Civic Intelligence

Self-Insurers' Security Fund

990 • Fiscal year 2023 • EIN 68-0049924

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.SECURITYFUND.ORG

View Organization Page

555 12th Street Suite 680Oakland, CA 94607

(925) 627-1303

Siviq Scores

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

Liabilities / Assets

30th percentile

0.07x

Higher debt load relative to assets than 30% of similar nonprofits.

2023 filings • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

1.82x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • $250M-$1B nonprofits • Source year 2023

Net Margin

98th percentile

82%

Higher net margin than 98% of similar nonprofits.

2023 filings • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

14th percentile

$185,610

Higher top officer pay than 14% of similar nonprofits.

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

2023 filings • $250M-$1B nonprofits • Source year 2023

Asset Growth

66th percentile

7.8%

Faster asset growth than 66% of similar nonprofits.

2023 filings • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

7th percentile

-49%

Faster revenue growth than 7% of similar nonprofits.

2023 filings • $250M-$1B nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets30th percentile

Assets

Up

$746,398,766

Up $53,950,030 (+7.8%) from 2022

Net Assets

Up

$691,459,727

Up $64,158,672 (+10%) from 2022

Liabilities

Down

$54,939,039

Down $10,208,642 (-16%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin98th percentile

Revenue

Down

$30,148,061

Down $28,565,855 (-49%) from 2022

Expenses

Down

$5,474,810

Down $1,847,806 (-25%) from 2022

Net Income

Down

$24,673,251

Down $26,718,049 (-52%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$1.0B$500M$0Assets 2010: $276,457,674Liabilities 2010: $125,651,329Net Assets 2010: $150,806,3452010Assets 2011: $382,315,477Liabilities 2011: $320,225,250Net Assets 2011: $62,090,2272011Assets 2012: $368,235,198Liabilities 2012: $250,727,962Net Assets 2012: $117,507,2362012Assets 2013: $486,523,335Liabilities 2013: $369,010,311Net Assets 2013: $117,513,0242013Assets 2014: $484,384,283Liabilities 2014: $275,955,327Net Assets 2014: $208,428,9562014Assets 2015: $459,451,758Liabilities 2015: $214,604,040Net Assets 2015: $244,847,7182015Assets 2016: $486,132,958Liabilities 2016: $200,908,133Net Assets 2016: $285,224,8252016Assets 2017: $507,864,413Liabilities 2017: $136,118,882Net Assets 2017: $371,745,5312017Assets 2018: $543,054,642Liabilities 2018: $107,572,140Net Assets 2018: $435,482,5022018Assets 2019: $594,777,287Liabilities 2019: $91,118,446Net Assets 2019: $503,658,8412019Assets 2020: $621,157,766Liabilities 2020: $78,038,004Net Assets 2020: $543,119,7622020Assets 2021: $783,094,519Liabilities 2021: $79,121,274Net Assets 2021: $703,973,2452021Assets 2022: $692,448,736Liabilities 2022: $65,147,681Net Assets 2022: $627,301,0552022Assets 2023: $746,398,766Liabilities 2023: $54,939,039Net Assets 2023: $691,459,7272023Assets 2024: $855,452,206Liabilities 2024: $94,129,588Net Assets 2024: $761,322,6182024

Highlighted filing

2023

Assets$746,398,766
Liabilities$54,939,039
Net Assets$691,459,727
Open 2023 Filing

