Self-Insurers' Security Fund

Not tax-deductible

Oakland, CA501(c)(6)Since 1984EIN 68-0049924

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.

Run by 8 volunteers and 5 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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
5 of 5
filings with a surplus
Average surplus $36.0M a year · 66% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$576K
to officers and key staff · 1% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
10 mo
of spending, in cash
Looks good: 9.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$118.0M
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$80.7M
+5% vs prior year
Spent
$54.8M
To programs
0%
Net assets
$787.7M
By yearFY2020–FY2024
Revenue
$80.7M
FY2024▲ +5%
Revenue by fiscal year
FY2020$33.7M
FY2021$73.2M
FY2022$58.7M
FY2023$30.1M
FY2024$76.6M
FY2024$80.7M
Expenses
$54.8M
FY2024▲ +1%
Expenses by fiscal year
FY2020$9.2M
FY2021$16.2M
FY2022$7.3M
FY2023$5.5M
FY2024$54.2M
FY2024$54.8M
Net assets
$787.7M
FY2024▲ +3%
Net assets by fiscal year
FY2020$543.1M
FY2021$704.0M
FY2022$627.3M
FY2023$691.5M
FY2024$761.3M
FY2024$787.7M

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 Apr 1985.

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; $576K paid to officers and key staff.

Part VII, Section A · reportable compensation
Director, Member Credit Risk
$204,631Pt VII · Sec A
Director of Finance
$200,489Pt VII · Sec A
Director, Claims and Operations
$167,355Pt VII · Sec A
Chairperson
$1,900Pt VII · Sec A
Trustee
$1,000Pt VII · Sec A
Trustee
$600Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Grant Heintz$204,631—————
Adriana Mertinak$200,489$160,200$166,036$166,036$155,000$140,806
Grant Heinitz—$195,871$185,610$180,554$165,152$164,274
Jill Dulich$167,355$152,802$138,596$138,596$129,384$125,616
William Lyons$1,900$1,800$2,300$2,300$1,800$1,800
John Smolk$1,000$700$1,200$1,200$2,300$1,300
Tim East$600$900———$1,200

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

Self-Insurers' Security Fund is a business league or trade association based in Oakland, CA, formed in 1984.

Provided by the organization

This section is blank until Self-Insurers' Security Fund claims this page.

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2 program services, described in the organization's own filed words · FY2024.
01

Alternative Security Program Assessments

Self-insured corporations meeting certain minimum credit quality standards are assessed annual fees for participation in the asp program in lieu of posting a security deposit. The asp program provides protection to self-insured employers in the case of any future defaults.

Pt IX · col B
02

Security Deposits and Recoveries

Sisf receives revenue from surety bonds and deposits when the organization assumes, as stipulated in the labor code, the responsibility to administer the funds necessary to pay workers' compensation obligations against an insolvent self-insurer.

Pt IX · col B

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By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$80.7M
Ln 12
Investment incomeLn 3$76.6M
Fees for servicesLn 2g$4.0M
Money outPt IX
$54.8M
Ln 25
Owns and owesPt X
$787.7M
net assets · Ln 32
Cash and savingsLn 1–2$44.8M
Total assetsLn 16$905.7M
LiabilitiesLn 26$118.0M
PeoplePt VI, VII
11
listed · VII A
PaidVII A6
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4.0M
Investment incomeLn 3$76.6M
Gains on assetsLn 7$61.8M
Total revenueLn 12$80.7M
Assets in detailPt X, end of year
CashLn 1$44.8M
Cash and savings togetherLn 1–2$44.8M
InvestmentsLn 11–13$834.8M
Land, buildings, equipmentLn 10c$35K
Other assetsLn 15$24.4M
Total assetsLn 16$905.7M
LiabilitiesLn 26$118.0M
Net assetsLn 32$787.7M
OperationsPt I, VI
EmployeesI 55
VolunteersI 68
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$18.8M$44.8M
InvestmentsLn 11–13$765.8M$834.8M
Land, buildings, equipmentLn 10c$17K$35K
Total assetsLn 16$855.5M$905.7M
LiabilitiesLn 26$94.1M$118.0M
Net assetsLn 32$761.3M$787.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$594K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$148K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$141K
Payroll taxesLn 10$53K
Management feesLn 11a$0
Legal feesLn 11b$735K
Accounting feesLn 11c$207K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$1.1M
Other fees for servicesLn 11g$346K
Advertising and promotionLn 12$0
Office expensesLn 13$127K
Information technologyLn 14$273K
RoyaltiesLn 15$0
OccupancyLn 16$281K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$105K
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$9K
InsuranceLn 23$249K
Other expenses (24a–d)Ln 24$50.2M
All other expensesLn 24e$274K
Total functional expensesLn 25$54.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $76.6M$54.2M$22.4M$761.3M 990 PDF
FY2023 $30.1M$5.5M$24.7M$691.5M 990 PDF
FY2022 $58.7M$7.3M$51.4M$627.3M 990 PDF
FY2021 $73.2M$16.2M$57.0M$704.0M 990 PDF
FY2020 $33.7M$9.2M$24.5M$543.1M 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 (4 parts)
Part VIII · Statement of revenue $80,659,578 across 5 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,010,879 · Unrelated business $0 · Excluded from tax $0$4,010,879
VIII-3 Investment incomeRelated to mission $0 · Unrelated business −$584,404 · Excluded from tax $15,469,194$14,884,790
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $61,763,909$61,763,909
VIII-12 Total revenueRelated to mission $4,010,879 · Unrelated business −$584,404 · Excluded from tax $77,233,103$80,659,578
Part IX · Statement of functional expenses $54,811,151 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$593,956
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$148,234
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$141,234
IX-10 Payroll taxes$52,532
IX-11a Management fees$0
IX-11b Legal fees$734,605
IX-11c Accounting fees$206,943
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$1,054,183
IX-11g Other fees for services$346,154
IX-12 Advertising and promotion$0
IX-13 Office expenses$127,122
IX-14 Information technology$273,305
IX-15 Royalties$0
IX-16 Occupancy$281,457
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$104,527
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$8,673
IX-23 Insurance$248,847
IX-24 Other expenses (24a–d)$50,215,799
IX-24e All other expenses$273,580
IX-25 Total functional expenses$54,811,151
Part X · Balance sheet $905,651,511 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $18,803,718$44,808,780
X-4 Accounts receivableStart of year $43,238,218$56,289
X-9 Prepaid expenses and deferred chargesStart of year $1,705,976$1,489,388
X-10c Land, buildings and equipment, netStart of year $17,345$35,430
X-11 Publicly traded securitiesStart of year $323,754,223$319,716,595
X-12 Other securitiesStart of year $442,060,822$515,119,955
X-15 Other assetsStart of year $25,871,904$24,425,074
X-16 Total assetsStart of year $855,452,206$905,651,511
X-17 Accounts payable and accrued expensesStart of year $1,296,744$1,647,788
X-25 Other liabilitiesStart of year $92,832,844$116,323,286
X-26 Total liabilitiesStart of year $94,129,588$117,971,074
X-27 Net assets without donor restrictionsStart of year $761,322,618$787,680,437
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $761,322,618$787,680,437
X-33 Total liabilities and net assetsStart of year $855,452,206$905,651,511
Part XI · Reconciliation of net assets $787,680,437 net assets at year end
XI-1 Total revenue$80,659,578
XI-2 Total expenses$54,811,151
XI-3 Revenue less expenses$25,848,427
XI-4 Net assets at start of year$761,322,618
XI-5 Net unrealized gains (losses) on investments$509,392
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$787,680,437

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

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