Minnesota Fair Plan

Not tax-deductible

Bloomington, MN501(c)(6)EIN 41-0950742Revenue $4.1M in FY2024

On file with the IRSmnfairplan.org7900 International Dr Ste 625, 55425-2559 · Bloomington, MNTax-exempt since Jan 1970

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To provide owner and tenants of individual resideneces, small business owners, farmers and co-op residents an opportunity to purchase limited property or homeowners insurance when they are unable to DO so in the voluntary market.

$310K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $79K a year · 2% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$310K
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
13 mo
of spending, in cash
Looks good: 13.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.4M
75% of total assets
Worth a look: liabilities are 75% of assets; over 65%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.1M
+25% vs prior year
Spent
$3.0M
Net assets
$810K
By yearFY2020–FY2024
Revenue
$4.1M
FY2024▲ +25%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.2M
FY2021$3.0M
FY2022$3.0M
FY2023$3.3M
FY2024$4.1M
Expenses
$3.0M
FY2024▼ -29%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.3M
FY2021$3.2M
FY2022$3.5M
FY2023$4.1M
FY2024$3.0M
Net assets
$810K
FY2024▲ +356%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.2M
FY2022$599K
FY2023−$317K
FY2024$810K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1970.

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

Who runs it and what they're paid

11 people listed on the 990; $310K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$177,646Pt VII · Sec A
Insurance Operations Manager
$129,190Pt VII · Sec A
Treasurer
$1,200Pt VII · Sec A
$800Pt VII · Sec A
$800Pt VII · Sec A
Director Beginning June
$600Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Gary Rupp$177,646$170,424$164,460$160,858$160,875
Brian Hallgren$129,190$119,523$111,210——
Elaine Love$1,200$2,000$2,000$1,200$600
Michael McHugh$800$1,600———
Sheri Melander-Smith$800$1,200$1,400$1,200$600
Michael J McHugh——$1,200$1,000$1,000
Robert Meeks———$1,000$800
Steve Kelley$600————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Helps people buy insurance when they can't get it elsewhere.

Questions for Minnesota Fair Plan

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Provided by the organization

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1 program · in their own filed words · FY2024
01

During 2024, the minnesota fair plan provided insurance coverage to approximately 3,400 policyholders throughout the state of minnesota. The MN fair plan continued its role as the primary financial supporter for the iaai's arson hotline reward program.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$4.1M
Ln 12
Fees for servicesLn 2g$4.0M
Investment incomeLn 3$85K
Other incomeLn 4–11$216
Money outPt IX
$3.0M
Ln 25
Owns and owesPt X
$810K
net assets · Ln 32
Cash and savingsLn 1–2$3.2M
Total assetsLn 16$3.2M
LiabilitiesLn 26$2.4M
PeoplePt VI, VII
11
listed · VII A
PaidVII A6
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4.0M
Investment incomeLn 3$85K
Other incomeLn 4–11$216
Total revenueLn 12$4.1M
Assets in detailPt X, end of year
CashLn 1$535
SavingsLn 2$3.2M
Cash and savings togetherLn 1–2$3.2M
Total assetsLn 16$3.2M
LiabilitiesLn 26$2.4M
Net assetsLn 32$810K
OperationsPt I, VI
EmployeesI 57
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
LineStart FY24End FY24
Cash and savingsLn 1–2$1.8M$3.2M
Total assetsLn 16$1.8M$3.2M
LiabilitiesLn 26$2.2M$2.4M
Net assetsLn 32−$317K$810K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$195K
Other salaries and wagesLn 7$329K
Pension plan contributionsLn 8$104K
Other employee benefitsLn 9$57K
Payroll taxesLn 10$38K
Legal feesLn 11b$3K
Accounting feesLn 11c$43K
Other fees for servicesLn 11g$46K
Office expensesLn 13$91K
Information technologyLn 14$432K
OccupancyLn 16$66K
TravelLn 17$8K
InterestLn 20$12
InsuranceLn 23$26K
Other expenses (24a–d)Ln 24$1.4M
All other expensesLn 24e$70K
Total functional expensesLn 25$3.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $4.1M$3.0M$1.2M$810K 990 PDF
FY2023 $3.3M$4.1M−$852K−$317K 990 PDF
FY2022 $3.0M$3.5M−$505K$599K 990 PDF
FY2021 $3.0M$3.2M−$162K$1.2M 990 PDF
FY2020 $3.2M$3.3M−$24K$1.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $4,108,120 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,231,015$4,023,035
I-10 Investment incomePrior year $53,570$84,869
I-11 Other revenuePrior year $112$216
I-12 Total revenuePrior year $3,284,697$4,108,120
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 $693,453$723,414
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,443,528$2,234,019
I-18 Total expensesPrior year $4,136,981$2,957,433
I-19 Revenue less expensesPrior year −$852,284$1,150,687
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $4,108,120 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,023,035$4,023,035
VIII-3 Investment incomeExcluded from tax $84,869$84,869
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $216$216
VIII-12 Total revenueRelated to mission $4,023,251 · Unrelated business $0 · Excluded from tax $84,869$4,108,120
Part IX · Statement of functional expenses $2,957,433 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$194,711
IX-7 Other salaries and wages$329,308
IX-8 Pension plan contributions$104,291
IX-9 Other employee benefits$57,280
IX-10 Payroll taxes$37,824
IX-11b Legal fees$2,954
IX-11c Accounting fees$43,450
IX-11g Other fees for services$45,751
IX-13 Office expenses$91,377
IX-14 Information technology$432,489
IX-16 Occupancy$66,196
IX-17 Travel$8,177
IX-20 Interest$12
IX-23 Insurance$25,514
IX-24 Other expenses (24a–d)$1,447,628
IX-24e All other expenses$70,471
IX-25 Total functional expenses$2,957,433
Part X · Balance sheet $3,208,455 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $535$535
X-2 Savings and temporary cash investmentsStart of year $1,832,839$3,207,920
X-16 Total assetsStart of year $1,833,374$3,208,455
X-17 Accounts payable and accrued expensesStart of year $121,297$148,171
X-19 Deferred revenueStart of year $1,410,511$1,839,757
X-25 Other liabilitiesStart of year $618,600$410,100
X-26 Total liabilitiesStart of year $2,150,408$2,398,028
X-32 Total net assets or fund balancesStart of year −$317,034$810,427
X-33 Total liabilities and net assetsStart of year $1,833,374$3,208,455
Part XI · Reconciliation of net assets $810,427 net assets at year end
XI-1 Total revenue$4,108,120
XI-2 Total expenses$2,957,433
XI-3 Revenue less expenses$1,150,687
XI-4 Net assets at start of year−$317,034
XI-9 Other changes in net assets−$23,226
XI-10 Net assets at end of year$810,427

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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