Nonprofit · EIN 23-7355707
NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION
Tax-exempt · RALEIGH, NC 27612
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $15,993,250 | $24,259,876 | -$8,266,626 | $123,336,163 | $0 | $123,336,163 |
| December 31, 2023 | 990 | $31,484,715 | $16,499,358 | $14,985,357 | $131,600,660 | $0 | $131,600,660 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $13,319,738
- Investment income
- $2,673,512
- Net gain from sales of assets
- $102,769
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $254,877
- Other salaries and wages
- $2,459,157
- Salaries, compensation and benefits (total)
- $3,635,903
- Professional fundraising fees
- $0
- Legal fees
- $156,681
- Accounting fees
- $41,922
- Occupancy
- $141,031
- Travel
- $19,110
Balance sheet and other
- Total assets, start of year
- $131,600,660
- Total assets, end of year
- $123,336,163
- Total liabilities, end of year
- $0
- Net assets, end of year
- $123,336,163
- Publicly traded securities
- $80,806,241
- Gross unrelated business income
- -$2,129
- Gross receipts
- $87,758,467
- Employees
- 11
- Volunteers
- 7
- Year formed
- 1971
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOANNA BILIOURIS | GENERAL MANAGER Officer | 7.5 | $0 | $348,034 | $36,409 |
| EDITH DAVIS | CHIEF FINANCIAL OFFICER Officer | 12.38 | $0 | $272,657 | $101,600 |
| DONNA KALLIANOS | CHIEF OPERATING OFFICER Key employee | 36 | $230,997 | $0 | $90,137 |
| KIM POWELL | CLAIMS MANAGER Highest-paid employee | 37.5 | $135,283 | $0 | $65,753 |
| TAMMY CHOBOY | TECHNICAL & ADMINISTRATIVE MANAGER Highest-paid employee | 37.5 | $138,969 | $0 | $42,927 |
| KATHLYN GORMAN | LITIGATION MANAGER Highest-paid employee | 37.5 | $115,573 | $0 | $21,500 |
| ROBIN WOODARD | MULTI-LINE CLAIMS COORDINATOR Highest-paid employee | 37.5 | $112,217 | $0 | $16,211 |
| NC FARM BUREAU MUTUAL INSURANCE COMPA | BOARD CHAIRMAN Institutional trustee | 1 | $0 | $0 | $0 |
| STATE FARM MUTUAL AUTO INSURANCE COMP | VICE CHAIRMAN Institutional trustee | 1 | $0 | $0 | $0 |
| ALLSTATE INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| BUILDERS MUTUAL INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| ERIE INSURANCE | DIRECTOR (INCOMING 2024) Institutional trustee | 1 | $0 | $0 | $0 |
| NATIONWIDE MUTUAL INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| TRAVELERS INDEMNITY COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
990 for the year ended December 31, 2023: 13 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOANNA BILIOURIS | GENERAL MANAGER Officer | 3.75 | $0 | $328,312 | $38,034 |
| EDITH DAVIS | CHIEF FINANCIAL OFFICER Officer | 12.38 | $0 | $258,430 | $99,314 |
| DONNA KALLIANOS | CHIEF OPERATING OFFICER Key employee | 36.38 | $219,195 | $0 | $87,825 |
| KIM POWELL | CLAIMS MANAGER Highest-paid employee | 37.5 | $124,526 | $0 | $62,368 |
| TAMMY CHOBOY | TECHNICAL & ADMINISTRATIVE MANAGER Highest-paid employee | 37.5 | $130,504 | $0 | $50,244 |
| KATHLYN GORMAN | LITIGATION MANAGER Highest-paid employee | 37.5 | $109,657 | $0 | $20,687 |
| NC FARM BUREAU MUTUAL INSURANCE COMPA | BOARD CHAIRMAN Institutional trustee | 1 | $0 | $0 | $0 |
| STATE FARM MUTUAL AUTO INSURANCE COMP | VICE CHAIRMAN Institutional trustee | 1 | $0 | $0 | $0 |
| ALLSTATE INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| BUILDERS MUTUAL INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| ERIE INSURANCE | DIRECTOR (OUTGOING 2023) Institutional trustee | 1 | $0 | $0 | $0 |
| NATIONWIDE MUTUAL INSURANCE COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
| TRAVELERS INDEMNITY COMPANY | DIRECTOR Institutional trustee | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 4140 PARKLAKE AVE STE 320, RALEIGH, NC 27612-3723
- Principal officer (990 for 2024)
- EDITH DAVIS, 4140 PARKLAKE AVE 320, RALEIGH, NC 27612
- Signed the 990
- EDITH DAVIS, CHIEF FINANCIAL OFFICER
- Phone
- (919) 783-9790
- Website
- WWW.NCRB.ORG/NCIGA
- Return prepared by
- JOHNSON LAMBERT LLP
Mission
THE PURPOSE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES, TO AVOID EXCESSIVE DELAY IN PAYMENT, AND TO AVOID FINANCIAL LOSS TO CLAIMANTS OF POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE LOSS OF SUCH PROTECTION AMONG INSURERS.
