Civic Intelligence

Workers Compensation Security Fund

990 • Fiscal year 2016 • EIN 27-2030868

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

Organization Profilewww.njguaranty.org
233 Mount Airy RoadBasking Ridge, NJ 07920-2335

(908) 382-7100

Siviq Scores

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

Liabilities / Assets

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2016 filings • $100M-$250M nonprofits • Source year 2016

Liabilities / Revenue

8th percentile

0.01x

Higher debt load relative to revenue than 8% of similar nonprofits.

2016 filings • $100M-$250M nonprofits • Source year 2016

Net Margin

91st percentile

42%

Higher net margin than 91% of similar nonprofits.

2016 filings • $100M-$250M nonprofits • Source year 2016

Top Officer Pay

32nd percentile

$250,693

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2016 filings • $100M-$250M nonprofits • Source year 2016

Asset Growth

78th percentile

9.1%

Faster asset growth than 78% of similar nonprofits.

2016 filings • $100M-$250M nonprofits • Annualized from 2015 to 2016

Revenue Growth

14th percentile

-17%

Faster revenue growth than 14% of similar nonprofits.

2016 filings • $100M-$250M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$180,867,670

Up $15,058,532 (+9.1%) from 2015

Net Assets

Up

$180,507,117

Up $15,138,229 (+9.2%) from 2015

Liabilities

Down

$360,553

Down $79,697 (-18%) from 2015

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin91st percentile

Revenue

Down

$36,182,933

Down $7,152,481 (-17%) from 2015

Expenses

Up

$21,044,704

Up $381,901 (+1.8%) from 2015

Net Income

Down

$15,138,229

Down $7,534,382 (-33%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth78th percentile

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

$300M$200M$100M$0Assets 2011: $90,621,363Liabilities 2011: $170,438Net Assets 2011: $90,450,9252011Assets 2012: $105,667,987Liabilities 2012: $117,509Net Assets 2012: $105,550,4782012Assets 2014: $143,115,285Liabilities 2014: $419,008Net Assets 2014: $142,696,2772014Assets 2015: $165,809,138Liabilities 2015: $440,250Net Assets 2015: $165,368,8882015Assets 2016: $180,867,670Liabilities 2016: $360,553Net Assets 2016: $180,507,1172016Assets 2018: $207,438,414Liabilities 2018: $782,539Net Assets 2018: $206,655,8752018Assets 2019: $229,143,293Liabilities 2019: $337,714Net Assets 2019: $228,805,5792019Assets 2020: $230,914,440Liabilities 2020: $465,071Net Assets 2020: $230,449,3692020Assets 2021: $229,766,675Liabilities 2021: $397,867Net Assets 2021: $229,368,8082021Assets 2024: $255,648,805Liabilities 2024: $341,051Net Assets 2024: $255,307,7542024

Highlighted filing

2016

Assets$180,867,670
Liabilities$360,553
Net Assets$180,507,117
Open 2016 Filing

Operations Trend

Revenue Growth14th percentile

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

$60M$40M$20M$0-$20MExpenses 2011: $17,031,9052011Expenses 2012: $15,965,5862012Revenue 2014: $37,795,511Expenses 2014: $23,419,587Net Income 2014: $14,375,9242014Revenue 2015: $43,335,414Expenses 2015: $20,662,803Net Income 2015: $22,672,6112015Revenue 2016: $36,182,933Expenses 2016: $21,044,704Net Income 2016: $15,138,2292016Revenue 2018: $51,066,087Expenses 2018: $34,981,115Net Income 2018: $16,084,9722018Revenue 2019: $58,825,090Expenses 2019: $36,675,386Net Income 2019: $22,149,7042019Revenue 2020: $35,010,632Expenses 2020: $33,366,842Net Income 2020: $1,643,7902020Revenue 2021: $28,644,741Expenses 2021: $29,725,302Net Income 2021: -$1,080,5612021Revenue 2024: $38,797,654Expenses 2024: $26,453,818Net Income 2024: $12,343,8362024

Highlighted filing

2016

Revenue$36,182,933
Expenses$21,044,704
Net Income$15,138,229
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.1
Gross Receipts
$36,588,851
Mission and Program Overview

Mission

The wcsf was established by the new jersey legislature in 1935 to paythe claims of insolvent workers' compensation insurance carriersarising from the coverage of risks located or resident in new jersey.carriers authorized to transact the business of workers' compensationinsurance in new jersey contribute to the wcsf.

