Overview
What is Minnesota School Boards Association Insurance Trust?
The Minnesota School Boards Association Insurance Trust (MSBAIT) is a joint-power organization, established by the Minnesota School Boards Association (MSBA). Located in St. Peter, Minnesota, MSBAIT's primary objective is to offer pooled self-insurance and endorsed insurance programs to its member schools. By pooling resources, MSBAIT aims to provide member school districts with cost-effective and efficient insurance and risk management tools. The organization is still active in adjudicating claims for previously underwritten policies but has temporarily suspended the underwriting of new policies. MSBAIT's mission extends beyond insurance, offering various forms of insurance coverage, including group insurance, for the benefit of its member school districts.
Official website here: www.mnmsba.org/msbait
Is Minnesota School Boards Association Insurance Trust legitimate?
Minnesota School Boards Association Insurance Trust is a legitimate nonprofit organization registered as a 501(c)(4) entity. Minnesota School Boards Association Insurance Trust 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: $2,670
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mnmsba.org/msbait
What is the mission statement of Minnesota School Boards Association Insurance Trust?
The Minnesota School Boards Association Insurance Trust's mission is to serve its member school districts by offering a range of insurance and risk management solutions. This is done with the aim of providing various types of insurance, including group insurance, to its members, thereby achieving cost savings in the procurement and administration of these insurance programs. The trust's primary objective is to benefit the school districts and their employees and officials.
Official website here: www.mnmsba.org/msbait
Who is the CEO of Minnesota School Boards Association Insurance Trust?
Kevin Donovan is the Chair of Minnesota School Boards Association Insurance Trust.
Official website here: www.mnmsba.org/msbait
What is the revenue of Minnesota School Boards Association Insurance Trust?
Minnesota School Boards Association Insurance Trust's revenue in 2023 was $3,096,426.
Official website here: www.mnmsba.org/msbait
Who are the executives of Minnesota School Boards Association Insurance Trust and what are their salaries?
There 8 volunteers at Minnesota School Boards Association Insurance Trust.
Here are 9 key members and their salaries:
- Compensation: $330
- Related: $0
- Other: $0
- Compensation: $240
- Related: $0
- Other: $0
- Compensation: $180
- Related: $0
- Other: $0
- Compensation: $390
- Related: $0
- Other: $0
- Compensation: $390
- Related: $0
- Other: $0
- Compensation: $330
- Related: $0
- Other: $0
- Compensation: $390
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mnmsba.org/msbait
Where can I find the form 990 for Minnesota School Boards Association Insurance Trust?
Minnesota School Boards Association Insurance Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mnmsba.org/msbait
Learn more at the official website: www.mnmsba.org/msbait
Mission Statement of Minnesota School Boards Association Insurance Trust
The Minnesota School Boards Association Insurance Trust is committed to supporting its member school districts by providing them with essential insurance and risk management tools. Its mission, as stated, is to offer various forms of insurance to its members and their employees and officials. This includes permitted group insurance, aimed at achieving cost savings in the acquisition and management of these insurance programs. By doing so, the Minnesota School Boards Association Insurance Trust seeks to serve and benefit school districts that are part of the MSBA, thereby contributing to their overall security and well-being.
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Impact
October, 2024
The Minnesota School Boards Association Insurance Trust (MSBAIT) plays a vital role in enhancing the risk management capabilities of member school districts throughout Minnesota. By offering pooled self-insurance and endorsed programs, it helps schools navigate the complexities of insurance procurement while achieving significant cost savings.
Through its initiatives, MSBAIT ensures that member districts can access various forms of insurance tailored to their specific needs. This approach not only streamlines administrative processes but also enhances overall financial stability within these educational institutions. As a result, school districts are better equipped to manage risks effectively, ensuring that resources are available for educational programs rather than being disproportionately allocated to insurance costs.
In addition to insurance provision, MSBAIT's ability to adjudicate claims for previously underwritten policies reinforces its commitment to supporting school districts during times of need. This ongoing support fosters a greater sense of security within the educational community, allowing school officials and employees to focus on their primary mission: providing quality education to students. Overall, MSBAIT's impact extends beyond insurance; it strengthens the foundation of Minnesota's educational system by promoting resilience and financial prudence among its member districts.
This information is meant to be a general summary of Minnesota School Boards Association Insurance Trust. 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: $1,270,484
- Program Service Revenue: $1,414,452
- Gross Receipts: $24,045,053
Assets and Liabilities:
- Total Assets: $51,445,174
- Total Liabilities: $22,648,170
- Net Assets: $28,797,004
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Change in Loss Reserve Estimate
Revenue
$1,414,291
WCRA Distribution
Revenue
$161
Organization Details
Founding Year
1972
Phone
(507) 934-2450Principal Officer
Kevin Donovan
Main Address
1900 West Jefferson Avenue, St Peter, MN, 56082
Website
www.mnmsba.org/msbaitNTEE Category
Code: Y20 - Mutual benefit
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