Civic Intelligence

Mississippi Insurance Guaranty Association Foundation

EIN 23-7366411 • 501(c)6 • Flowood, MS

Profile

Our mission is to manage in a professional and timely manner the property-casualty insolvencies for which miga is responsible by discharging association duties in accordance with governing statutes and plan of operating provisions.

1905 Community Bank Way 120Flowood, MS 39232

www.ms-miga.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.42x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)6 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

12.75x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)6 • $100M-$250M nonprofits • Source year 2024

Net Margin

99th percentile

589%

Higher net margin than 99% of similar nonprofits.

501(c)6 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

10th percentile

$163,918

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

501(c)6 • $100M-$250M nonprofits • Source year 2024

Asset Growth

20th percentile

0.7%

Faster asset growth than 20% of similar nonprofits.

501(c)6 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

83rd percentile

35%

Faster revenue growth than 83% of similar nonprofits.

501(c)6 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$111,066,398

Up $774,948 (+0.7%) from 2023

Liabilities

Down

$46,291,682

Down $20,975,125 (-31%) from 2023

Net Assets

Up

$64,774,716

Up $21,750,073 (+51%) from 2023

Revenue

Up

$3,630,256

Up $939,218 (+35%) from 2023

Expenses

Down

-$17,767,935

Down $9,405,575 (-112%) from 2023

Net Income

Up

$21,398,191

Up $10,344,793 (+94%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2010: $119,695,282Liabilities 2010: $108,942,107Net Assets 2010: $10,753,1752010Assets 2011: $124,952,585Liabilities 2011: $95,619,738Net Assets 2011: $29,332,8472011Assets 2012: $120,170,959Liabilities 2012: $98,799,933Net Assets 2012: $21,371,0262012Assets 2013: $99,686,544Liabilities 2013: $81,668,469Net Assets 2013: $18,018,0752013Assets 2014: $100,447,877Liabilities 2014: $74,315,434Net Assets 2014: $26,132,4432014Assets 2015: $100,527,492Liabilities 2015: $84,472,876Net Assets 2015: $16,054,6162015Assets 2016: $97,122,545Liabilities 2016: $84,052,657Net Assets 2016: $13,069,8882016Assets 2017: $94,608,517Liabilities 2017: $79,738,473Net Assets 2017: $14,870,0442017Assets 2018: $105,626,557Liabilities 2018: $87,132,816Net Assets 2018: $18,493,7412018Assets 2019: $124,470,738Liabilities 2019: $111,545,072Net Assets 2019: $12,925,6662019Assets 2020: $127,632,628Liabilities 2020: $99,540,485Net Assets 2020: $28,092,1432020Assets 2021: $121,988,001Liabilities 2021: $90,195,988Net Assets 2021: $31,792,0132021Assets 2022: $109,515,379Liabilities 2022: $81,020,457Net Assets 2022: $28,494,9222022Assets 2023: $110,291,450Liabilities 2023: $67,266,807Net Assets 2023: $43,024,6432023Assets 2024: $111,066,398Liabilities 2024: $46,291,682Net Assets 2024: $64,774,7162024

Highlighted filing

2024

Assets$111,066,398
Liabilities$46,291,682
Net Assets$64,774,716

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$20M$0-$20MExpenses 2010: $25,294,6492010Expenses 2011: $1,369,6022011Expenses 2012: $20,235,7432012Revenue 2013: $9,568,734Expenses 2013: $9,063,215Net Income 2013: $505,5192013Revenue 2014: $7,862,178Expenses 2014: $417,180Net Income 2014: $7,444,9982014Revenue 2015: $8,035,507Expenses 2015: $17,440,452Net Income 2015: -$9,404,9452015Revenue 2016: $4,374,035Expenses 2016: $6,906,007Net Income 2016: -$2,531,9722016Revenue 2017: $3,328,552Expenses 2017: $1,014,457Net Income 2017: $2,314,0952017Revenue 2018: $19,736,015Expenses 2018: $15,276,144Net Income 2018: $4,459,8712018Revenue 2019: $23,041,194Expenses 2019: $31,043,008Net Income 2019: -$8,001,8142019Revenue 2020: $3,927,073Expenses 2020: -$6,890,889Net Income 2020: $10,817,9622020Revenue 2021: $4,014,467Expenses 2021: -$3,205,227Net Income 2021: $7,219,6942021Revenue 2022: $4,863,584Expenses 2022: -$2,377,967Net Income 2022: $7,241,5512022Revenue 2023: $2,691,038Expenses 2023: -$8,362,360Net Income 2023: $11,053,3982023Revenue 2024: $3,630,256Expenses 2024: -$17,767,935Net Income 2024: $21,398,1912024

