Overview
What is Compensation Advisory Organization Of Michigan?
Compensation Advisory Organization of Michigan (CAOM) is a nonprofit organization based in Livonia, Michigan, with a workforce of 36 individuals. Its primary function is to collect data related to workers' compensation policies and claims for Michigan's voluntary property and casualty insurance industry. This data is crucial for determining experience modification factors, publishing voluntary loss costs, and establishing rates for the residual market. CAOM also serves as the administrator for the Michigan Workers' Compensation Placement Facility, providing workers' compensation coverage for businesses unable to procure insurance through the voluntary market. In an effort to gain more detailed information, CAOM recently instituted a new indemnity data call initiative.
Official website here: www.caom.com
Is Compensation Advisory Organization Of Michigan legitimate?
Compensation Advisory Organization Of Michigan is a legitimate nonprofit organization registered as a 501(c)(6) entity. Compensation Advisory Organization Of Michigan 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: $695,510
Professional Fundraising Fees: $0
Other Salaries and Wages: $517,867
For more financial information, click here
Official website here: www.caom.com
What is the mission statement of Compensation Advisory Organization Of Michigan?
The Compensation Advisory Organization of Michigan serves as the authorized data collection organization for workers' compensation (WC) policies and claims in the state. Its primary mission is to gather WC-related data, which is utilized to establish experience modification factors, publish voluntary loss costs, and set rates for the residual market. The organization supports the voluntary property and casualty insurance market through this data collection and is also responsible for overseeing the residual market, which is backed by the Michigan Workers' Compensation Placement Facility (MWCPF). In essence, the Compensation Advisory Organization of Michigan plays a vital role in regulating the WC market in Michigan by providing essential data and ensuring fair rates for all parties involved.
Official website here: www.caom.com
Who is the CEO of Compensation Advisory Organization Of Michigan?
Dave Brueckman is the Board Member of Compensation Advisory Organization Of Michigan.
Official website here: www.caom.com
What is the revenue of Compensation Advisory Organization Of Michigan?
Compensation Advisory Organization Of Michigan's revenue in 2022 was $3,240,697.
Official website here: www.caom.com
Who are the executives of Compensation Advisory Organization Of Michigan and what are their salaries?
The average compensation at Compensation Advisory Organization Of Michigan during 2022 was $33,705. There are 36 employees at Compensation Advisory Organization Of Michigan.
Here are 16 key members and their salaries:
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- Compensation: $231,711
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- Other: $5,891
- Compensation: $144,978
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- Other: $3,612
- Compensation: $117,903
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- Other: $1,569
- Compensation: $159,467
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- Other: $2,790
- Compensation: $112,340
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- Other: $3,727
Official website here: www.caom.com
Where can I find the form 990 for Compensation Advisory Organization Of Michigan?
Compensation Advisory Organization Of Michigan's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.caom.com
Learn more at the official website: www.caom.com
Mission Statement of Compensation Advisory Organization Of Michigan
The Compensation Advisory Organization of Michigan, abbreviated as CAOM, serves as the authorized data collection organization for workers' compensation (WC) in the state. Its primary mission is to support the voluntary property and casualty insurance industry by collecting policy and claim data. This data is utilized to promote experience modification factors, publish voluntary loss costs for Michigan's voluntary WC market, and establish rates for the residual market. CAOM is authorized to carry out these functions through the Data Collection Agency, and its role extends to overseeing the residual market, which is supported by the Michigan Workers' Compensation Placement Facility (MWCPF). In essence, CAOM plays a vital role in ensuring the smooth functioning of the workers' compensation system in Michigan, supporting both the voluntary market and the residual market.
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Impact
October, 2024
The Compensation Advisory Organization of Michigan (CAOM) plays a pivotal role in the state's workers' compensation landscape, directly influencing the efficiency and effectiveness of insurance coverage for businesses. By serving as Michigan's authorized data collection organization, CAOM gathers critical workers' compensation policy and claim data which supports the development of experience modification factors. These factors are essential in determining insurance rates for businesses, ultimately impacting their financial stability and operational costs.
With initiatives such as the Unit Statistical Reporting and Financial Data Call, CAOM ensures comprehensive data analytics that help in understanding trends and risks within the industry. Their recent establishment of a new indemnity data call aims to capture detailed information on indemnity claims, facilitating the assessment of the potential impact of future legislative changes on the workers' compensation system.
Additionally, CAOM administers the Michigan Workers' Compensation Placement Facility (MWCPF), which provides essential coverage for businesses that struggle to acquire insurance through the voluntary market. This service is vital for maintaining a level of market stability and ensuring that all employers have access to necessary insurance solutions. Overall, CAOM’s efforts not only enhance data-driven decision-making in the insurance market but also contribute to community improvement and economic confidence within Michigan.
This information is meant to be a general summary of Compensation Advisory Organization Of Michigan. 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: $24,858
- Program Service Revenue: $3,208,646
- Gross Receipts: $3,240,697
Assets and Liabilities:
- Total Assets: $4,551,303
- Total Liabilities: $3,499,751
- Net Assets: $1,051,552
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESSMENTS
Revenue
$2,817,246
OTHER FEES
Revenue
$286,150
MEMBERSHIP FEES
Revenue
$105,250
Organization Details
Founding Year
1983
Phone
(734) 462-9600Principal Officer
Dave Brueckman
Main Address
17197 N LAUREL PARK DRIVE 311, LIVONIA, MI, 48152
Website
www.caom.comNTEE Category
Code: S41 - Community improvement
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