Civic Intelligence

Insurance Security Fund

990 • Fiscal year 2020 • EIN 23-7365644

Jan 01, 2020 to Dec 31, 2020 • Filed on May 05, 2021

Organization Profilewilifega.org

View Organization Page

2820 Walton Commons Lane Room 135Madison, WI 53718

(608) 242-9473

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2020

Net Margin

4th percentile

-80%

Higher net margin than 4% of similar nonprofits.

2020 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

13th percentile

$180,000

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2020 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets4th percentile

Assets

Down

$31,205,260

Down $2,201,992 (-6.6%) from 2011

Net Assets

Down

$31,205,260

Down $2,201,992 (-6.6%) from 2011

Liabilities

Flat

$0

Flat from 2011

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin4th percentile

Revenue

$1,904,522

No earlier filing loaded for comparison.

Expenses

Down

$3,435,530

Down $2,502,218 (-42%) from 2011

Net Income

-$1,531,008

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $31,146,274Liabilities 2010: $0Net Assets 2010: $31,146,2742010Assets 2011: $33,407,252Liabilities 2011: $0Net Assets 2011: $33,407,2522011Assets 2020: $31,205,260Liabilities 2020: $0Net Assets 2020: $31,205,2602020Assets 2021: $29,675,597Liabilities 2021: $0Net Assets 2021: $29,675,5972021Assets 2022: $37,173,342Liabilities 2022: $0Net Assets 2022: $37,173,3422022Assets 2023: $35,776,005Liabilities 2023: $0Net Assets 2023: $35,776,0052023Assets 2024: $41,060,426Liabilities 2024: $0Net Assets 2024: $41,060,4262024

Highlighted filing

2020

Assets$31,205,260
Liabilities$0
Net Assets$31,205,260
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2010: $5,285,6222010Expenses 2011: $5,937,7482011Revenue 2020: $1,904,522Expenses 2020: $3,435,530Net Income 2020: -$1,531,0082020Revenue 2021: $2,997,173Expenses 2021: $4,542,895Net Income 2021: -$1,545,7222021Revenue 2022: $11,161,713Expenses 2022: $3,674,439Net Income 2022: $7,487,2742022Revenue 2023: $2,808,132Expenses 2023: $4,209,454Net Income 2023: -$1,401,3222023Revenue 2024: $14,919,723Expenses 2024: $9,636,269Net Income 2024: $5,283,4542024

Highlighted filing

2020

Revenue$1,904,522
Expenses$3,435,530
Net Income-$1,531,008
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 5, 2021
Return Version
2020v4.1
Gross Receipts
$1,904,522
Mission and Program Overview

Mission

The Insurance Security Fund has one mission, accomplished through one program to maintain public confidence in the promises of insurers by providing a mechanism for protecting insureds from loss in the event of liquidation of insurers and to provide continuation of protection under insurance policies as specified by Wisconsin State Statutes.

The Insurance Security Fund has one mission, accomplished through one program to maintain public confidence in the promises of insurers by providing a mechanism for protecting insureds from loss in the event of liquidati

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$32,727,160$31,205,260▼ $1,521,900
Investments Program Related$30,114,388$26,520,550▼ $3,593,838
Savings and Temporary Cash Investments$2,612,772$4,684,710▲ $2,071,938
Total Assets$32,727,160$31,205,260▼ $1,521,900
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$32,727,160$31,205,260▼ $1,521,900
Total Liabilities and Net Assets / Fund Balance$32,727,160$31,205,260▼ $1,521,900

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$993,939--
Compensation and Service Providers
Top Officer Pay13th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Allan PatekExecutive DirectorFT$180,000$35,997$215,997
Theresa WedekindOffice ManagerFT$113,500-$113,500

Board Members and Trustees

NameTitle
Scott Seymour ChairmanAmerican Family Insurance, Madison WI
Gwendolyn Cooley Board MemberAssistant Attorney General, Madison WI
Dawn Lemke Board MemberChurch Mutual Ins, Merrill WI
Mark Afable Board MemberCommissioner of Insurance, Madison WI
Peter Farrow Board MemberGroup Health Cooperative, Eau Claire WI
George E Burleton II Board MemberHumana, Green Bay WI
Michael Tobin Board MemberNew York Life Ins Co, New York NY
James C Frasher Board MemberNorthwestern Mutual Life Ins, Milwaukee WI
Jennifer Vernon Board MemberQBE, Sun Prairie WI
Christine Senly Board MemberQuartz, Sauk City WI
Raina Zanow Board MemberSentry Insurance, Stevens Point WI
Heather Boyer Board MemberSociety Insurance, Fond du Lac, WI
Sara Godlewski Board MemberWI State Treasurer, Madison WI
Sharon Hartung Board MemberWPS, Madison WI
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,372,453
Investment Income
$532,069
Other Revenue
$0
Change in Net Assets
$-1,531,008

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,904,522
Total Revenue per Audited Statements
$1,904,522
Total Revenue per Form 990
$1,904,522
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$642,165
Salaries, Compensation, and Employee Benefits$564,489
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$2,228,876
Current Officers, Directors, Trustees, and Key Employees---$293,500
Information Technology---$233,207
Other Expenses---$115,804
Other Salaries and Wages---$109,203
Other Employee Benefits---$87,885
Office Expenses---$47,622
Pension Plan Contributions---$46,092
Occupancy---$39,475
Fees for Services Accounting---$35,212
Payroll Taxes---$27,809
Fees for Services Legal---$4,501
Conferences and Meetings---$4,485
Total Functional Expenses$0$0$0$3,435,530

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,435,530
Total Expenses per Audited Statements$3,435,530
Total Expenses per Form 990$3,435,530
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11A

“Key components of the Form 990 were discussed with the Board of Directors at the quarterly board meetings. 2020 Form 990 was provided and reviewed by the Board at its April 6, 2021 meeting.”

