Civic Intelligence

Insurance Security Fund

990 • Fiscal year 2022 • EIN 23-7365644

Jan 01, 2022 to Dec 31, 2022 • Filed on May 08, 2023

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2820 Walton Commons Lane APT 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.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

4th percentile

0.00x

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

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Net Margin

96th percentile

67%

Higher net margin than 96% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

13th percentile

$205,500

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2022

Asset Growth

82nd percentile

25%

Faster asset growth than 82% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

97th percentile

272%

Faster revenue growth than 97% of similar nonprofits.

2022 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$37,173,342

Up $7,497,745 (+25%) from 2021

Net Assets

Up

$37,173,342

Up $7,497,745 (+25%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin96th percentile

Revenue

Up

$11,161,713

Up $8,164,540 (+272%) from 2021

Expenses

Down

$3,674,439

Down $868,456 (-19%) from 2021

Net Income

Up

$7,487,274

Up $9,032,996 (+584%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

2022

Assets$37,173,342
Liabilities$0
Net Assets$37,173,342
Open 2022 Filing

Operations Trend

Revenue Growth97th percentile

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

2022

Revenue$11,161,713
Expenses$3,674,439
Net Income$7,487,274
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 8, 2023
Return Version
2022v5.0
Gross Receipts
$11,161,713
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$29,675,597$37,173,342▲ $7,497,745
Investments Program Related$26,741,244$36,086,051▲ $9,344,807
Savings and Temporary Cash Investments$2,934,353$1,087,291▼ $1,847,062
Total Assets$29,675,597$37,173,342▲ $7,497,745
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$29,675,597$37,173,342▲ $7,497,745
Total Liabilities and Net Assets / Fund Balance$29,675,597$37,173,342▲ $7,497,745

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$192,000$51,960$243,960
Theresa WedekindAssociate Director Operations FinanceFT$125,444-$125,444

Board Members and Trustees

NameTitle
Bryce Tolefree Board MemberAmerican Family Insurance, Madison WI
Gwendolyn Cooley Board MemberAssistant Attorney General, Madison WI
Dawn Lemke Board MemberChurch Mutual Ins, Merrill WI
Nathan Houdek 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
Joseph Decker ChairQBE, 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
$10,852,075
Investment Income
$309,638
Other Revenue
$0
Change in Net Assets
$7,487,274

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,161,713
Total Revenue per Audited Statements
$11,161,713
Total Revenue per Form 990
$11,161,713
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$839,632
Salaries, Compensation, and Employee Benefits$588,755
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$2,246,052
Current Officers, Directors, Trustees, and Key Employees---$330,944
Other Expenses---$243,872
Information Technology---$218,947
Comp Disqual Persons---$128,590
Fees for Services Legal---$71,833
Pension Plan Contributions---$62,350
All Other Expenses---$47,985
Occupancy---$39,084
Other Employee Benefits---$33,608
Payroll Taxes---$33,263
Fees for Services Accounting---$22,301
Conferences and Meetings---$18,807
Total Functional Expenses$0$0$0$3,674,439

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,674,439
Total Expenses per Audited Statements$3,674,439
Total Expenses per Form 990$3,674,439
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
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. 2022 Form 990 was provided and reviewed by the Board at its April 18, 2023 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 Statutes, 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 APT 135, Madison, WI 53718
Doing Business As
Wisconsin Insurance Security Fund

Signing Officer

Name
Allan Patek
Title
Executive Director
Phone
6082429473
Signed
2023-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Allan Patek
Formed
1969
Legal Domicile
Wi
Voting Board Members
14
Independent Board Members
14
Employees
6

Preparer

Firm
Strohm Ballweg LLP
Address
9701 Brader Way Suite 301, Middleton, WI 53562
Preparer
Gary Strohm
Phone
6088210600
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Commissioner of Insurance, Madison WI
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IRS990/Form990PartVIISectionAGrp/TitleTxt8Northwestern Mutual Life Ins, Milwaukee WI
IRS990/Form990PartVIISectionAGrp/TitleTxt9WI State Treasurer, Madison WI
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IRS990/Form990PartVIISectionAGrp/TitleTxt14New York Life Ins Co, New York NY
IRS990/Form990PartVIISectionAGrp/TitleTxt15Sentry Insurance, Stevens Point WI
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IRS990/ProgramServiceRevenueGrp/Desc1Premium
IRS990/ProgramServiceRevenueGrp/Desc2Administrative Assessment
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0347759
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1504550
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt29999766
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0347759
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1504550
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt29999766
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt03087404
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0299114
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0839647
IRS990/PYProgramServiceRevenueAmt02698059
IRS990/PYRevenuesLessExpensesAmt0-1545722
IRS990/PYSalariesCompEmpBnftPaidAmt0615844
IRS990/PYTotalExpensesAmt04542895
IRS990/PYTotalRevenueAmt02997173
IRS990/ReconcilationRevenueExpnssAmt07487274
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt029675597
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt037173342
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02934353
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01087291
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt03674439
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt023142873
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt11791638
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt25581632
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt34575969
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt4993939
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Certificate of Deposits
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1Municipals
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2Treasuries
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3Agency Notes
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4Bond Fund
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt011161713
IRS990ScheduleD/TotalBookValueProgramRltdAmt036086051
IRS990ScheduleD/TotalExpensesPerForm990Amt03674439
IRS990ScheduleD/TotalRevenuePerForm990Amt011161713
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt011161713
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03674439
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0192000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount013500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt023345
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt015115
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Allan Patek
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0243960
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. 2022 Form 990 was provided and reviewed by the Board at its April 18, 2023 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 Statutes, 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/TotalAssetsBOYAmt029675597
IRS990/TotalAssetsEOYAmt037173342
IRS990/TotalAssetsGrp/BOYAmt029675597
IRS990/TotalAssetsGrp/EOYAmt037173342
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt03674439
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt029675597
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt037173342
IRS990/TotalProgramServiceRevenueAmt010852075
IRS990/TotalReportableCompFromOrgAmt0330944
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt011161713
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt011161713
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt029675597
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt037173342
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/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Allan Patek
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/PhoneNum06082429473
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Insurance Security Fund
ReturnHeader/Filer/BusinessNameControlTxt0INSU
ReturnHeader/Filer/EIN0237365644
ReturnHeader/Filer/PhoneNum06082429473
ReturnHeader/Filer/USAddress/AddressLine1Txt02820 Walton Commons Lane APT 135
ReturnHeader/Filer/USAddress/CityNm0Madison
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd053718
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391969986
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/PreparationDt02023-05-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Gary Strohm
ReturnHeader/ReturnTs02023-05-08T11:53:05-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Allan
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Patek
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$37,173,342
Liabilities
$0
Net assets
$37,173,342
Revenue
$11,161,713
Expenses
$3,674,439
Net income
$7,487,274
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