see schedule o

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$165,368,888$180,507,117▲ $15,138,229
Investments in Publicly Traded Securities$151,396,690$173,689,824▲ $22,293,134
Savings and Temporary Cash Investments$12,878,557$5,610,268▼ $7,268,289
Cash and Non-Interest-Bearing Accounts$1,533,891$1,567,578▲ $33,687
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$165,809,138$180,867,670▲ $15,058,532
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$440,250$360,553▼ $79,697
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$440,250$360,553▼ $79,697
Net Assets / Fund Balance
Total Net Assets Fund Balance$165,368,888$180,507,117▲ $15,138,229
Total Liabilities and Net Assets / Fund Balance$165,809,138$180,867,670▲ $15,058,532
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Ronald ChessDirector of Compliance & ItPT$147,721$147,721
Trish YoungDirector of OperationsPT$138,168$138,168
David CaldwellAssistant Director of AuditingPT$132,840$132,840
Sharon McMahonasst. director of claimsPT$128,222$128,222
Pasquale Martucciasst. director of claimsPT$127,052$127,052
Nicholas HammDirector of SiuPT$123,286$123,286
Andrea FisherAsst. Director of OperationsPT$122,994$122,994

Board Members and Trustees

NameTitle
Douglas HillmanDirector of Claims
William KahleDirector of Finance
Aig Property Casualty CompanyInstitutional Trustee
Allstate New Jersey InsuranceInstitutional Trustee
Federal Insurance CompanyInstitutional Trustee
Liberty Mutual Insurance CoInstitutional Trustee
Selective Insurance Co of AmericaInstitutional Trustee
State Farm Insurance CompanyInstitutional Trustee
United Services Auto AssocInstitutional Trustee
James DohertyTrustee - Director
Jessica Schlee-gilbertTrustee - Director
Joseph DellaferaChief Executive Officer
Lori ConnorsGeneral Counsel

Highest Paid Contractors

ContractorServicesLocationCompensation
Bayada Home Healthcare IncNursing ServicesPO BOX 536446, Pittsburgh, PA 15253-5906$316,173
Adam M Kotlarlegal services1913 GREENTREE ROAD, Cherry Hill, NJ 08003$148,582
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,924,780
Investment Income
$1,258,153
Other Revenue
$0
Change in Net Assets
$15,138,229

Audited Revenue Reconciliation

Revenue per Audited Statements
$36,095,258
Revenue Not Reported on Financial Statements
$87,675
Other Revenue Adjustments
$87,675
Total Revenue per Audited Statements
$36,095,258
Total Revenue per Form 990
$36,182,933
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$18,903,921
Salaries, Compensation, and Employee Benefits$2,140,783
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,502,508
Current Officers, Directors, Trustees, and Key Employees---$220,935
Depreciation Depletion---$160,325
Pension Plan Contributions---$153,012
Other Employee Benefits---$152,689
Office Expenses---$133,533
Occupancy---$116,566
Payroll Taxes---$111,639
Fees for Service Investment Mgmnt Fees---$100,603
Other Expenses---$87,675
Fees for Services Other---$59,905
Fees for Services Legal---$45,551
Fees for Services Accounting---$23,899
Insurance---$22,846
Travel---$10,961
Total Functional Expenses$0$0$0$21,044,704

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$21,044,704
Expenses per Audited Statements$20,957,029
Total Expenses per Audited Statements$20,957,029
Expenses Not Reported on Financial Statements$87,675
Other Expense Adjustments$87,675
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payable to Pliga - Admin$360,553
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 6:

“Members consist of carriers authorized to transact the business of workers' compensation insurance in the state of new jersey.”

FORM 990, PART VI, SECTION A, LINE 7B:

“The commissioner of the new jersey department of banking and insurance approves certain decisions of the governing body as set forth in the plan of operation.”

FORM 990, PART VI, SECTION B, LINE 11:

“Form 990 is prepared by external auditors and director of finance. Form 990 is reviewed by ceo and general counsel, reviewed by the audit committee, reviewed by board members prior to filing.”

FORM 990, PART VI, SECTION B, LINE 12C:

“The ceo delivers a copy of the conflict of interest policy to every director of wcsf. The "antitrust statement" is reviewed before each board meeting or board committee meeting to remind participants that the antitrust polciy is enforced and to ensure that the conduct of the meeting conforms with the policy.”

FORM 990, PART VI, SECTION C, LINE 19:

“Wcsf makes its governing documents, conflict of interest policy, and financial statements available to its members upon request.”

Filing and Contact Details

Filer

Filer Name
Workers Compensation Security Fund
EIN
27-2030868
In Care Of
% WILLIAM KAHLE III
Phone
9083827100
Address
233 MOUNT AIRY ROAD, BASKING RIDGE, NJ 07920-2335

Signing Officer

Name
William Kahle
Title
Director of Finance
Phone
9083827100
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Kahle
Formed
2010
Legal Domicile
Nj
Voting Board Members
9
Independent Board Members
9
Employees
0

Preparer

Firm
Eisneramper Llp
Address
111 WOOD AVE SO STE 600, ISELIN, NJ 08830-2700
Preparer
Paul Dougherty
Phone
7322437000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“The wcsf was established by the new jersey legislature in 1935 to pay the claims of insolvent workers' compensation insurance carriers arising from the coverage of risks located or resident in new jersey. Carriers authorized to transact the business of workers compensation insurance in new jersey contribute to the wcsf.”

FORM 990, PART XII, LINE 2C:

“The process has not changed from the previous tax year.”

