Main Insurance Agents Assoc
- Assets
- $944.6k
- Revenue
- $941.0k
- Investments
- $219.1k
- Employees
- 4
- Location
- Hallowell, ME
- Founding
- 11/1955
- Data as of
- 08/2022
- EIN
- 01-0219810
Organization Overview
Main Insurance Agents Assoc is located in Hallowell, ME. The organization was established in 1955. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 08/2022, Main Insurance Agents Assoc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Main Insurance Agents Assoc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 08/2022, Main Insurance Agents Assoc generated $941.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $883.2k during the year ending 08/2022. While expenses have increased by 2.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO REPRESENT, SUPPORT, AND PROMOTE INDEPENDENT INSURANCE AGENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL MEETINGS, CONVENTIONS AND SEMINARS ARE PROVIDED FOR MEMBERS.
DUES ARE PAID TO THE NATIONAL INDEPENDENT INSURANCE AGENTS OF AMERICA WHICH IN TURN SUPPORTS INDEPENDENT AGENTS AT A NATIONAL LEVEL.
LEGISLATION AND REGULATIONS AFFECTING INSURANCE AGENTS ARE MONITORED BY THE ASSOCIATION AND APPROPRIATE INPUT ON BEHALF OF AGENTS IS GIVEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Veregge President/ceo | OfficerTrustee | 40 | $134,462 |
Sarah Fisher Chairwoman- Elect | OfficerTrustee | 0.5 | $0 |
Laurie J Billings ACSR Immediate Past Chairwoman | OfficerTrustee | 0.5 | $0 |
Ashley Rosborough Vice Chairwoman | OfficerTrustee | 0.5 | $0 |
G Jeff Shaw CIC Chairman | OfficerTrustee | 0.5 | $0 |
Ken White Iiaba State National Direc | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $445,984 |
| Investment income | $171,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,030 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $941,041 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $149,051 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $195,622 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,660 |
| Payroll taxes | $21,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,580 |
| Fees for services: Lobbying | $35,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,357 |
| Fees for services: Other | $0 |
| Advertising and promotion | $107,248 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,000 |
| Travel | $25,511 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $127,475 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,234 |
| Insurance | $5,008 |
| All other expenses | $21,773 |
| Total functional expenses | $883,165 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,520 |
| Savings and temporary cash investments | $5,172 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,815 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,007 |
| Net Land, buildings, and equipment | $3,350 |
| Investments—publicly traded securities | $572,682 |
| Investments—other securities | $219,142 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,892 |
| Total assets | $944,580 |
| Accounts payable and accrued expenses | $21,237 |
| Grants payable | $0 |
| Deferred revenue | $31,733 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,000 |
| Total liabilities | $82,970 |
| Net assets without donor restrictions | $861,610 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $944,580 |
Grants Awarded
Over the last fiscal year, Main Insurance Agents Assoc has awarded $80,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Waterville, ME PURPOSE: SCHOLARSHIP FUND | $40,000 |
Portland, ME PURPOSE: SCHOLARSHIP FUND | $40,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Main Insurance Agents Assoc has recieved totaling $38,666.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $38,666 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Hampshire Bankers Association Insurance Trust Concord, NH | $1,655,893 | $8,712,913 |
Main Insurance Agents Assoc Hallowell, ME | $944,580 | $941,041 |
New Hampshire Association Of Insurance Agents Inc Concord, NH | $1,259,818 | $644,627 |
Bangor Hydro-Electric Company Voluntary Employee Benefit Bangor, ME | $702,654 | $244 |
Maine Self Insurance Guaranty Association Cape Elizabeth, ME | $4,634,864 | $175,988 |
J W Robinson Welfare Trust Gardiner, ME | $1,373,333 | $66,048 |
Workers Compensation Coordinating Council Augusta, ME | $80,869 | $0 |
Claremont Youth Baseball & Softball Inc Claremont, NH | $25,931 | $0 |