Program accomplishments
- PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES". FUNDS FOR THE PAYMENT OF COVERED CLAIMS ARE RECEIVED FROM THE FOLLOWING SOURCES:1) THE NORTH CAROLINA DEPARTMENT OF INSURANCE NOTIFIES THE GUARANTY ASSOCIATION WHEN A COURT OF COMPETENT JURISDICTION DECLARES AN INSURANCE COMPANY INSOLVENT. AFTER THE NOTIFICATION, THE GUARANTY MANAGEMENT STAFF MAKES A FORMAL REQUEST FOR THE INSOLVENT INSURANCE COMPANY'S SECURITY DEPOSIT (ALL LICENSED INSURANCE COMPANIES IN NORTH CAROLINA ARE REQUIRED TO MAKE A SECURITY DEPOSIT PAYMENT TO THE DEPARTMENT OF INSURANCE). THIS SECURITY DEPOSIT WILL BE USED TO PAY THE INSOLVENT COMPANY'S UNPAID CLAIMS AND UNEARNED PREMIUMS.2) THE GUARANTY ASSOCIATION MAY ALSO RECEIVE PROCEEDS FROM THE INSOLVENT COMPANY'S LIQUIDATOR. THE GUARANTY ASSOCIATION DOES NOT HAVE ADVANCE NOTICE OF WHEN LIQUIDATOR FUNDS WILL BE REMITTED. THE LIQUIDATOR PROCEEDS ARE ALSO USED TO MAKE UNPAID CLAIM AND UNEARNED PREMIUM PAYMENTS. THE LIQUIDATORS ALSO TRANSFER CLAIM DATA TO THE GUARANTY ASSOCIATION.THE GUARANTY ASSOCIATION'S CLAIMS STAFF IS RESPONSIBLE FOR REVIEWING CLAIM DETAIL AND ENSURING IT MEETS REQUIREMENTS TO BE PROCESSED. ONCE THE CLAIMS ADJUSTERS DETERMINE THE REQUIREMENTS HAVE BEEN MET, THE CLAIMS ADJUSTERS WILL ACTIVATE THE CLAIM FILE AND BEGIN TO PROCESS CLAIM UNPAID CLAIMS AND UNEARNED PREMIUMS PAYMENTS. AS OF THE END OF CALENDAR YEAR 2024, THERE WERE 44 INSOLVENCIES WITH A TOTAL OF 249 OPEN CLAIMS. A TOTAL OF 8,225 CLAIMS HAVE BEEN CLOSED. TOTAL CLAIMS EXPENSE AND PREMIUM REFUND EXPENSES TOTALED $5,975,951 AND $9,528, RESPECTIVELY.
- ASSESS MEMBER COMPANIES FOR AMOUNTS NECESSARY TO PAY EXPENSES OF HANDLING COVERED CLAIMS; REFUND MEMBER COMPANIES EXCESS AMOUNTS PREVIOUSLY ASSESSED.PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "AN ASSOCIATION TO ASSESS THE LOSS OF (INSURER INSOLVENCIES) AMONG INSURERS". TO ACCOMPLISH THIS, THE GOVERNING BOARD WILL REVIEW OPERATING EXPENSES AND COVERED CLAIMS COSTS TO DETERMINE IF A NEW ASSESSMENT IS NECESSARY TO COVER EXPENSES, OR IF A REFUND OF A PRIOR ASSESSMENT IS PERMISSIBLE. ANY ASSESSMENTS ARE BORNE BY THE GUARANTY ASSOCIATION'S MEMBER INSURANCE COMPANIES IN PROPORTION TO NET DIRECT WRITTEN PREMIUMS.DURING CALENDAR YEAR 2024, THE GUARANTY ASSOCIATION'S BOARD OF DIRECTORS ASSESSED MEMBER INSURERS $9,800,000 AND APPROVED REFUNDS OF $13,237,716.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 23-7355707
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1974
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $123,336,163
- Income (IRS master file)
- $87,758,467
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $15,993,250 | $24,259,876 | $123,336,163 | XML |
| 990 | December 2023 | $31,484,715 | $16,499,358 | $131,600,660 | XML |
| 990 | December 2022 | $25,291,670 | $29,171,088 | $116,615,303 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7355707).
Questions about NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION
- What is the EIN of NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION?
- The employer identification number (EIN) of NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION is 23-7355707.
- Is NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1974.
- Are donations to NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION?
- The 990 for the year ended December 31, 2024 names EDITH DAVIS.
- Who are the officers and directors of NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION?
- The 990 for the year ended December 31, 2024 lists 14 people; 5 received compensation from the organization.
- How much revenue does NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $15,993,250, expenses of $24,259,876 and total assets of $123,336,163 at year end.
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