Operations Trend

Revenue Growth7th percentile

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

$300M$200M$100M$0-$100MExpenses 2010: $44,222,7012010Expenses 2011: $213,614,6372011Expenses 2012: $616,9052012Expenses 2013: $165,130,1502013Revenue 2014: $58,070,012Expenses 2014: -$16,223,283Net Income 2014: $74,293,2952014Revenue 2015: $71,840,714Expenses 2015: $18,729,012Net Income 2015: $53,111,7022015Revenue 2016: $81,377,479Expenses 2016: $37,105,501Net Income 2016: $44,271,9782016Revenue 2017: $99,799,642Expenses 2017: -$6,142,584Net Income 2017: $105,942,2262017Revenue 2018: $64,252,501Expenses 2018: $11,297,212Net Income 2018: $52,955,2892018Revenue 2019: $65,844,772Expenses 2019: $12,398,561Net Income 2019: $53,446,2112019Revenue 2020: $33,657,217Expenses 2020: $9,158,182Net Income 2020: $24,499,0352020Revenue 2021: $73,239,633Expenses 2021: $16,219,243Net Income 2021: $57,020,3902021Revenue 2022: $58,713,916Expenses 2022: $7,322,616Net Income 2022: $51,391,3002022Revenue 2023: $30,148,061Expenses 2023: $5,474,810Net Income 2023: $24,673,2512023Revenue 2024: $76,613,039Expenses 2024: $54,236,411Net Income 2024: $22,376,6282024

Highlighted filing

2023

Revenue$30,148,061
Expenses$5,474,810
Net Income$24,673,251
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$133,960,539
Mission and Program Overview

Mission

To provide continuity of workers' compensation benefits to injured workers of insolvent, private self-insured companies at the lowest overall long-term cost, equitably distributed to the self-insurance community.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$364,733,569$410,440,878▲ $45,707,309
Investments in Publicly Traded Securities$280,912,220$296,518,459▲ $15,606,239
Cash and Non-Interest-Bearing Accounts$20,137,816$13,995,074▼ $6,142,742
Prepaid Expenses and Deferred Charges$740,084$1,918,053▲ $1,177,969
Accounts Receivable$304,242$287,218▼ $17,024
Land, Buildings, and Equipment, Net$32,250$22,245▼ $10,005
Savings and Temporary Cash Investments$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 Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$692,448,736$746,398,766▲ $53,950,030
Other Assets Total$25,588,555$23,216,839▼ $2,371,716
Liabilities
Other Liabilities$64,778,761$53,310,812▼ $11,467,949
Accounts Payable and Accrued Expenses$368,920$1,628,227▲ $1,259,307
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$65,147,681$54,939,039▼ $10,208,642
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$627,301,055$691,459,727▲ $64,158,672
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$627,301,055$691,459,727▲ $64,158,672
Total Liabilities and Net Assets / Fund Balance$692,448,736$746,398,766▲ $53,950,030

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,166$207,372$229,538
Other Land Buildings$79$60,400$60,479
Leasehold Improvements$0$45,838$45,838
Other Securities$44,838,888--
Compensation and Service Providers
Top Officer Pay14th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Grant HeinitzRisk ManagerFT$185,610$185,610
Adriana MertinakControllerFT$166,036$166,036
Jill DulichClaims and Ops. ManagerPT$138,596$138,596
William LyonsChairperson-$2,300$2,300
John SmolkTreasurer-$1,200$1,200

Board Members and Trustees

NameTitle
Lyn Asio BoozDirector/delegate
Steve TolanTrustee
Tim EastTrustee
Toni AllenTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Marsh USA INCConsulting1166 AVENUE OF THE AMERICAS, New York, NY 10036$1,280,606
Nixon Peabody LLPLegal1100 CLINTON SQUARE, Rochester, NY 14604$1,036,180
Charles Taylor TpaTpa64 DANBURY ROAD, Wilton, CT 06897$649,036
Tristar Risk ManagementTpa100 OCEANGATE SUITE 700, Long Beach, CA 90802$537,205
BdoAudit And TaxONE BUSH STREET SUITE 1800, San Francisco, CA 94104$125,595
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,860,940
Investment Income
$19,287,121
Other Revenue
$0
Change in Net Assets
$24,673,251

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,089,905
Revenue Not Reported on Financial Statements
$1,058,156
Revenue Not Reported on Form 990
$39,485,421
Total Revenue per Audited Statements
$68,575,326
Total Revenue per Form 990
$30,148,061
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,684,241
Salaries, Compensation, and Employee Benefits$790,569
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses---$1,088,991
Fees for Service Investment Mgmnt Fees---$1,058,156
Fees for Services Legal---$604,779
Current Officers, Directors, Trustees, and Key Employees---$364,437
Fees for Services Other---$328,671
Occupancy---$269,845
Other Salaries and Wages---$268,577
Information Technology---$214,876
Insurance---$184,590
Fees for Services Accounting---$127,844
Other Employee Benefits---$111,295
Office Expenses---$100,634
Conferences and Meetings---$84,622
Payroll Taxes---$46,260
All Other Expenses---$43,963
Depreciation Depletion---$10,005
Travel---$339
Total Functional Expenses$0$0$0$5,474,810