Form 990, Part VI, Section B, Line 15 A-B

“The Board of Directors appoints an Administrative Committee that oversees operations and considers reviews and makes compensation recommendations to the Board of Directors for their approval.”

Form 990, Part VI, Section C, Line 19

“The Insurance Security Fund was created by Chapter 646 Wisconsin Statuted, which serves as the governing document, and includes the scope, purpose of the Fund, and provides definitions and operational direction for the Funds management. Financial statements are available to the public as required by the statute and posted to a publicly accessible website. Annual notice of the publication of the financial statements is provided to the member insurers, as defined by the statute.”

Filing and Contact Details

Filer

Filer Name
Insurance Security Fund
EIN
23-7365644
Phone
6082429473
Address
2820 Walton Commons Lane Room 135, Madison, WI 53718
Doing Business As
Wisconsin Insurance Security Fund

Signing Officer

Name
Allan R Patek
Title
Executive Director
Signed
2021-05-05
Discuss with paid preparer
No

Organization Details

Principal Officer
Allan Patek Executive Director
Formed
2000
Voting Board Members
14
Independent Board Members
14
Employees
5

Preparer

Firm
Strohm Ballweg LLP
Address
9701 Brader Way Suite 301, Middleton, WI 53562
Preparer
Tom W Dawson
Phone
6088210600
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IRS990/PYRevenuesLessExpensesAmt01466144
IRS990/PYSalariesCompEmpBnftPaidAmt0543083
IRS990/PYTotalExpensesAmt03836035
IRS990/PYTotalRevenueAmt05302179
IRS990/ReconcilationRevenueExpnssAmt0-1531008
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt032727160
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt031205260
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02612772
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04684710
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt03435530
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt018476274
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt11720544
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt23834116
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt31495677
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt4993939
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Certificate of Deposits
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1Municipals
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2Treasuries
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3Agency Notes
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4Bond Fund
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd3C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd4C
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt01904522
IRS990ScheduleD/TotalBookValueProgramRltdAmt026520550
IRS990ScheduleD/TotalExpensesPerForm990Amt03435530
IRS990ScheduleD/TotalRevenuePerForm990Amt01904522
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01904522
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03435530
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0180000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt018600
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt017397
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Allan Patek
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0215997
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Key components of the Form 990 were discussed with the Board of Directors at the quarterly board meetings. 2020 Form 990 was provided and reviewed by the Board at its April 6, 2021 meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Board of Directors appoints an Administrative Committee that oversees operations and considers reviews and makes compensation recommendations to the Board of Directors for their approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Insurance Security Fund was created by Chapter 646 Wisconsin Statuted, which serves as the governing document, and includes the scope, purpose of the Fund, and provides definitions and operational direction for the Funds management. Financial statements are available to the public as required by the statute and posted to a publicly accessible website. Annual notice of the publication of the financial statements is provided to the member insurers, as defined by the statute.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 15 A-B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt032727160
IRS990/TotalAssetsEOYAmt031205260
IRS990/TotalAssetsGrp/BOYAmt032727160
IRS990/TotalAssetsGrp/EOYAmt031205260
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt03435530
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt032727160
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt031205260
IRS990/TotalProgramServiceRevenueAmt01372453
IRS990/TotalReportableCompFromOrgAmt0293500
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01904522
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt032727160
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt031205260
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationAssocInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt02820 Walton Commons Ln 135
IRS990/USAddress/CityNm0Madison
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053718
IRS990/VotingMembersGoverningBodyCnt014
IRS990/VotingMembersIndependentCnt014
IRS990/WebsiteAddressTxt0wilifega.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0Allan R Patek
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Insurance Security Fund
ReturnHeader/Filer/BusinessNameControlTxt0INSU
ReturnHeader/Filer/EIN0237365644
ReturnHeader/Filer/PhoneNum06082429473
ReturnHeader/Filer/USAddress/AddressLine1Txt02820 Walton Commons Lane Room 135
ReturnHeader/Filer/USAddress/CityNm0Madison
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd053718
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Strohm Ballweg LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt09701 Brader Way Suite 301
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Middleton
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053562
ReturnHeader/PreparerPersonGrp/PhoneNum06088210600
ReturnHeader/PreparerPersonGrp/PreparationDt02021-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Tom W Dawson
ReturnHeader/ReturnTs02021-05-05T12:24:11-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$31,205,260
Liabilities
$0
Net assets
$31,205,260
Revenue
$1,904,522
Expenses
$3,435,530
Net income
-$1,531,008
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$41.1$0.00$41.1$14.9$9.64$5.28
2023Detailed filing. Detailed filing data is available for this year.$35.8$0.00$35.8$2.81$4.21$1.40
2022Detailed filing. Detailed filing data is available for this year.$37.2$0.00$37.2$11.2$3.67$7.49
2021Detailed filing. Detailed filing data is available for this year.$29.7$0.00$29.7$3.00$4.54$1.55
2020Detailed filing. Detailed filing data is available for this year.$31.2$0.00$31.2$1.90$3.44$1.53
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.4$0.00$33.4$5.94
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.1$0.00$31.1$5.29