Form 990 for tax year 2023
Filed by MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION U S.
Totals
- Total revenue
- $1,760,601,496
- Total expenses
- $2,211,717,581
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $778,717,154
- Investment income
- $981,884,312
- Other revenue
- $30
- Total assets, end of year
- $22,448,305,256
- Total liabilities, end of year
- $24,545,082,847
- Net assets or fund balances, end of year
- -$2,096,777,591
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: PREMIUMS EARNED
total $778,717,154 · related or exempt $778,717,154
-
3 · Investment income
total $695,521,644 · excluded $695,521,644
-
7a · Gross sales of assets other than inventory
securities $4,721,290,103
-
7b · Less cost or other basis and sales expenses
securities $4,434,927,435
-
7c · Gain or loss
securities $286,362,668
-
7d · Net gain or loss
total $286,362,668 · excluded $286,362,668
-
11a · Other revenue: MISCELLANEOUS INCOME
total $30 · related or exempt $30
-
11e · Other revenue, total
$30
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $840,265
-
7 · Other salaries and wages
total $12,198,664
-
8 · Pension plan contributions
total -$176,302
-
9 · Other employee benefits
total $3,333,225
-
10 · Payroll taxes
total $881,835
-
11b · Fees: legal
total -$1,960,151
-
11c · Fees: accounting
total $680,504
-
11f · Fees: investment management
total $23,298,285
-
11g · Fees: other
total $813,910
-
13 · Office expenses
total $178,725
-
14 · Information technology
total $21,291,981
-
16 · Occupancy
total $689,463
-
17 · Travel
total $48,895
-
19 · Conferences, conventions and meetings
total $7,572
-
22 · Depreciation, depletion and amortization
total -$122,083
-
23 · Insurance
total $595,482
-
24a · Other expenses: LOSSES INCURRED
total $2,134,114,213
-
24b · Other expenses: ALLOCATED LOSS ADJ.
total $15,000,496
-
24c · Other expenses: MEMBERSHIP DUES
total $2,602
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $324,208,427 · end of year $338,492,609
-
4 · Accounts receivable
beginning of year $7,161,253 · end of year $34,179,418
-
9 · Prepaid expenses and deferred charges
beginning of year $527,685 · end of year $155,108
-
10a · Land, buildings and equipment: cost or other basis
$382,586
-
10b · Land, buildings and equipment: accumulated depreciation
$380,080
-
10c · Land, buildings and equipment, net
beginning of year $9,530 · end of year $2,506
-
11 · Investments: publicly traded securities
beginning of year $18,350,301,805 · end of year $18,768,897,212
-
12 · Investments: other securities
beginning of year $2,613,514,576 · end of year $3,083,005,105
-
15 · Other assets
beginning of year $321,895,686 · end of year $223,573,298
-
17 · Accounts payable and accrued expenses
beginning of year $17,993,155 · end of year $65,713,804
-
25 · Other liabilities
beginning of year $23,648,998,503 · end of year $24,479,369,043
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year -$2,049,372,696 · end of year -$2,096,777,591
Mission and programs · 2023
Mission
SEE SCHEDULE O
Activities or mission (Part I)
REVIEW OF PERSONAL INJURY PROTECTION CLAIMS REPORTED BY MEMBERS AND INDEMNIFICATION OF ULTIMATE MEMBER LOSS UNDER STATUTORY REQUIRED PERSONAL PROTECTION INSURANCE COVERAGES.