Highlighted filing

2024

Revenue$3,630,256
Expenses-$17,767,935
Net Income$21,398,191

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$111$46.3$64.8$3.63$17.8$21.4
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$110$67.3$43.0$2.69$8.36$11.1
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$110$81.0$28.5$4.86$2.38$7.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$122$90.2$31.8$4.01$3.21$7.22
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$128$99.5$28.1$3.93$6.89$10.8
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$124$112$12.9$23.0$31.0$8.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$106$87.1$18.5$19.7$15.3$4.46
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.6$79.7$14.9$3.33$1.01$2.31
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$97.1$84.1$13.1$4.37$6.91$2.53
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$101$84.5$16.1$8.04$17.4$9.40
2014Detailed filing. Detailed filing data is available for this year.$100$74.3$26.1$7.86$0.42$7.44
2013Detailed filing. Detailed filing data is available for this year.$99.7$81.7$18.0$9.57$9.06$0.51
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$120$98.8$21.4$20.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$125$95.6$29.3$1.37
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$120$109$10.8$25.3
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 29, 2025
Return Version
2024v5.1
Gross Receipts
$35,845,751
Mission and Program Overview

Mission

Our mission is to manage in a professional and timely manner the property-casualty insolvencies for which miga is responsible by discharging association duties in accordance with governing statutes and plan of operating provisions.

Manage in a professional and timely manner the property-casualty insolvencies for which miga is responsible by discharging association duties in accordance with governing statutes and plan of operating provisions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$109,266,986$108,356,405▼ $910,581
Cash and Non-Interest-Bearing Accounts$331,904$302,037▼ $29,867
Land, Buildings, and Equipment, Net$19,513$58,834▲ $39,321
Total Assets$110,291,450$111,066,398▲ $774,948
Other Assets Total$673,047$2,349,122▲ $1,676,075
Liabilities
Other Liabilities$67,266,807$46,291,682▼ $20,975,125
Total Liabilities$67,266,807$46,291,682▼ $20,975,125
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$43,024,643$64,774,716▲ $21,750,073
Total Net Assets Fund Balance$43,024,643$64,774,716▲ $21,750,073
Total Liabilities and Net Assets / Fund Balance$110,291,450$111,066,398▲ $774,948

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$58,834$283,542$342,376
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Arthur RussellExecutive DirectorFT$163,918$163,918

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$2,891,536
Other Revenue
$738,720
Change in Net Assets
$21,398,191

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,468,084
Revenue Not Reported on Financial Statements
$162,172
Revenue Not Reported on Form 990
$351,882
Total Revenue per Audited Statements
$3,819,966
Total Revenue per Form 990
$3,630,256
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
Other Expenses$-17,767,935

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees---$162,172
Depreciation Depletion---$7,007
Other Expenses---$-22,416,333
Total Functional Expenses$0$0$0$-17,767,935

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$162,172
Expenses Not Reported on Form 990$0
Total Expenses per Form 990$-17,767,935
Expenses per Audited Statements$-17,930,107
Total Expenses per Audited Statements$-17,930,107
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
Claim Reserves$43,950,567
Operating Lease Liability$1,586,853
Post Retirement Benefit Obligation$671,319
Pension Liability$82,943
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

Committees do not have the authority to act on behalf of the governing body

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

A copy of the form 990 is provided to the board of directors prior to filing for review and approval.

Form 990, Part VI, Section B, Line 12C

Officers, directors, and key employees disclose annually any interest which might give rise to conflicts.

Form 990, Part VI, Section B, Line 15

The independent board of directors determines the salaries for the executive director and key employees

Form 990, Part VI, Section C, Line 19

The association makes its governing documents, policies, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Mississippi Insurance Guaranty
EIN
23-7366411
Phone
6019570072
Address
1905 COMMUNITY BANK WAY 120, FLOWOOD, MS 39232

Signing Officer

Name
Arthur Russell
Title
Executive Director
Phone
6019570072
Signed
2025-04-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Arthur Russell
Formed
1970
Legal Domicile
Ms
Voting Board Members
11
Independent Board Members
11
Employees
6
Volunteers
0

