2025-03-26T08:08:13-05:00 2024-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2023-07-01 411634385 MINNESOTA SELF-INSURER'S SECURITY FUND MINN 6122919155 161 RONDO AVENUE 818 ST PAUL MN 55103 BRAD KOLAND BOARD CHAIR 6122919155 2025-03-24 1 0 JULIE BOYER P01278549 2187275025 2025-03-24 2023 2025-03-06 01:10:19Z BRAD KOLAND 161 RONDO AVENUE 818 ST PAUL MN 55103 18876246 0 X WWW.MNSISF.ORG X 1988 MN THE FUND'S PRIMARY PURPOSE IS TO PROMOTE THE COMMON BUSINESS INTERESTS OF ITS MEMBER ORGANIZATIONS. 8 8 0 2 0 0 0 0 2321891 9163170 583170 714525 0 0 2905061 9877695 0 0 0 0 60750 48650 0 0 0 2116967 10898273 2177717 10946923 727344 -1069228 13214298 18933750 9509011 16471128 3705287 2462622 X THE PURPOSE OF MINNESOTA SELF-INSURER'S SECURITY FUND IS TO FULFILL THE OBLIGATIONS PLACED UPON IT BY MINNESOTA SESSION LAWS, CHAPTER 674 (1988), CODIFIED AS MINN. STAT. SECTION 79A.01 ET.SEQ., AND ACTS AMENDATORY THERETO, AND SUCH OTHER PURPOSES WITH UNLIMITED POWER TO ENGAGE IN AND DO ANY LAWFUL ACT WHICH ANY CORPORATION ORGANIZED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF MINNESOTA MAY DO. 0 0 THE ORGANIZATION WAS SET UP AS A RESULT OF AN ACT PASSED BY THE MINNESOTA LEGISLATURE IN REGARD TO WORKERS' COMPENSATION. THE PURPOSE OF THE FUND IS TO INSURE THAT ANY WORKERS WHOSE WORK RELATED INJURY OCCURRED WHEN AN EMPLOYER WAS DULY SELF-INSURED IN THE STATE OF MINNESOTA, WILL CONTINUE TO RECEIVE WORKERS' COMPENSATION BENEFITS IN THE EVENT THE SELF-INSURED EMPLOYER FILES FOR BANKRUPTCY, BECOMES INSOLVENT AND/OR DEFAULTS ON ITS WORKERS' COMPENSATION OBLIGATION. CURRENTLY THE MINNESOTA SELF-INSURER'S SECURITY FUND IS UTILIZING POSTED SECURITY OBTAINED FROM DEFAULTING MEMBERS AND ASSESSMENTS TO PAY CLAIMS TO OR ON BEHALF OF THE INJURED EMPLOYEES.IF THE POSTED SECURITY IS INADEQUATE, MEMBERS OF THE MINNESOTA SELF-INSURER'S SECURITY FUND WILL BE ASSESSED SO THAT THE INJURED EMPLOYEES CONTINUE TO RECEIVE APPROPRIATE BENEFITS. 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 15 0 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 1 0 0 X BRAD KOLAND 6122919155 161 RONDO AVENUE 818 ST PAUL MN 55103 JANEL WAHL FRENCH TREASURER (UNTIL 6/30/24) 3.00 X X 4850 0 0 SUMRATI TICKOO TREASURER 3.00 X X 2050 0 0 BRAD KOLAND VICE CHAIR 1.00 X X 2850 0 0 RICK THEISEN SECRETARY 1.00 X X 3000 0 0 BILL MCCARTHY PRESIDENT EMERITUS 1.00 X X 2050 0 0 JAMES OUKROP TRUSTEE 1.00 X 2650 0 0 HOWARD BICKER TRUSTEE 1.00 X 2650 0 0 DALE HAUG CHAIR 1.00 X X 0 0 0 JEFF MCBRIDE TRUSTEE 1.00 X 0 0 0 CARL W CUMMINS III EXECUTIVE DIRECTOR (UNTIL 11/30/23) 9.00 X 52500 0 0 BRANDON MILLER EXECUTIVE DIRECTOR 9.00 X 4583 0 0 77183 0 0 0 0 0 0 0 SECURITY DEPOSITS 900099 6035025 6035025 RECOVERIES RECEIVED 900099 2726635 2726635 GENERAL MEMBERSHIP ASSESSMENTS 900099 401510 401510 9163170 223124 223124 9489952 8998551 491401 491401 491401 9877695 9163170 0 714525 48650 78783 123454 18675 80297 13116 18989 11550 17981 CLAIMS INCURRED 10388464 CLAIMS ADMINISTRATIVE F 99129 MISCELLANEOUS EXPENSE 47835 10946923 2609573 2042715 8181 23905 4061138 5426036 6535406 11441094 13214298 18933750 37188 29517 510738 475823 8961085 15965788 9509011 16471128 X 0 0 0 0 3705287 2462622 3705287 2462622 13214298 18933750 -1069228 -173437 0 X X 0 1 X 1 0 0 REINSURANCE RECEIVABLE 8417615 INTEREST RECEIVABLE 2152 RIGHT-OF-USE ASSET 45327 SECURITY DEPOSIT RECEIVABLE 2976000 11441094 ESTIMATED CLAIMS PAYABLE 15920408 LEASE LIABILITY 45380 15965788 6977623 -173437 -173437 7151060 2726635 2726635 9877695 8220288 -2726635 -2726635 10946923 0 10946923 PART XI, LINE 4B - OTHER ADJUSTMENTS: CLAIMS RECOVERED RECLASSIFIED FROM EXPENSE 2,726,635. PART XII, LINE 2D - OTHER ADJUSTMENTS: CLAIMS RECOVERED RECLASSIFIED TO REVENUE -2,726,635. FORM 990, PART VI, SECTION A, LINE 6 ALL PRIVATE SELF INSURERS' ARE MEMBERS OF MINNESOTA SELF INSURER'S SECURITY FUND (SISF). THE MEMBERS OF SISF HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERS OF MINNESOTA SELF-INSURER'S SECURITY FUND AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE MINNESOTA SELF-INSURER'S SECURITY FUND TREASURER, EXECUTIVE DIRECTOR, AND GENERAL COUNSEL. THE TREASURER'S REVIEW INCLUDES COMPARISONS TO AUDITED FINANCIAL STATEMENTS NOTING AGREEMENT, ETC. FORM 990, PART VI, SECTION B, LINE 12C THE MINNESOTA SELF-INSURER'S SECURITY FUND (SISF) BOARD OF TRUSTEES HAS A DUTY OF LOYALTY TO SISF REQUIRING THEM TO AVOID ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST WITH SISF. A CONFLICT MAY ARISE WHENEVER A BOARD TRUSTEE HAS ANY DIRECT OR INDIRECT FINANCIAL, PERSONAL, OR PROFESSIONAL INTEREST IN ANY TRANSACTION OR DECISION OF THE BOARD WHICH IS OF SUCH A NATURE THAT THE BOARD TRUSTEE'S DECISIONS MAY BE AFFECTED OR DETERMINED BY HIS/HER PERSONAL INTEREST. CONFLICTS OF INTEREST MAY ALSO ARISE WHEN A BOARD TRUSTEE OR A FAMILY MEMBER RECEIVES A PERSONAL BENEFIT AS A RESULT OF A POSITION WITH SISF. THE BOARD OF TRUSTEES CONSIDERS MATTERS OF POLICY AND PROCEDURE THAT HAVE GENERAL APPLICATION TO THE MEMBERSHIP. IT IS APPROPRIATE FOR INDIVIDUALS ON THE BOARD OF TRUSTEES WHO ARE ALSO SISF MEMBERS WHO ARE GENERALLY AFFECTED IN THE MATTER TO PARTICIPATE IN THE BOARD DELIBERATIONS AND TO VOTE ON SUCH MATTERS. WHEN ANY POLICY OR PROCEDURE UNDER CONSIDERATION HAS SOME SPECIFIC OR UNIQUE ADVANTAGE OR GAIN FOR THE INTERESTS OF A PARTICULAR MEMBER REPRESENTED ON THE BOARD OF TRUSTEES, SUCH CIRCUMSTANCES SHALL BE DISCLOSED. WHEN CONSIDERING AND VOTING ON ANY MATTER THAT IS UNIQUE OR SPECIFIC TO A MEMBER AND THE MEMBER IS ALSO REPRESENTED ON THE BOARD OF TRUSTEES THERE SHALL BE FULL DISCLOSURE OF THE NATURE AND EXTENT OF THE BOARD TRUSTEE'S INTEREST IN THE MATTER. ONLY AFTER SUCH DISCLOSURE MAY THE BOARD TRUSTEE PARTICIPATE IN THE DISCUSSION, BUT SUCH BOARD TRUSTEE SHALL NOT VOTE ON SUCH MATTERS. THE BOARD CHAIR MAY REQUEST THAT SUCH BOARD TRUSTEE RECUSE HIM/HERSELF FROM ANY SUCH VOTE, IF THE BOARD TRUSTEE FAILS TO DO SO ON HIS/HER OWN INITIATIVE. THE BOARD OF TRUSTEES MAY VOTE TO DECLARE AN EXECUTIVE SESSION AND REQUEST THAT THE INTERESTED BOARD TRUSTEE BE EXCUSED FROM THE BOARD DELIBERATIONS. AT EACH ANNUAL MEETING OF THE BOARD OF TRUSTEES, EACH TRUSTEE SHALL RECEIVE A COPY OF THE CODE OF CONDUCT AND, WITHIN 30 DAYS THEREAFTER, SHALL EXECUTE AND RETURN TO THE CHAIR OF THE BOARD OF TRUSTEES THE CODE OF CONDUCT ACKNOWLEDGMENT FORM FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION OF THE TRUSTEES OF THE MINNESOTA SELF-INSURER'S SECURITY FUND IS ESTABLISHED IN THE PLAN OF OPERATION. THE BOARD OF TRUSTEES MAY REVISE THIS COMPENSATION BY AMENDING THE PLAN OF OPERATION, BUT ANY CHANGE IN COMPENSATION OR OTHER AMENDMENTS TO THE PLAN OF OPERATION MUST BE APPROVED BY THE MINNESOTA COMMISSIONER OF COMMERCE BEFORE THEY BECOME EFFECTIVE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE MADE AVAILABLE ON THE MINNESOTA SELF-INSURER'S SECURITY FUND (SISF) WEBSITE. THE AUDITED FINANCIAL STATEMENT IS DISTRIBUTED TO SISF MEMBERS ONLY. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED SINCE THE PRIOR TAX YEAR.