-
THE MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION (MCCA), A PRIVATE NON-PROFIT UNINCORPORATED ASSOCIATION, WAS CREATED BY THE STATE LEGISLATURE IN 1978 BY PUBLIC ACT 136 OF 1978, WHICH AMENDED THE NO-FAULT LAW BY ADDING SECTION 3104 EFFECTIVE JULY 1, 1978. MICHIGAN'S UNIQUE AUTO INSURANCE NO-FAULT LAW PROVIDES UNLIMITED LIFETIME COVERAGE FOR MEDICAL EXPENSES WHICH RESULT FROM AUTO ACCIDENTS. THE MCCA REIMBURSES AUTO NO-FAULT INSURANCE COMPANIES FOR EACH PERSONAL INJURY PROTECTION (PIP) MEDICAL CLAIM PAID IN EXCESS OF A SET AMOUNT. CURRENTLY THAT AMOUNT IS $635,000. THE INSURANCE COMPANY PAYS THE ENTIRE CLAIM BUT IS REIMBURSED BY THE MCCA FOR MEDICAL COSTS OVER $635,000.ALL AUTO INSURANCE COMPANIES OPERATING IN MICHIGAN ARE ASSESSED TO COVER THE CATASTROPHIC MEDICAL CLAIMS OCCURRING IN MICHIGAN. THOSE ASSESSMENTS ARE GENERALLY PASSED ON TO AUTO INSURANCE POLICYHOLDERS. THE 2023-2024 ASSESSMENT WAS $122.00 PER VEHICLE, WHICH CONSISTED OF A PURE PREMIUM OF $74.00 AND A DEFICIT RECOUPMENT OF $48.00.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Ted ReinboldTED REINBOLD
DIRECTOR & CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Anthony PtasznikANTHONY PTASZNIK
DIRECTOR & VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Erin FogartyERIN FOGARTY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
John ParsonsJOHN PARSONS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paul MuellerPAUL MUELLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
R Kevin ClintonR KEVIN CLINTON
EXECUTIVE DIRECTOR
- Total calculated
- $558,411
- From this org
- $534,429
- From related orgs
- $0
- Other
- $23,982
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $425,669
- Bonus
- $94,750
- Other
- $14,010
- Deferred
- $22,590
- Nontaxable benefits
- $1,392
- Filer's total
- $558,411
-
James D LunstedJAMES D LUNSTED
CONTROLLER
- Total calculated
- $302,556
- From this org
- $261,262
- From related orgs
- $0
- Other
- $41,294
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $232,392
- Bonus
- $22,690
- Other
- $6,180
- Deferred
- $24,917
- Nontaxable benefits
- $16,377
- Filer's total
- $302,556
-
Joseph ErhardtJOSEPH ERHARDT
ASSISTANT EXECUTIVE DIRECTOR
- Total calculated
- $512,110
- From this org
- $477,223
- From related orgs
- $0
- Other
- $34,887
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $373,043
- Bonus
- $92,000
- Other
- $12,180
- Deferred
- $19,194
- Nontaxable benefits
- $15,693
- Filer's total
- $512,110
-
Kathryn MillerKATHRYN MILLER
GENERAL COUNSEL
- Total calculated
- $428,307
- From this org
- $381,721
- From related orgs
- $0
- Other
- $46,586
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $308,163
- Bonus
- $62,068
- Other
- $11,490
- Deferred
- $20,979
- Nontaxable benefits
- $25,607
- Filer's total
- $428,307
-
William MangoldWILLIAM MANGOLD
IT DIRECTOR
- Total calculated
- $266,983
- From this org
- $212,330
- From related orgs
- $0
- Other
- $54,653
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $191,170
- Bonus
- $19,180
- Other
- $1,980
- Deferred
- $19,340
- Nontaxable benefits
- $35,313
- Filer's total
- $266,983
-
Laura KocotLAURA KOCOT
CLAIMS MANAGER
- Total calculated
- $243,138
- From this org
- $195,736
- From related orgs
- $0
- Other
- $47,402
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $176,036
- Bonus
- $18,410
- Other
- $1,290
- Deferred
- $16,406
- Nontaxable benefits
- $30,996
- Filer's total
- $243,138
-
Wendy HorbalWENDY HORBAL
CLAIMS MANAGER
- Total calculated
- $244,241
- From this org
- $193,151
- From related orgs
- $0
- Other
- $51,090
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,436
- Bonus
- $18,425
- Other
- $1,290
- Deferred
- $15,130
- Nontaxable benefits
- $35,960
- Filer's total
- $244,241
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 May 2025
- IRS schema version
- 2023v6.0
- Source object
- 202531349349300828
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