Preparer

Firm
Matthews Cutrer & Lindsay Pa
Address
1020 HIGHLAND COLONY PKWY 500, RIDGELAND, MS 39157
Preparer
Chris B Savell CPA
Phone
6018988875
Raw XML Appendix383 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0MANAGE IN A PROFESSIONAL AND TIMELY MANNER THE PROPERTY-CASUALTY INSOLVENCIES FOR WHICH MIGA IS RESPONSIBLE BY DISCHARGING ASSOCIATION DUTIES IN ACCORDANCE WITH GOVERNING STATUTES AND PLAN OF OPERATING PROVISIONS.
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/AuditCommitteeInd00
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IRS990/BooksInCareOfDetail/PhoneNum06019570072
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt01905 COMMUNITY BANK WAY SUITE 120
IRS990/BooksInCareOfDetail/USAddress/CityNm0FLOWOOD
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MS
IRS990/BooksInCareOfDetail/USAddress/ZIPCd039232
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IRS990/ChangeToOrgDocumentsInd00
IRS990/CntrctRcvdGreaterThan100KCnt00
IRS990/CollectionsOfArtInd00
IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd01
IRS990/CompensationProcessOtherInd01
IRS990/ConflictOfInterestPolicyInd01
IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
IRS990/CreditCounselingInd00
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IRS990/CYOtherExpensesAmt0-17767935
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IRS990/Desc0THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION IS A NON-PROFIT ENTITY AUTHORIZED UNDER THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION LAW AS OF APRIL 6, 1970. THE ASSOCIATION PROVIDES A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT AND AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER. THE ACT REQUIRES ALL INSURERS WHO WRITE DIRECT INSURANCE EXCEPT LIFE, TITLE, SURETY, DISABILITY, CREDIT, MORTGAGE GUARANTY, AND OCEAN MARINE INSURANCE TO BE MEMBERS OF THE ASSOCIATION AS A CONDITION OF THEIR AUTHORITY TO TRANSACT INSURANCE BUSINESS IN MISSISSIPPI.THE ACT GRANTS THE ASSOCIATION THE POWERS TO ASSESS INSURERS AMOUNTS NECESSARY TO PAY CLAIMS AND OTHER EXPENSES OF THE ASSOCIATION. THE ASSESSMENT OF EACH MEMBER INSURER IS IN THE PROPORTION THAT THE NET DIRECT WRITTEN PREMIUMS FOR THE MEMBER INSURER FOR THE PRECEDING CALENDER YEAR BEARS TO THE NET DIRECT WRITTEN PREMIUMS OF ALL MEMBER INSURERS FOR THE PRECEDING CALENDER YEAR. THE ASSESSMENT FOR ANY YEAR IS LIMITED TO ONE PERCENT OF THAT MEMBER'S DIRECT WRITTEN PREMIUMS FOR THE PRECEEDING CALENDER YEAR.RECOVERIES, IF ANY, FROM THE RECEIVER OR LIQUIDATOR OF INSOLVENT INSURERS ARE TO BE REFUNDED TO THE MEMBER INSURERS IN PROPORTION TO THE CONTRIBUTIONS OF EACH MEMBER INSURER TO THE ASSOCIATION.
IRS990/DescribedInSection501c3Ind00
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IRS990/EmployeeCnt06
IRS990/EmploymentTaxReturnsFiledInd01
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IRS990/FederalGrantAuditRequiredInd00
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IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd10X
IRS990/Form990PartVIISectionAGrp/KeyEmployeeInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
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IRS990/Form990PartVIISectionAGrp/PersonNm2CAREY BREEDLOVE TRAVELERS INS CO
IRS990/Form990PartVIISectionAGrp/PersonNm3CARLY HERMANSON ALLSTATE INSURANCE
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CLAIM COMM
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IRS990/Form990PartVIISectionAGrp/TitleTxt4CLAIM COMM
IRS990/Form990PartVIISectionAGrp/TitleTxt5INVESTMENT COMM
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE CHAIRMAN/PERSONNEL COMM
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHAIRMAN/EXECUTIVE COMM
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IRS990/Form990PartVIISectionAGrp/TitleTxt9LEGISLATIVE COMM
IRS990/Form990PartVIISectionAGrp/TitleTxt10INVESTMENT COMM-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11EXECUTIVE DIRECTOR
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IRS990/InvestmentInJointVentureInd00
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IRS990/LoanOutstandingInd00
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IRS990/MissionDesc0OUR MISSION IS TO MANAGE IN A PROFESSIONAL AND TIMELY MANNER THE PROPERTY-CASUALTY INSOLVENCIES FOR WHICH MIGA IS RESPONSIBLE BY DISCHARGING ASSOCIATION DUTIES IN ACCORDANCE WITH GOVERNING STATUTES AND PLAN OF OPERATING PROVISIONS.
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS A COMPENSATION COMMITTEE THAT APPROVES EMPLOYEE COMPENSATION.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COMMITTEES DO NOT HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING FOR REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OFFICERS, DIRECTORS, AND KEY EMPLOYEES DISCLOSE ANNUALLY ANY INTEREST WHICH MIGHT GIVE RISE TO CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE INDEPENDENT BOARD OF DIRECTORS DETERMINES THE SALARIES FOR THE EXECUTIVE DIRECTOR AND KEY EMPLOYEES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ASSOCIATION MAKES ITS GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
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IRS990/VotingMembersGoverningBodyCnt011
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IRS990/WebsiteAddressTxt0WWW.MS-MIGA.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ARTHUR RUSSELL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum06019570072
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-29
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MISSISSIPPI INSURANCE GUARANTY
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0ASSOCIATION FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0MISS
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ReturnHeader/Filer/PhoneNum06019570072
ReturnHeader/Filer/USAddress/AddressLine1Txt01905 COMMUNITY BANK WAY 120
ReturnHeader/Filer/USAddress/CityNm0FLOWOOD
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0640897081
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MATTHEWS CUTRER & LINDSAY PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01020 HIGHLAND COLONY PKWY 500
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RIDGELAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MS
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ReturnHeader/PreparerPersonGrp/PhoneNum06018988875
ReturnHeader/PreparerPersonGrp/PreparationDt02025-04-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHRIS B SAVELL CPA
ReturnHeader/ReturnTs02025-04-29T14:29:48-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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