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,474,810
Expenses per Audited Statements$4,416,654
Total Expenses per Audited Statements$4,416,654
Expenses Not Reported on Financial Statements$1,058,156
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
Est. Future Liab. for Claims$43,985,485
Est. Future Liab. for Admin Co$9,325,327
Deferred Rent$0
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
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 6:

“All private self-insurers, as defined by the labor code, are members of the fund as a condition of their authority to individually self-insure their workers' compensation liabilities in the state of california. There are no separate classes of membership.”

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

“Members may nominate qualified individuals for election to the board of trustees, vote in connection with said elections, and participate in member meetings.”

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

“The chair reviews the form 990 prior to filing.”

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

“(a)the executive director has to follow the executive limitations and the employment handbook has a section entitled "conflict of interest". (b) the executive director requires service providers to affirm in writing that there are no conflicts annually. (c) from time to time, the fund requires that trustees and committee members confirm the absence of any conflicts.”

FORM 990, PART VI, SECTION B, LINE 15:

“The board of trustees works with independent advisors and consultants to determine the appropriate levels of compensation and employee benefits for its management and administrative employees. These consultants consist of individuals, including attorneys and personnel consulting firms that have expertise in labor law, recruitment, and studies regarding recruitment, staffing, salary and benefits for comparative organizations. Written findings and recommendations, as well as oral presentations by such consultants, are deemed confidential and are used exclusively by the board as it sees fit.”

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

“The fund posts its annual financial report and independent audit on its website. The fund's bylaws are available to members upon request.”

Filing and Contact Details

Filer

Filer Name
Self-Insurers' Security Fund
EIN
68-0049924
In Care Of
% ADRIANA MERTINAK
Phone
9256271303
Address
555 12TH STREET SUITE 680, OAKLAND, CA 94607

Signing Officer

Name
William Lyons
Title
Chairperson
Phone
5108796035
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Lyons
Formed
1984
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
5
Volunteers
8

Preparer

Firm
Bdo USA
Address
3570 Carmel Mountain Rd 400, San Diego, CA 92130
Preparer
Marc R Berger CPA
Phone
8584049200
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“To provide continuity of workers' compensation benefits to injured workers of insolvent, private self-insured companies at the lowest overall long-term cost, equitably distributed to the self-insurance community.”

Raw XML AppendixShowing 400 of 541 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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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$746,398,766
Liabilities
$54,939,039
Net assets
$691,459,727
Revenue
$30,148,061
Expenses
$5,474,810
Net income
$24,673,251
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$855$94.1$761$76.6$54.2$22.4
2023Detailed filing. Detailed filing data is available for this year.$746$54.9$691$30.1$5.47$24.7
2022Detailed filing. Detailed filing data is available for this year.$692$65.1$627$58.7$7.32$51.4
2021Detailed filing. Detailed filing data is available for this year.$783$79.1$704$73.2$16.2$57.0
2020Detailed filing. Detailed filing data is available for this year.$621$78.0$543$33.7$9.16$24.5
2019Detailed filing. Detailed filing data is available for this year.$595$91.1$504$65.8$12.4$53.4
2018Detailed filing. Detailed filing data is available for this year.$543$108$435$64.3$11.3$53.0
2017Detailed filing. Detailed filing data is available for this year.$508$136$372$99.8$6.14$106
2016Detailed filing. Detailed filing data is available for this year.$486$201$285$81.4$37.1$44.3
2015Detailed filing. Detailed filing data is available for this year.$459$215$245$71.8$18.7$53.1
2014Detailed filing. Detailed filing data is available for this year.$484$276$208$58.1$16.2$74.3
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$487$369$118$165
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$368$251$118$0.62
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$382$320$62.1$214
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$276$126$151$44.2
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)6 • $250M-$1B nonprofits