Civic Intelligence

Insurance Security Fund

990 • Fiscal year 2023 • EIN 23-7365644

Jan 01, 2023 to Dec 31, 2023 • Filed on Apr 26, 2024

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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.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

4th percentile

0.00x

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

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Net Margin

4th percentile

-50%

Higher net margin than 4% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

16th percentile

$229,977

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 8.2% of source-year revenue.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Asset Growth

13th percentile

-3.8%

Faster asset growth than 13% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

2nd percentile

-75%

Faster revenue growth than 2% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets4th percentile

Assets

Down

$35,776,005

Down $1,397,337 (-3.8%) from 2022

Net Assets

Down

$35,776,005

Down $1,397,337 (-3.8%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin4th percentile

Revenue

Down

$2,808,132

Down $8,353,581 (-75%) from 2022

Expenses

Up

$4,209,454

Up $535,015 (+15%) from 2022

Net Income

Down

-$1,401,322

Down $8,888,596 (-119%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth13th 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

2023

Assets$35,776,005
Liabilities$0
Net Assets$35,776,005
Open 2023 Filing

Operations Trend

Revenue Growth2nd 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

2023

Revenue$2,808,132
Expenses$4,209,454
Net Income-$1,401,322
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 26, 2024
Return Version
2023v5.0
Gross Receipts
$2,808,132
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$37,173,342$35,776,005▼ $1,397,337
Investments Program Related$36,086,051$27,563,107▼ $8,522,944
Savings and Temporary Cash Investments$1,087,291$8,212,898▲ $7,125,607
Total Assets$37,173,342$35,776,005▼ $1,397,337
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$37,173,342$35,776,005▼ $1,397,337
Total Liabilities and Net Assets / Fund Balance$37,173,342$35,776,005▼ $1,397,337

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$993,939--
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Allan PatekExecutive DirectorFT$205,477$64,335$269,812
Theresa WedekindAssociate Director Operations FinanceFT$135,139-$135,139

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
John Wesley Warren Board MemberNorthwestern Mutual Life Ins, Milwaukee WI
Joseph Decker Board MemberQBE, Sun Prairie WI
Christine Senty Board MemberQuartz, Sauk City WI
Raina Zanow ChairSentry Insurance, Stevens Point WI
Heather Boyer Board MemberSociety Insurance, Fond du Lac, WI
John Leiber Board MemberWI State Treasurer, Madison WI
Sharon Hartung Board MemberWPS, Madison WI
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,164,653
Investment Income
$643,479
Other Revenue
$0
Change in Net Assets
$-1,401,322

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,808,132
Total Revenue per Audited Statements
$2,808,132
Total Revenue per Form 990
$2,808,132
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$825,337
Salaries, Compensation, and Employee Benefits$618,151
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$2,765,966
Current Officers, Directors, Trustees, and Key Employees---$365,116
Other Expenses---$260,883
Information Technology---$205,800
Comp Disqual Persons---$127,216
Fees for Services Legal---$83,394
Pension Plan Contributions---$66,122
Occupancy---$38,277
Fees for Services Accounting---$36,100
Payroll Taxes---$34,413
Other Employee Benefits---$25,284
Insurance---$18,882
Conferences and Meetings---$10,736
Total Functional Expenses$0$0$0$4,209,454

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,209,454
Total Expenses per Audited Statements$4,209,454
Total Expenses per Form 990$4,209,454
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
Lobbying 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. 2023 Form 990 was provided to and discussed with the Board at its April 10, 2024 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 operations direction for the Funds management. Financial statements are available for 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
2024-04-26
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
7

Preparer

Firm
Strohm Ballweg LLP
Address
9701 Brader Way Suite 301, Middleton, WI 53562
Preparer
Gary Strohm
Phone
6088210600
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IRS990/ProgramServiceRevenueGrp/BusinessCd2524298
IRS990/ProgramServiceRevenueGrp/Desc0Liquidation Distributions
IRS990/ProgramServiceRevenueGrp/Desc1Premium
IRS990/ProgramServiceRevenueGrp/Desc2Administrative Assessment
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01069796
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1403857
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2691000
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt02246052
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0309638
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0839632
IRS990/PYProgramServiceRevenueAmt010852075
IRS990/PYRevenuesLessExpensesAmt07487274
IRS990/PYSalariesCompEmpBnftPaidAmt0588755
IRS990/PYTotalExpensesAmt03674439
IRS990/PYTotalRevenueAmt011161713
IRS990/ReconcilationRevenueExpnssAmt0-1401322
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt037173342
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt035776005
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01087291
IRS990/SavingsAndTempCashInvstGrp/EOYAmt08212898
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt04209454
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt017125567
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt11790725
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt24186361
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt33466515
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/RevenueSubtotalAmt02808132
IRS990ScheduleD/TotalBookValueProgramRltdAmt027563107
IRS990ScheduleD/TotalExpensesPerForm990Amt04209454
IRS990ScheduleD/TotalRevenuePerForm990Amt02808132
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02808132
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04209454
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0205477
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount024500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt026447
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt013388
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Allan Patek
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0269812
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Key components of the Form 990 were discussed with the Board of Directors. 2023 Form 990 was provided to and discussed with the Board at its April 10, 2024 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 operations direction for the Funds management. Financial statements are available for 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/TotalAssetsBOYAmt037173342
IRS990/TotalAssetsEOYAmt035776005
IRS990/TotalAssetsGrp/BOYAmt037173342
IRS990/TotalAssetsGrp/EOYAmt035776005
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt07
IRS990/TotalFunctionalExpensesGrp/TotalAmt04209454
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt037173342
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt035776005
IRS990/TotalProgramServiceRevenueAmt02164653
IRS990/TotalReportableCompFromOrgAmt0365116
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02808132
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt037173342
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt035776005
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/SignatureDt02024-04-26
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/IRSResponsiblePrtyInfoCurrInd0true
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/PreparationDt02024-04-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Gary Strohm
ReturnHeader/ReturnTs02024-04-26T08:16:46-00:00

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$35,776,005
Liabilities
$0
Net assets
$35,776,005
Revenue
$2,808,132
Expenses
$4,209,454
Net income
-$1,401,322
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