Civic Intelligence

Workers Compensation Security Fund

990 • Fiscal year 2020 • EIN 27-2030868

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

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

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2020 filings • $250M-$1B nonprofits • Source year 2020

Liabilities / Revenue

10th percentile

0.01x

Higher debt load relative to revenue than 10% of similar nonprofits.

2020 filings • $250M-$1B nonprofits • Source year 2020

Net Margin

49th percentile

4.7%

Higher net margin than 49% of similar nonprofits.

2020 filings • $250M-$1B nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2020

Asset Growth

26th percentile

0.8%

Faster asset growth than 26% of similar nonprofits.

2020 filings • $250M-$1B nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-40%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • $250M-$1B nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$230,914,440

Up $1,771,147 (+0.8%) from 2019

Net Assets

Up

$230,449,369

Up $1,643,790 (+0.7%) from 2019

Liabilities

Up

$465,071

Up $127,357 (+38%) from 2019

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin49th percentile

Revenue

Down

$35,010,632

Down $23,814,458 (-40%) from 2019

Expenses

Down

$33,366,842

Down $3,308,544 (-9.0%) from 2019

Net Income

Down

$1,643,790

Down $20,505,914 (-93%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth26th 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

2020

Assets$230,914,440
Liabilities$465,071
Net Assets$230,449,369
Open 2020 Filing

Operations Trend

Revenue Growth6th 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

2020

Revenue$35,010,632
Expenses$33,366,842
Net Income$1,643,790
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$368,915,666
Mission and Program Overview

Mission

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.

see schedule o

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$228,805,579$230,449,369▲ $1,643,790
Investments in Publicly Traded Securities$214,694,941$215,717,321▲ $1,022,380
Savings and Temporary Cash Investments$8,162,398$14,907,528▲ $6,745,130
Cash and Non-Interest-Bearing Accounts$6,285,939$266,080▼ $6,019,859
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$229,143,293$230,914,440▲ $1,771,147
Other Assets Total$15$23,511▲ $23,496
Liabilities
Other Liabilities$337,714$465,071▲ $127,357
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$337,714$465,071▲ $127,357
Net Assets / Fund Balance
Total Net Assets Fund Balance$228,805,579$230,449,369▲ $1,643,790
Total Liabilities and Net Assets / Fund Balance$229,143,293$230,914,440▲ $1,771,147
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Nicholas HammDirector of SiuPT$149,776$149,776

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 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
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$373,839
Bayada Home Healthcare IncNursing ServicesPO Box 536446, Pittsburg, PA 15253-5906$219,219
Law Offices of Peter N Laub Jrlegal services1030 Route 202, Branchburg, NJ 08876$173,496
Weiner Law Group LLPLegal Services629 PARSIPPANY ROAD, Parsippany, NJ 07054$101,089
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$31,246,406
Investment Income
$3,764,226
Other Revenue
$0
Change in Net Assets
$1,643,790

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,010,632
Total Revenue per Audited Statements
$35,010,632
Total Revenue per Form 990
$35,010,632
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,892,816
Salaries, Compensation, and Employee Benefits$3,474,026
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses---$25,702,938
Other Salaries and Wages---$2,227,690
Other Employee Benefits---$541,012
Current Officers, Directors, Trustees, and Key Employees---$282,020
Pension Plan Contributions---$237,455
Depreciation Depletion---$228,145
Fees for Services Other---$205,219
Payroll Taxes---$185,849
Occupancy---$169,741
Office Expenses---$154,309
Fees for Service Investment Mgmnt Fees---$111,950
Fees for Services Legal---$64,095
Insurance---$35,070
Fees for Services Accounting---$26,933
Travel---$260
Total Functional Expenses$0$0$0$33,366,842

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$33,366,842
Total Expenses per Audited Statements$33,366,842
Total Expenses per Form 990$33,366,842
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$465,071
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 Iii
Title
Director of Finance
Phone
9083827100
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Firm
Eisner Advisory Group LLC
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, 2020.”

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/PersonNm16SELECTIVE INSURANCE CO OF AMERICA
IRS990/Form990PartVIISectionAGrp/PersonNm17STATE FARM INSURANCE COMPANY
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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 Claims
IRS990/Form990PartVIISectionAGrp/TitleTxt5Software Development Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt7ASSISTANT DIRECTOR OF AUDITING
IRS990/Form990PartVIISectionAGrp/TitleTxt8ASST DIRECTOR OF CLAIMS
IRS990/Form990PartVIISectionAGrp/TitleTxt9SR MED BILL REV & COD ANALYST
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/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
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IRS990/InfoInScheduleOPartXInd0X
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IRS990/InsuranceGrp/TotalAmt035070
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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/OtherExpensesGrp/Desc2CLAIM PAID
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IRS990/ProgramServiceRevenueGrp/Desc0LIQUIDATION DIVIDEND
IRS990/ProgramServiceRevenueGrp/Desc1LARGE DEDUCTIBLE
IRS990/ProgramServiceRevenueGrp/Desc2LIQUIDATION DIVIDEND - ANNUITY PAYMENTS
IRS990/ProgramServiceRevenueGrp/Desc3WC ASSESSMENT COLLECTED
IRS990/ProgramServiceRevenueGrp/Desc4SRS LITIGATION SETTLEMENT
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1677424
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt27436
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt323565543
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt41525000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt05471003

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$230,914,440
Liabilities
$465,071
Net assets
$230,449,369
Revenue
$35,010,632
Expenses
$33,366,842
Net income
$1,643,790
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
2020Detailed filing. Detailed filing data is available for this year.$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
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