Civic Intelligence

Workers Compensation Security Fund

990 • Fiscal year 2019 • EIN 27-2030868

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

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

8th percentile

0.00x

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

2019 filings • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

8th percentile

0.01x

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

2019 filings • $250M-$1B nonprofits • Source year 2019

Net Margin

90th percentile

38%

Higher net margin than 90% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

22nd percentile

$323,701

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2019 filings • $250M-$1B nonprofits • Source year 2019

Asset Growth

71st percentile

10%

Faster asset growth than 71% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

82nd percentile

15%

Faster revenue growth than 82% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$229,143,293

Up $21,704,879 (+10%) from 2018

Net Assets

Up

$228,805,579

Up $22,149,704 (+11%) from 2018

Liabilities

Down

$337,714

Down $444,825 (-57%) from 2018

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin90th percentile

Revenue

Up

$58,825,090

Up $7,759,003 (+15%) from 2018

Expenses

Up

$36,675,386

Up $1,694,271 (+4.8%) from 2018

Net Income

Up

$22,149,704

Up $6,064,732 (+38%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth71st 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

2019

Assets$229,143,293
Liabilities$337,714
Net Assets$228,805,579
Open 2019 Filing

Operations Trend

Revenue Growth82nd 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

2019

Revenue$58,825,090
Expenses$36,675,386
Net Income$22,149,704
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.1
Gross Receipts
$425,429,148
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$206,655,875$228,805,579▲ $22,149,704
Investments in Publicly Traded Securities$194,854,611$214,694,941▲ $19,840,330
Savings and Temporary Cash Investments$10,500,360$8,162,398▼ $2,337,962
Cash and Non-Interest-Bearing Accounts$2,083,443$6,285,939▲ $4,202,496
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$207,438,414$229,143,293▲ $21,704,879
Other Assets Total$0$15▲ $15
Liabilities
Other Liabilities$782,539$337,714▼ $444,825
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$782,539$337,714▼ $444,825
Net Assets / Fund Balance
Total Net Assets Fund Balance$206,655,875$228,805,579▲ $22,149,704
Total Liabilities and Net Assets / Fund Balance$207,438,414$229,143,293▲ $21,704,879
Compensation and Service Providers
Top Officer Pay22nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Nicholas HammDirector of SiuPT$146,525$146,525

Board Members and Trustees

NameTitle
David CaldwellAssistant Director of Auditing
Sharon McmahonAsst Director of Claims
Michael RomeoDirector of Claims
Ronald ChessDirector of Compliance & It
William KahleDirector of Finance
Trish YoungDirector of Operations
Aig Property CasualtyInstitutional Trustee
Allstate New Jersey inInstitutional Trustee
Federal Insurance CompInstitutional Trustee
Liberty Mutual InsuranInstitutional Trustee
Selective Insurance CoInstitutional Trustee
State Farm Insurance CInstitutional Trustee
United Services Auto aInstitutional Trustee
James DohertyTrustee - Director
Jessica Schlee-gilbertTrustee - Director
Joseph DellaferaChief Executive Officer
Lori ConnorsGeneral Counsel
Thomas AntolaSoftware Development Manager
Steven LisnerSr Med Bill Rev & COD Analyst

Highest Paid Contractors

ContractorServicesLocationCompensation
Preferred Home Health Care NursinNursing Services45 Main Street, Eatontown, NJ 07724$319,145
Bayada Home Healthcare IncNursing ServicesPO Box 536446, Pittsburg, PA 15253-5906$300,400
Carr Allison Howard Oliver SissonLegal Services100 Vestavia Parkway, Birmingham, AL 35216$228,876
Law Offices of Peter N Laub JrLegal Services1030 Route 202, Branchburg, NJ 08876$121,780
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$53,880,880
Investment Income
$4,944,210
Other Revenue
$0
Change in Net Assets
$22,149,704

Audited Revenue Reconciliation

Revenue per Audited Statements
$58,825,090
Total Revenue per Audited Statements
$58,825,090
Total Revenue per Form 990
$58,825,090
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$32,882,332
Salaries, Compensation, and Employee Benefits$3,793,054
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses---$28,106,552
Other Salaries and Wages---$2,296,288
Other Employee Benefits---$738,320
Pension Plan Contributions---$294,990
Fees for Services Other---$294,882
Current Officers, Directors, Trustees, and Key Employees---$279,648
Payroll Taxes---$183,808
Depreciation Depletion---$172,363
Occupancy---$170,424
Office Expenses---$169,518
Fees for Service Investment Mgmnt Fees---$124,917
Fees for Services Legal---$67,460
Insurance---$30,988
Fees for Services Accounting---$25,917
Travel---$17,784
Total Functional Expenses$0$0$0$36,675,386

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$36,675,386
Total Expenses per Audited Statements$36,675,386
Total Expenses per Form 990$36,675,386
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$337,714
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 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
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 policy 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
2020-11-16
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
Volunteers
0

Preparer

Firm
Eisneramper Llp
Address
111 WOOD AVE SO STE 600, ISELIN, NJ 08830-2700
Preparer
Barbara Pena
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:

“THE FUND WAS PREVIOUSLY ADMINISTERED BY THE COMPENSATION RATING & INSPECTION BUREAU AS A COMPONENT OF THE STATE OF NEW JERSEY AND WAS THEREFORE TAX-EXEMPT. THE FUND IS EXEMPT FROM ALL TAXES AND FEES LEVIED BY THE STATE OF NEW JERSEY EXCEPT TAXES LEVIED ON REAL AND PERSONAL PROPERTY. THE FUND OBTAINED AN APPROVAL ON FEBRUARY 24, 2011 FROM THE INTERNAL REVENUE SERVICE ("IRS") OF ITS TAX-EXEMPT STATUS UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. THE EFFECTIVE DATE OF EXEMPTION WAS MARCH 1, 2010. There are no uncertain income tax positions taken by the Fund as of December 31, 2019.”

Raw XML AppendixShowing 400 of 685 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.

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IRS990/Form990PartVIISectionAGrp/PersonNm6Thomas Antola
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHIEF EXECUTIVE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt1GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR OF COMPLIANCE & IT
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director of Claims
IRS990/Form990PartVIISectionAGrp/TitleTxt6Software Development Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt7ASSISTANT DIRECTOR OF AUDITING
IRS990/Form990PartVIISectionAGrp/TitleTxt8SR MED BILL REV & COD ANALYST
IRS990/Form990PartVIISectionAGrp/TitleTxt9ASST DIRECTOR OF CLAIMS
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR OF SIU
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE - DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE - DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18INSTITUTIONAL TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19INSTITUTIONAL TRUSTEE
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IRS990/MembersOrStockholdersInd0true
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IRS990/MinutesOfCommitteesInd0true
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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/ProgramServiceRevenueGrp/Desc2LIQUIDATION DIVIDEND - ANNUITY PAYMENTS
IRS990/ProgramServiceRevenueGrp/Desc3WC ASSESSMENT COLLECTED
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt211773
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt323777492
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1600095
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt211773

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$229,143,293
Liabilities
$337,714
Net assets
$228,805,579
Revenue
$58,825,090
Expenses
$36,675,386
Net income
$22,149,704
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
2019Detailed filing. Detailed filing data is available for this year.$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
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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