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← WORKERS COMPENSATION REINSURANCE ASSOCIATION

Form 990 for tax year 2023

Filed by WORKERS COMPENSATION REINSURANCE ASSOCIATION.

Totals

Total revenue
$188,204,787
Total expenses
$49,160,664
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$48,475,487
Investment income
$139,729,300
Other revenue
$0
Total assets, end of year
$3,484,949,959
Total liabilities, end of year
$1,624,178,919
Net assets or fund balances, end of year
$1,860,771,040
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: FUNDED REINSURANCE PREMIUMS

    total $48,467,687 · related or exempt $48,467,687

  • 2b · Program service revenue: ALL OTHER PROGRAM SERVICE REVENUE

    total $7,800 · related or exempt $7,800

  • 3 · Investment income

    total $53,998,635 · unrelated business $42,113 · excluded $53,956,522

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $15,310,339,972

  • 7b · Less cost or other basis and sales expenses

    securities $15,224,609,307

  • 7c · Gain or loss

    securities $85,730,665

  • 7d · Net gain or loss

    total $85,730,665 · excluded $85,730,665

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $32,232,506

  • 5 · Compensation of officers, directors and key employees

    total $2,078,982

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,821,872

  • 8 · Pension plan contributions

    total $57,276

  • 9 · Other employee benefits

    total $348,504

  • 10 · Payroll taxes

    total $219,194

  • 11a · Fees: management

    total $19,940

  • 11b · Fees: legal

    total $142,148

  • 11c · Fees: accounting

    total $194,523

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $7,474,813

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $139,546

  • 14 · Information technology

    total $833,195

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $231,039

  • 17 · Travel

    total $7,240

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $30,926

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,942,096

  • 23 · Insurance

    total $259,837

  • 24a · Other expenses: PERSONNEL ADMINISTRATIVE EXP.

    total $127,027

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $155,048,585 · end of year $287,344,541

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $393,904 · end of year $174,738

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $4,034,709

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,941,365

  • 10c · Land, buildings and equipment, net

    beginning of year $3,629,683 · end of year $2,093,344

  • 11 · Investments: publicly traded securities

    beginning of year $2,826,948,958 · end of year $3,160,380,543

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $13,828,407 · end of year $34,956,793

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,535,179 · end of year $2,039,797

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,546,979,298 · end of year $1,622,139,122

  • 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 $1,450,335,060 · end of year $1,860,771,040

Mission and programs · 2023

Mission

THE WCRA ENSURES THE AVAILABILITY OF LONGTERM REINSURANCE PROTECTION FOR SERIOUS MINNESOTA WORKERS' COMPENSATION CLAIMS. OUR STAFF OF INNOVATIVE PROFESSIONALS IS DEDICATED TO ACHIEVING THE HIGHEST STANDARD OF EXCELLENCE THROUGH STABLE AND REASONABLE RATES, EXPERT CLAIMS ADMINISTRATION, FINANCIAL STABILITY, AND INFORMATIONAL SERVICES.

Activities or mission (Part I)

INDEMNIFY SERIOUS WORKERS' COMPENSATION CLAIMS

  • IN 2023, THE WCRA REIMBURSED 2,966 CLAIM REQUESTS AND PAID $75,842,251 FOR THESE CLAIMS. RESERVES FOR LOSSES AND LOSS EXPENSES DECREASED BY $43,609,745. OVERHEAD EXPENSES ALLOCATED TO LOSS EXPENSES TOTALED $3,119,604.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • James Heer

    PRESIDENT & CEO

    Total calculated
    $473,065
    From this org
    $350,049
    From related orgs
    $0
    Other
    $123,016
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $335,549
    Bonus
    $0
    Other
    $14,500
    Deferred
    $79,748
    Nontaxable benefits
    $43,268
    Filer's total
    $473,065

  • Cynthia Smith

    VP OF OPERATIONS/CORP SECRETRY

    Total calculated
    $428,530
    From this org
    $238,178
    From related orgs
    $0
    Other
    $190,352
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $215,678
    Bonus
    $0
    Other
    $22,500
    Deferred
    $156,282
    Nontaxable benefits
    $34,070
    Filer's total
    $428,530

  • Alison Khan

    VP & ACTUARY

    Total calculated
    $302,577
    From this org
    $254,134
    From related orgs
    $0
    Other
    $48,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,134
    Bonus
    $0
    Other
    $0
    Deferred
    $21,685
    Nontaxable benefits
    $26,758
    Filer's total
    $302,577

  • Tony Tio

    ACTUARY

    Total calculated
    $296,776
    From this org
    $205,309
    From related orgs
    $0
    Other
    $91,467
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,309
    Bonus
    $0
    Other
    $0
    Deferred
    $72,750
    Nontaxable benefits
    $18,717
    Filer's total
    $296,776

  • Dave McKee

    VP & CFO TREASURER

    Total calculated
    $295,221
    From this org
    $204,683
    From related orgs
    $0
    Other
    $90,538
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $204,683
    Bonus
    $0
    Other
    $0
    Deferred
    $54,073
    Nontaxable benefits
    $36,465
    Filer's total
    $295,221

  • Natalie Haefner

    VP OF CLAIMS AND INJURY MGMT

    Total calculated
    $283,003
    From this org
    $163,789
    From related orgs
    $0
    Other
    $119,214
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,789
    Bonus
    $0
    Other
    $0
    Deferred
    $76,377
    Nontaxable benefits
    $42,837
    Filer's total
    $283,003

  • Daniel Lovhaug

    VP IT & SECURITY OFFICER

    Total calculated
    $202,886
    From this org
    $161,906
    From related orgs
    $0
    Other
    $40,980
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,906
    Bonus
    $0
    Other
    $10,000
    Deferred
    $19,273
    Nontaxable benefits
    $21,707
    Filer's total
    $202,886

  • Ray Mularie

    BUSINESS SYS ANALYST V

    Total calculated
    $173,270
    From this org
    $127,190
    From related orgs
    $0
    Other
    $46,080
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,190
    Bonus
    $0
    Other
    $0
    Deferred
    $22,180
    Nontaxable benefits
    $23,900
    Filer's total
    $173,270

  • Peter Foley

    MEMBERSHIP AUDIT SUPERVISOR

    Total calculated
    $150,687
    From this org
    $120,277
    From related orgs
    $0
    Other
    $30,410
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,277
    Bonus
    $0
    Other
    $0
    Deferred
    $28,725
    Nontaxable benefits
    $1,685
    Filer's total
    $150,687

  • James Oukrop

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William McCarthy

    DIRECTOR

    Total calculated
    $10,750
    From this org
    $10,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kenneth Peterson

    DIRECTOR

    Total calculated
    $10,750
    From this org
    $10,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Allison Waggoner

    DIRECTOR

    Total calculated
    $9,250
    From this org
    $9,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Edward Reynoso

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Terrence Miller

    DIRECTOR

    Total calculated
    $7,950
    From this org
    $7,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Daniel Greensweig

    DIRECTOR

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Samuel Nolley

    DIRECTOR

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sheila Brown

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Long

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jean Machart

    DIRECTOR (AS OF 03/23)

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jill Schurtz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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 · Form 990 of other organizations
  • 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
14 November 2024
IRS schema version
2023v5.1
Source object
202403209349305685

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