Minnesota Workers Compensation

“Any entity that is licensed through mn department of commerce to write workers compensation insurance has to be a member of a data service organization, mwcia the only dso in the state of minnesota.”

“Guided by a board of eleven members, mwcia has nine company members and two public members appointed by the minnesota department of commerce.”

“A copy of this form 990 is transmitted to the budget and investment committee members for review. Once approved by the committee the draft is then reviewed by all board members who then vote to approve submission of the form 990 to assure full and accurate disclosure to the irs and make certain the board is fully aware of the its contents.”

“The organization monitors and enforces its conflict of interest policy through an annual procress of requiring employees and board members to review the policy, and sign an acknowledgement stating their compliance with the policy. The policy requires board members to disclose potential conflict of interest relationships that arise in the ordinary course of the organization's business. If conflicts are identified, the president and senior vice president of operations, in consultation with the chair of the board of directors, are responsible to manage the relationships to ensure that financial decisions are made with independence. In the current year, one board member also provides workers' compensation insurance to association and one public member purchases data from the association.”

“President salary is set by executive committee (board of directors). All other employees including key employees are set by management. A salary review program has been established by an independent consulting firm and is consistently reviewed to ensure wages are competitive and fair.”

“The articles of incorporation and bylaws are posted on the organizations website. Financial information is included in summary form in the annual report which is also posted on the website. Other information, such as the conflict of interest policy is made available upon request.”

“The preparation of financial statements in conformity with the modified cash basis of accounting for the association and the cash basis of accounting for the insolvent fund requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.”

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