Overview
What is Kentucky Individual Self Insurers Guaranty Fund?
The Kentucky Individual Self Insurers Guaranty Fund is a nonprofit organization situated in Lexington, Kentucky, specifically at 300 West Vine Street 1700. Its primary mission is to ensure the fulfillment of obligations for insolvent individually self-insured employers by administering the payment of workers' compensation claims. This organization operates within the state of Kentucky, providing a vital safety net for employers who may encounter financial difficulties in meeting their workers' compensation responsibilities.
Is Kentucky Individual Self Insurers Guaranty Fund legitimate?
Kentucky Individual Self Insurers Guaranty Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Kentucky Individual Self Insurers Guaranty 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.
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What is the mission statement of Kentucky Individual Self Insurers Guaranty Fund?
The Kentucky Individual Self Insurers Guaranty Fund's mission is centered around fulfilling the obligations of financially struggling, individually self-insured employers. Specifically, the fund serves to administer the payment of workers compensation claims for insolvent members, ensuring that affected employees receive the necessary compensation. By carrying out this mission, the fund aims to maintain stability and protection in the workers compensation system, safeguarding both employers and employees during times of financial instability.
Who is the CEO of Kentucky Individual Self Insurers Guaranty Fund?
Doug Donaldson is the Vice President of Kentucky Individual Self Insurers Guaranty Fund.
What is the revenue of Kentucky Individual Self Insurers Guaranty Fund?
Kentucky Individual Self Insurers Guaranty Fund's revenue in 2023 was $159,850.
Who are the executives of Kentucky Individual Self Insurers Guaranty Fund and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Kentucky Individual Self Insurers Guaranty Fund?
Kentucky Individual Self Insurers Guaranty Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Kentucky Individual Self Insurers Guaranty Fund
The Kentucky Individual Self Insurers Guaranty Fund, as a nonprofit entity, is dedicated to fulfilling the obligations of insolvent individually self-insured employers. In simpler terms, when an employer who has self-insured their workers' compensation claims finds themselves unable to meet these obligations due to financial instability, the Kentucky Individual Self Insurers Guaranty Fund steps in to ensure that the affected employees receive their due compensation. The fund, through its administration, manages the payment of workers' compensation claims for these insolvent members, thereby safeguarding the financial well-being of the employees and upholding the integrity of the self-insurance system.
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Impact
October, 2024
The Kentucky Individual Self Insurers Guaranty Fund plays a crucial role in maintaining stability and support within the workers' compensation system in Kentucky. By administering the payment of workers' compensation claims for insolvent individually self-insured employers, it ensures that injured workers continue to receive the benefits they are owed, even when their employers can no longer meet their financial obligations.
This function not only protects employees but also fosters greater confidence in the self-insured model, encouraging businesses to participate in a system that allows for greater flexibility in managing their workers' compensation needs. The Guaranty Fund acts as a safety net that mitigates the potential negative impact of insolvency on workers and their families, thereby contributing to community improvement and economic stability in the region. Through its mission, the Fund addresses a significant gap in the safety net for workers, helping to maintain their welfare and supporting their recovery.
This information is meant to be a general summary of Kentucky Individual Self Insurers Guaranty 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 2023.
- Investment Income: $159,850
- Gross Receipts: $159,850
Assets and Liabilities:
- Total Assets: $12,238,900
- Total Liabilities: $8,842,605
- Net Assets: $3,396,295
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Organization Details
Founding Year
1997
Phone
(859) 899-8700Principal Officer
Doug Donaldson
Main Address
300 WEST VINE STREET 1700, LEXINGTON, KY, 40507
NTEE Category
Code: S41 - Community improvement
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