Financial Statement Notes

PART X, LINE 2:

“There are no uncertain income tax positions taken by the Fund as of December 31, 2016. The federal tax return of the Fund for 2015, 2014 and 2013 are subject to examination by the IRS, generally for three years after they were filed.”

PART XI, LINE 4B:

“Miscellaneous revenue: $87,675.”

PART XII, LINE 4B:

“Miscellaneous revenue: $87,675.”

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

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IRS990/Form990PartVIISectionAGrp/PersonNm8FEDERAL INSURANCE COMPANY
IRS990/Form990PartVIISectionAGrp/PersonNm9JOSEPH DELLAFERA
IRS990/Form990PartVIISectionAGrp/PersonNm10LORI CONNORS
IRS990/Form990PartVIISectionAGrp/PersonNm11WILLIAM KAHLE
IRS990/Form990PartVIISectionAGrp/PersonNm12DOUGLAS HILLMAN
IRS990/Form990PartVIISectionAGrp/PersonNm13TRISH YOUNG
IRS990/Form990PartVIISectionAGrp/PersonNm14RONALD CHESS
IRS990/Form990PartVIISectionAGrp/PersonNm15DAVID CALDWELL
IRS990/Form990PartVIISectionAGrp/PersonNm16NICHOLAS HAMM
IRS990/Form990PartVIISectionAGrp/PersonNm17PASQUALE MARTUCCI
IRS990/Form990PartVIISectionAGrp/PersonNm18Sharon McMahon
IRS990/Form990PartVIISectionAGrp/PersonNm19ANDREA FISHER
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE - DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE - DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF EXECUTIVE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR OF CLAIMS
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR OF COMPLIANCE & IT
IRS990/Form990PartVIISectionAGrp/TitleTxt15ASSISTANT DIRECTOR OF AUDITING
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR OF SIU
IRS990/Form990PartVIISectionAGrp/TitleTxt17asst. director of claims
IRS990/Form990PartVIISectionAGrp/TitleTxt18asst. director of claims
IRS990/Form990PartVIISectionAGrp/TitleTxt19ASST. DIRECTOR OF OPERATIONS
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXInd0X
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IRS990/InsuranceGrp/TotalAmt022846
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IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt00
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IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE WCSF WAS ESTABLISHED BY THE NEW JERSEY LEGISLATURE IN 1935 TO PAY THE CLAIMS OF INSOLVENT WORKERS' COMPENSATION INSURANCE CARRIERS ARISING FROM THE COVERAGE OF RISKS LOCATED OR RESIDENT IN NEW JERSEY. CARRIERS AUTHORIZED TO TRANSACT THE BUSINESS OF WORKERS COMPENSATION INSURANCE IN NEW JERSEY CONTRIBUTE TO THE WCSF.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
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IRS990/NetAssetsOrFundBalancesEOYAmt0180507117
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-405918
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-405918
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/TotalAmt0133533
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0152689
IRS990/OtherExpensesGrp/Desc0CLAIM PAID
IRS990/OtherExpensesGrp/Desc1CLAIM EXPENSES PAID
IRS990/OtherExpensesGrp/Desc2ADMINISTRATIVE EXPENSES PAID
IRS990/OtherExpensesGrp/Desc3MISCELLANEOUS EXPENSES
IRS990/OtherExpensesGrp/TotalAmt016751325
IRS990/OtherExpensesGrp/TotalAmt11044553
IRS990/OtherExpensesGrp/TotalAmt2346179
IRS990/OtherExpensesGrp/TotalAmt387675
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IRS990/PrincipalOfficerNm0WILLIAM KAHLE
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0LIQUIDATION DIVIDEND
IRS990/ProgramServiceRevenueGrp/Desc1LARGE DEDUCTIBLE
IRS990/ProgramServiceRevenueGrp/Desc2LIQUIDATION DIVIDEND - ANNUITY PAYMENTS
IRS990/ProgramServiceRevenueGrp/Desc3WC ASSESSMENT COLLECTED
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11045382
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt211773
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt323869626
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt09997999
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11045382
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt211773
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt323869626
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0915297
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt018980438
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt042420117
IRS990/PYRevenuesLessExpensesAmt022672611
IRS990/PYSalariesCompEmpBnftPaidAmt01682365
IRS990/PYTotalExpensesAmt020662803
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt043335414
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$180,867,670
Liabilities
$360,553
Net assets
$180,507,117
Revenue
$36,182,933
Expenses
$21,044,704
Net income
$15,138,229
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$256$0.34$255$38.8$26.5$12.3
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$230$0.40$229$28.6$29.7$1.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$231$0.47$230$35.0$33.4$1.64
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$229$0.34$229$58.8$36.7$22.1
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$207$0.78$207$51.1$35.0$16.1
2016Detailed filing. Detailed filing data is available for this year.$181$0.36$181$36.2$21.0$15.1
2015Detailed filing. Detailed filing data is available for this year.$166$0.44$165$43.3$20.7$22.7
2014Detailed filing. Detailed filing data is available for this year.$143$0.42$143$37.8$23.4$14.4
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$0.12$106$16.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.6$0.17$90.5$17.0