Workers Compensation Security Fund: FY2023 Nonprofit Profile & Form 990 (EIN 27-2030868)

Revenue by fiscal year
FY2020	$35.0M
FY2021	$28.6M
FY2022	$33.9M
FY2023	$33.5M
FY2024	$38.8M

Expenses by fiscal year
FY2020	$33.4M
FY2021	$29.7M
FY2022	$27.5M
FY2023	$26.3M
FY2024	$26.5M

Net assets by fiscal year
FY2020	$230.4M
FY2021	$229.4M
FY2022	$235.7M
FY2023	$243.0M
FY2024	$255.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2011.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

21 people listed on the 990.

Part VII, Section A · reportable compensation

Jessica Schlee-Gilbert

Trustee - Director

$0Pt VII · Sec A

David Raczenbeck

Trustee - Director

$0Pt VII · Sec A

Allstate New Jersey Insurance

Institutional Trustee

$0Pt VII · Sec A

Liberty Mutual Insurance Co

Institutional Trustee

$0Pt VII · Sec A

AIG Property Casualty Company

Institutional Trustee

$0Pt VII · Sec A

Selective Insurance Co of Amer

Institutional Trustee

$0Pt VII · Sec A

State Farm Insurance Company

Institutional Trustee

$0Pt VII · Sec A

United Services Auto Assoc

Institutional Trustee

$0Pt VII · Sec A

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Pays workers' compensation claims for New Jersey residents when their insurance carriers become insolvent.

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1 program · in their own filed words · FY2023

01

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.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$33.5M

Ln 12

Fees for servicesLn 2g$27.9M

Investment incomeLn 3$5.7M

Money outPt IX

$26.3M

Ln 25

Owns and owesPt X

$243.0M

net assets · Ln 32

Cash and savingsLn 1–2$10.9M

Total assetsLn 16$243.3M

LiabilitiesLn 26$321K

PeoplePt VI, VII

21

listed · VII A

PaidVII A0

Voting boardVI 1a9

IndependentVI 1b9

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$27.9M

Investment incomeLn 3$5.7M

Gains on assetsLn 7−$261K

Total revenueLn 12$33.5M

Assets in detailPt X, end of year

CashLn 1$1.3M

SavingsLn 2$9.5M

Cash and savings togetherLn 1–2$10.9M

InvestmentsLn 11–13$232.4M

Other assetsLn 15$38K

Total assetsLn 16$243.3M

LiabilitiesLn 26$321K

Net assetsLn 32$243.0M

OperationsPt I, VI

EmployeesI 50

VolunteersI 60

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$10.0M	$10.9M
InvestmentsLn 11–13	$226.1M	$232.4M
Total assetsLn 16	$236.1M	$243.3M
LiabilitiesLn 26	$378K	$321K
Net assetsLn 32	$235.7M	$243.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$253K
Other salaries and wagesLn 7	$2.0M
Pension plan contributionsLn 8	$176K
Other employee benefitsLn 9	$260K
Payroll taxesLn 10	$170K
Legal feesLn 11b	$12K
Accounting feesLn 11c	$49K
Investment management feesLn 11f	$121K
Other fees for servicesLn 11g	$115K
Office expensesLn 13	$141K
OccupancyLn 16	$143K
TravelLn 17	$11K
Depreciation, depletion and amortizationLn 22	$188K
InsuranceLn 23	$44K
Other expenses (24a–d)Ln 24	$22.6M
Total functional expensesLn 25	$26.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$38.8M	$26.5M	$12.3M	$255.3M	990 PDF
FY2023 Viewing	$33.5M	$26.3M	$7.3M	$243.0M	990 PDF
FY2022	$33.9M	$27.5M	$6.3M	$235.7M	990 PDF
FY2021	$28.6M	$29.7M	−$1.1M	$229.4M	990 PDF
FY2020	$35.0M	$33.4M	$1.6M	$230.4M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $33,543,502 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $31,737,371$27,873,413

I-10 Investment incomePrior year $2,113,124$5,670,089

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $33,850,495$33,543,502

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $3,011,001$2,902,820

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $24,500,129$23,384,937

I-18 Total expensesPrior year $27,511,130$26,287,757

I-19 Revenue less expensesPrior year $6,339,365$7,255,745

Part VI · Governance 9 of 9 board members independent, 1 to look at

VI-1a Voting members of the governing body9

VI-1b Independent voting members9

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $33,543,502 across 4 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $27,873,413$27,873,413

VIII-3 Investment incomeExcluded from tax $5,930,697$5,930,697

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$260,608−$260,608

VIII-12 Total revenueRelated to mission $27,873,413 · Unrelated business $0 · Excluded from tax $5,670,089$33,543,502

Part IX · Statement of functional expenses $26,287,757 across 15 lines filed

IX-5 Pay of current officers, directors and key staff$252,733

IX-7 Other salaries and wages$2,044,535

IX-8 Pension plan contributions$175,562

IX-9 Other employee benefits$259,651

IX-10 Payroll taxes$170,339

IX-11b Legal fees$12,333

IX-11c Accounting fees$49,006

IX-11f Investment management fees$120,593

IX-11g Other fees for services$115,414

IX-13 Office expenses$141,282

IX-16 Occupancy$142,871

IX-17 Travel$11,000

IX-22 Depreciation, depletion and amortization$188,473

IX-23 Insurance$43,944

IX-24 Other expenses (24a–d)$22,560,021

IX-25 Total functional expenses$26,287,757

Part X · Balance sheet $243,284,559 assets, 9 lines filed

X-1 Cash, non-interest-bearingStart of year $1,307,414$1,342,071

X-2 Savings and temporary cash investmentsStart of year $8,712,275$9,512,985

X-11 Publicly traded securitiesStart of year $226,066,173$232,391,652

X-15 Other assetsStart of year $0$37,851

X-16 Total assetsStart of year $236,085,862$243,284,559

X-25 Other liabilitiesStart of year $377,689$320,641

X-26 Total liabilitiesStart of year $377,689$320,641

X-32 Total net assets or fund balancesStart of year $235,708,173$242,963,918

X-33 Total liabilities and net assetsStart of year $236,085,862$243,284,559

Part XI · Reconciliation of net assets $242,963,918 net assets at year end

XI-1 Total revenue$33,543,502

XI-2 Total expenses$26,287,757

XI-3 Revenue less expenses$7,255,745

XI-4 Net assets at start of year$235,708,173

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$242,963,918

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Workers Compensation Security Fund FY2023 filing

Before you give

Is it real?

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Workers Compensation Security Fund

By the numbers

Filing history

Schedules filed Part IV