Overview
What is Self-Insurers Security Fund?
The Self-Insurers Security Fund is a nonprofit organization based in Oakland, California, with a workforce of five individuals. They provide an alternative security program for self-insured corporations that meet specific credit quality standards. In return for annual fees, these corporations receive protection against potential future defaults, with the assessments used by the fund to cover any such occurrences and purchase hedge instruments for certain loss exposures. The ultimate goal of the Self-Insurers Security Fund is to ensure continuity of workers' compensation benefits for injured workers of insolvent, private self-insured companies, thereby minimizing long-term costs for the self-insurance community.
Official website here: www.securityfund.org
Is Self-Insurers Security Fund legitimate?
Self-Insurers Security Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Self-Insurers 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: $184,741
Professional Fundraising Fees: $0
Other Salaries and Wages: $437,205
For more financial information, click here
Official website here: www.securityfund.org
What is the mission statement of Self-Insurers Security Fund?
The Self-Insurers Security Fund serves the purpose of ensuring continuity of workers' compensation benefits for injured workers of financially insolvent, private self-insured companies. This is done at the lowest overall long-term cost, with the expense equitably distributed among the self-insurance community. Self-insured corporations that meet certain minimum credit quality standards undergo annual fee assessments for participation in the Alternative Security Program (ASP) instead of posting a security deposit. The ASP program shields self-insured employers from potential future defaults. The assessments gathered by the Self-Insurance Fund are utilized for covering any future defaults and for purchasing catastrophe coverage or hedge instruments for specific loss exposures associated with the program.
Official website here: www.securityfund.org
Who is the CEO of Self-Insurers Security Fund?
William Lyons is the Risk Manager of Self-Insurers Security Fund.
Official website here: www.securityfund.org
What is the revenue of Self-Insurers Security Fund?
Self-Insurers Security Fund's revenue in 2022 was $58,713,916.
Official website here: www.securityfund.org
Who are the executives of Self-Insurers Security Fund and what are their salaries?
The average compensation at Self-Insurers Security Fund during 2022 was $124,389. There are 5 employees and 8 volunteers at Self-Insurers Security Fund.
Here are 9 key members and their salaries:
- Compensation: $180,554
- Related: $0
- Other: $0
- Compensation: $166,036
- Related: $0
- Other: $0
- Compensation: $138,596
- Related: $0
- Other: $0
- Compensation: $2,300
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.securityfund.org
Where can I find the form 990 for Self-Insurers Security Fund?
Self-Insurers Security Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.securityfund.org
Learn more at the official website: www.securityfund.org
Mission Statement of Self-Insurers Security Fund
Self-Insurers Security Fund, a unique alternative security program, aims to ensure the continuity of workers' compensation benefits for injured workers of insolvent, private self-insured companies. By doing so, the organization strives to minimize overall long-term costs for the self-insurance community, with the equitable distribution of these costs being a priority.
To achieve this mission, Self-Insurers Security Fund assesses self-insured corporations that meet certain minimum credit quality standards with annual fees for participation in the Assessments for Self-Insureds (ASP) Program. In lieu of posting a security deposit, these companies contribute to the fund, which in turn provides protection to self-insured employers in the event of any future defaults. The assessments collected are used to provide funds for any future defaults and to purchase catastrophe coverage and hedge instruments for certain loss exposures associated with the program. This fiscally responsible approach enables the organization to maintain financial security and stability while fulfilling its commitment to the self-insurance community.
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Impact
October, 2024
The Self-Insurers Security Fund (SISF) plays a critical role in ensuring the stability and reliability of workers' compensation benefits for injured workers employed by insolvent, private self-insured companies. By implementing an Alternative Security Program (ASP), SISF allows self-insured corporations that meet specific minimum credit quality standards to pay annual fees instead of posting security deposits. This program not only alleviates financial burdens on self-insured companies but also provides a safety net for workers in the event that these companies face insolvency.
The funds generated from the annual fees are strategically utilized to cover potential future defaults and to acquire catastrophe coverage or hedge instruments that address certain loss exposures. This proactive approach ensures that workers' compensation benefits remain uninterrupted, thus safeguarding the interests of injured workers and fostering a more stable self-insurance environment.
Ultimately, SISF's mission is focused on offering continuity in workers' compensation benefits while minimizing long-term costs. By equitably distributing costs among the self-insurance community, SISF plays a vital role in enhancing the sustainability and effectiveness of self-insurance programs, benefiting both employers and employees alike.
This information is meant to be a general summary of Self-Insurers 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: $41,821,318
- Program Service Revenue: $16,892,598
- Gross Receipts: $195,620,591
Assets and Liabilities:
- Total Assets: $692,448,736
- Total Liabilities: $65,147,681
- Net Assets: $627,301,055
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ALTERNATIVE SECURITY PROGRAM
Revenue
$12,553,714
SECURITY DEPOSITS / RECOVERIES
Revenue
$4,338,884
Organization Details
Founding Year
1984
Phone
(925) 627-1303Principal Officer
William Lyons
Main Address
555 12TH STREET SUITE 680, OAKLAND, CA, 94607
Website
www.securityfund.orgNTEE Category
Code: Y20 - Mutual benefit
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