Overview
What is Kentucky Coal Employers Self - Insured Guaranty Fund?
Kentucky Coal Employers Self-Insured Guaranty Fund is a nonprofit organization situated in Lexington, Kentucky. It operates under Kentucky Statute 342, providing a safety net for approximately 7 insolvent self-insured coal mining employers by assuming their workers' compensation obligations. The organization is solely supported by its members, ensuring financial stability and continuity of benefits for affected workers.
Is Kentucky Coal Employers Self - Insured Guaranty Fund legitimate?
Kentucky Coal Employers Self - Insured Guaranty Fund is a legitimate nonprofit organization registered as a 501(c)(9) entity. Kentucky Coal Employers Self - Insured 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.
Heare are some key statistics you may want to consider:
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What is the mission statement of Kentucky Coal Employers Self - Insured Guaranty Fund?
The Kentucky Coal Employers Self-Insured Guaranty Fund's mission is primarily centered around assuming the workers' compensation obligations of insolvent self-insured members within the fund. This organization operates solely with the support of its members, as stated in its mission and activity descriptions. In the event of an insolvency among its members, the fund steps in to meet their workers' compensation obligations, as outlined by Kentucky Statute 342. Currently, the fund has approximately 7 such members for whom it provides this crucial support.
Who is the CEO of Kentucky Coal Employers Self - Insured Guaranty Fund?
Tracy Crawford is the Director/Cha of Kentucky Coal Employers Self - Insured Guaranty Fund.
What is the revenue of Kentucky Coal Employers Self - Insured Guaranty Fund?
Kentucky Coal Employers Self - Insured Guaranty Fund's revenue in 2022 was $1,875,199.
Who are the executives of Kentucky Coal Employers Self - Insured Guaranty Fund and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Kentucky Coal Employers Self - Insured Guaranty Fund?
Kentucky Coal Employers Self - Insured Guaranty Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Kentucky Coal Employers Self - Insured Guaranty Fund
The Kentucky Coal Employers Self-Insured Guaranty Fund, as a mission-driven organization, is dedicated to assuming the workers' compensation obligations of insolvent self-insured members within its fund. This mission is supported solely by the fund's members, as stated in Kentucky Statute 342. In simpler terms, when a self-insured employer in Kentucky experiences financial instability and is unable to fulfill its workers' compensation responsibilities, the Kentucky Coal Employers Self-Insured Guaranty Fund steps in to assume these obligations on behalf of the affected members, currently numbering approximately seven. This vital role ensures that employees continue to receive necessary compensation benefits, even in the event of their employer's insolvency.
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Impact
October, 2024
The Kentucky Coal Employers Self-Insured Guaranty Fund plays a crucial role in ensuring the stability and reliability of workers' compensation coverage within the coal industry. By assuming the workers' compensation obligations of insolvent self-insured members, the Fund mitigates financial risks for both employers and employees in Kentucky's coal sector.
With approximately seven members benefiting from its support, the Fund helps maintain the integrity of the workers' compensation system by guaranteeing that injured workers receive the benefits they are entitled to, even in the face of a member's insolvency. This function not only protects employees but also fosters a more stable environment for employers, allowing them to operate with greater confidence, knowing that their obligations to workers will be met, irrespective of individual financial challenges faced by any member.
The Fund operates entirely on the contributions of its members, reinforcing a model of mutual benefit and shared responsibility. By keeping the system viable and ensuring continuous coverage for injured workers, the Kentucky Coal Employers Self-Insured Guaranty Fund significantly impacts the overall health of the coal industry and the welfare of its workforce in Kentucky.
This information is meant to be a general summary of Kentucky Coal Employers Self - Insured 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 2022.
- Investment Income: $594,526
- Program Service Revenue: $1,280,673
- Gross Receipts: $4,375,199
Assets and Liabilities:
- Total Assets: $50,204,754
- Total Liabilities: $77,894,754
- Net Assets: -$27,690,000
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSURANCE RECOVERIES
Revenue
$1,280,673
Organization Details
Phone
(859) 219-0194Principal Officer
Tracy Crawford
Main Address
PO BOX 910623, LEXINGTON, KY, 405910623
NTEE Category
Code: Y40 - Mutual benefit
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