Overview
What is Minnesota Self-Insurer's Security Fund?
The Minnesota Self-Insurer's Security Fund is a nonprofit organization established in response to a legislative act regarding workers' compensation. Its primary mission is to safeguard the welfare of workers who sustain work-related injuries when their employers are self-insured in Minnesota. In the event of bankruptcy, insolvency, or default, the fund ensures that these employees continue to receive their workers' compensation benefits. It achieves this through the use of posted security from defaulting members and assessments. If the security proves insufficient, the fund may impose further assessments to maintain appropriate benefits for the injured employees. Beyond these obligations, the fund also supports the common business interests of its member organizations, operating under the power to engage in any lawful act a non-profit corporation can undertake in Minnesota.
Official website here: www.mnsisf.org
Is Minnesota Self-Insurer's Security Fund legitimate?
Minnesota Self-Insurer's Security Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Minnesota Self-Insurer's 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: $61,006
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mnsisf.org
What is the mission statement of Minnesota Self-Insurer's Security Fund?
The Minnesota Self-Insurer's Security Fund has a primary purpose of promoting the common business interests of its member organizations. According to its mission statement, the fund is tasked with fulfilling obligations as mandated by Minnesota Session Laws, specifically Chapter 674 (1988), and any subsequent amendments. The fund also holds the unlimited power to engage in and perform any lawful act that a non-profit corporation under Minnesota state laws can undertake.
Official website here: www.mnsisf.org
Who is the CEO of Minnesota Self-Insurer's Security Fund?
Janel Wahl French is the Chair of Minnesota Self-Insurer's Security Fund.
Official website here: www.mnsisf.org
What is the revenue of Minnesota Self-Insurer's Security Fund?
Minnesota Self-Insurer's Security Fund's revenue in 2022 was $2,139,379.
Official website here: www.mnsisf.org
Who are the executives of Minnesota Self-Insurer's Security Fund and what are their salaries?
There 2 volunteers at Minnesota Self-Insurer's Security Fund.
Here are 12 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $4,250
- Related: $0
- Other: $0
- Compensation: $2,250
- Related: $0
- Other: $0
- Compensation: $1,750
- Related: $0
- Other: $0
- Compensation: $1,450
- Related: $0
- Other: $0
- Compensation: $1,600
- Related: $0
- Other: $0
- Compensation: $1,600
- Related: $0
- Other: $0
- Compensation: $1,600
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $51,697
- Related: $0
- Other: $0
Official website here: www.mnsisf.org
Where can I find the form 990 for Minnesota Self-Insurer's Security Fund?
Minnesota Self-Insurer's Security Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mnsisf.org
Learn more at the official website: www.mnsisf.org
Mission Statement of Minnesota Self-Insurer's Security Fund
The Minnesota Self-Insurer's Security Fund, a non-profit organization, is committed to promoting the shared business interests of its member organizations. Its primary purpose, as outlined by Minnesota Session Laws, is to fulfill the obligations mandated by the state, specifically Chapter 674 (1988) and subsequent amendments, codified as Minn. Stat. Section 79A.01 et seq. Beyond this mandate, the Fund is granted unlimited authority to engage in any lawful act that a non-profit corporation under Minnesota state laws can perform. This broad scope allows the Fund to contribute to various causes within its capacity, supporting the broader interests of its member organizations.
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Impact
October, 2024
The Minnesota Self-Insurer's Security Fund plays a critical role in safeguarding the welfare of workers in the state. Its primary impact is ensuring that employees who sustain work-related injuries continue to receive their workers' compensation benefits, even in cases where their self-insured employers face bankruptcy or insolvency. This security is vital for protecting workers' rights and financial stability during recovery.
By utilizing security posted by defaulting self-insured members and implementing assessments, the Fund provides a financial safety net for injured workers, minimizing the risk of benefit interruption. This mechanism promotes confidence in the self-insurance system, encouraging businesses to responsibly manage their workers' compensation obligations while safeguarding the interests of employees.
Additionally, the Fund fosters solidarity among self-insured organizations, as members support one another in fulfilling their obligations. This cooperation enhances the overall stability and reliability of the workers' compensation system in Minnesota, benefiting both employers and employees alike. Thus, the Minnesota Self-Insurer's Security Fund significantly contributes to community improvement by promoting fair labor practices and protecting the rights of injured workers.
This information is meant to be a general summary of Minnesota Self-Insurer's 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: $175,204
- Program Service Revenue: $1,964,175
- Gross Receipts: $14,209,064
Assets and Liabilities:
- Total Assets: $14,241,443
- Total Liabilities: $11,020,843
- Net Assets: $3,220,600
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECOVERIES RECEIVED
Revenue
$1,155,839
GENERAL MEMBERSHIP ASSESSMENTS
Revenue
$808,336
Organization Details
Founding Year
1988
Phone
(612) 291-9155Principal Officer
Janel Wahl French
Main Address
161 SAINT ANTHONY AVENUE 818, ST PAUL, MN, 55103
Website
www.mnsisf.orgNTEE Category
Code: S410 - Community improvement
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