,986
- Compensation: $0
- Related: $139,615
- Other: $32,004
- Compensation: $0
- Related: $133,897
- Other: $20,493
- Compensation: $0
- Related: $144,297
- Other: $11,638
Official website here: www.njguaranty.org
Where can I find the form 990 for Workers Compensation Security Fund?
Workers Compensation Security Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.njguaranty.org
Learn more at the official website: www.njguaranty.org
Mission Statement of Workers Compensation Security Fund
The Workers Compensation Security Fund (WCSF) is a crucial organization with a mission to provide financial assistance in paying the claims of insolvent workers' compensation insurance carriers. Established by the New Jersey Legislature in 1935, the WCSF caters to risks located or residing in New Jersey. Carriers authorized to conduct the business of workers' compensation insurance in New Jersey contribute to this fund.
The WCSF serves as a safety net, ensuring the timely payment of workers' compensation claims when insurance carriers face insolvency. By doing so, the organization protects both employers and employees from financial hardships and uncertainties. The fund's establishment in 1935 marked a significant step in safeguarding the welfare of New Jersey's workforce.
Carriers authorized to operate within the state contribute to the WCSF as part of their business obligations. These contributions enable the fund to fulfill its mission effectively, ensuring that claims are paid promptly when insolvency occurs. In essence, the Workers Compensation Security Fund acts as a financial backup, providing a sense of security and stability for both employers and employees in New Jersey.
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Impact
October, 2024
The Workers Compensation Security Fund (WCSF) plays a critical role in maintaining stability and security in the workers' compensation insurance system in New Jersey. Established by the New Jersey Legislature in 1935, the WCSF is designed to ensure that claims from insolvent workers' compensation insurance carriers are paid, safeguarding the rights of injured workers who rely on these claims for compensation.
By providing a safety net for claims arising from risks located or resident in New Jersey, the WCSF minimizes the financial burden on injured workers and ensures they receive the benefits they are entitled to, even in the event of an insurance carrier's insolvency. This function not only helps protect employees but also reinforces the overall integrity of the workers' compensation system, fostering confidence among employers and insurers.
Carriers authorized to conduct workers' compensation business in New Jersey contribute to the fund, creating a collaborative framework that further supports community improvement and economic stability. In doing so, the WCSF not only mitigates the risks associated with insolvency but also contributes to a more responsible and reliable insurance environment across the state.
This information is meant to be a general summary of Workers Compensation Security Fund. 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: $2,113,124
- Program Service Revenue: $31,737,371
- Gross Receipts: $160,888,823
Assets and Liabilities:
- Total Assets: $236,085,862
- Total Liabilities: $377,689
- Net Assets: $235,708,173
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
WC ASSESSMENT COLLECTE
Revenue
$22,256,766
LIQUIDATION DIVIDEND
Revenue
$8,737,236
LARGE DEDUCTIBLE
Revenue
$731,596
LIQUIDATION DIV-ANNU.
Revenue
$11,773
Organization Details
Founding Year
2010
Phone
(908) 382-7100Principal Officer
Frank Rotella
Main Address
233 MOUNT AIRY ROAD, BASKING RIDGE, NJ, 079202335
Website
www.njguaranty.orgNTEE Category
Code: S41 - Community improvement
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