Overview
What is Missouri Private Sector Individual Self-Insurers Guaranty Corporation?
Missouri Private Sector Individual Self-Insurers Guaranty Corporation is a nonprofit organization based in Jefferson City, Missouri. Their primary mission is to manage and distribute workers' compensation payments for self-insured companies, as mandated by law. In the event of insolvency within these self-insured companies, the corporation steps in to process their workers' compensation claims, safeguarding the rights of injured workers in Missouri. Currently, the corporation oversees the claims of ten bankrupt companies that were self-insured at the time of their insolvency. Due to the exhaustion of security posted with the state, four of these companies now receive their payments on a pro-rata basis from the available funds accumulated by the corporation since its establishment.
Is Missouri Private Sector Individual Self-Insurers Guaranty Corporation legitimate?
Missouri Private Sector Individual Self-Insurers Guaranty Corporation is a legitimate nonprofit organization registered as a 501(c)(6) entity. Missouri Private Sector Individual Self-Insurers Guaranty Corporation 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 Missouri Private Sector Individual Self-Insurers Guaranty Corporation?
The Missouri Private Sector Individual Self-Insurers Guaranty Corporation is tasked with managing and distributing workers' compensation payments for self-insured companies, as mandated by law. Essentially, in the event of insolvent companies, this corporation processes workers' compensation claims, safeguarding injured workers from losing their ability to collect benefits within the state of Missouri. Currently, the corporation administers ten bankrupt companies that were self-insured at the time of their insolvency. Four of these companies have exhausted the security posted with the state, resulting in pro-rata payments from the corporation's funds, which have accumulated since its establishment.
What is the revenue of Missouri Private Sector Individual Self-Insurers Guaranty Corporation?
Missouri Private Sector Individual Self-Insurers Guaranty Corporation's revenue in 2023 was $131,375.
Who are the executives of Missouri Private Sector Individual Self-Insurers Guaranty Corporation and what are their salaries?
Here are 6 key members and their salaries:
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Where can I find the form 990 for Missouri Private Sector Individual Self-Insurers Guaranty Corporation?
Missouri Private Sector Individual Self-Insurers Guaranty Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Missouri Private Sector Individual Self-Insurers Guaranty Corporation
Missouri Private Sector Individual Self-Insurers Guaranty Corporation, in essence, serves as a facilitator for the distribution of workers' compensation payments for self-insured companies. According to the data provided, the corporation's primary role is mandated by law, ensuring that injured workers are not left without the ability to collect workers' compensation in the event of an insolvent company. At present, the corporation is managing claims for ten bankrupt companies that were self-insured at the time of their insolvency. In the case of four of these companies, the security posted with the state of Missouri has been exhausted, resulting in pro-rata payments from the corporation's accumulated funds. The organization's mission is crucial in protecting the rights of injured workers and maintaining financial stability within the workers' compensation system.
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Impact
October, 2024
The Missouri Private Sector Individual Self-Insurers Guaranty Corporation plays a critical role in safeguarding the rights of injured workers in the state by managing and distributing workers' compensation payments for self-insured employers. In the event of insolvency, the Corporation ensures that claimants can still access the benefits they are entitled to, preventing gaps in coverage that could otherwise leave workers without financial support due to workplace injuries.
By processing claims for insolvent self-insured companies, the Corporation protects workers from potential financial devastation. Currently, it administers claims for multiple bankrupt companies, and as some of these companies have exhausted their posted security, the Corporation has implemented a pro-rata payment system to disburse remaining funds. This approach not only provides essential assistance to affected workers but also promotes confidence in the workers' compensation system by demonstrating a commitment to support those in need.
Overall, the Missouri Private Sector Individual Self-Insurers Guaranty Corporation significantly impacts community welfare by ensuring that workers injured on the job are not left without resources during challenging times.
This information is meant to be a general summary of Missouri Private Sector Individual Self-Insurers Guaranty Corporation. 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: $113,495
- Program Service Revenue: $14,575
- Gross Receipts: $131,375
Assets and Liabilities:
- Total Assets: $7,110,502
- Total Liabilities: $0
- Net Assets: $7,110,502
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BANKRUPTCY PROCEEDS
Revenue
$14,575
Organization Details
Founding Year
1992
Principal Officer
David Waugh
NTEE Category
Code: S41 - Community improvement
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