Massachussetts Association Of Insurance Agents Inc
- Assets
- $15.4m
- Revenue
- $4.8m
- Investments
- $7.8m
- Employees
- 20
- Location
- Milford, MA
- Founding
- 09/1993
- Data as of
- 12/2021
- EIN
- 04-3172159
Organization Overview
Massachussetts Association Of Insurance Agents Inc is located in Milford, MA. The organization was established in 1993. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Massachussetts Association Of Insurance Agents Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachussetts Association Of Insurance Agents Inc 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 12/2021, Massachussetts Association Of Insurance Agents Inc generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $3.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.8%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MAIA IS DEDICATED TO STRENGTHENING AND ELEVATING THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH UNWAVERING ADVOCACY AND PROMOTION, QUALITY EDUCATION, KEY INSIGHTS, AND ADVICE, MARKET ACCESS AND ESSENTIAL PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTIVITIES TO PROMOTE INDUSTRY AND GOVERNMENT RELATIONS AS WELL AS TO SUPPORT AND PROMOTE SOUND PRINCIPLES, FAIR COMPETITION, AND ETHICAL PRACTICES WITHIN THE INSURANCE AGENCY.
EDUCATIONAL SEMINARS AND PROGRAMS TO PROVIDE PROFESSIONAL TRAINING FOR ASSOCIATION MEMBERS AND INFORM MEMBERS OF THE LATEST TRENDS AND ISSUES IMPACTING THE INSURANCE INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas A Fyntrilakis President & CEO | Officer | 35 | $426,596 |
Heather Kramer Coo/ Vice President | 35 | $208,336 | |
Irene Morill VP Of Technical Affairs | 35 | $144,754 | |
Benjamin Cavallo Chairman Elect | OfficerTrustee | 2 | $0 |
John R Sweeney Chairman | OfficerTrustee | 2 | $0 |
Glen Davis National Dir. Iiaba | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $204,701 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,532 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $244,233 |
| Total Program Service Revenue | $3,278,041 |
| Investment income | $79,960 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $648,325 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,849,036 |
| 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. | $364,684 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $999,030 |
| Pension plan accruals and contributions | $69,588 |
| Other employee benefits | $81,681 |
| Payroll taxes | $105,869 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,288 |
| Fees for services: Accounting | $43,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,253 |
| Fees for services: Other | $3,149 |
| Advertising and promotion | $577,130 |
| Office expenses | $212,297 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $153,530 |
| Travel | $16,149 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $406,256 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,849 |
| Insurance | $28,724 |
| All other expenses | $0 |
| Total functional expenses | $3,854,382 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $556,314 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,489 |
| 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 | $459,104 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,298,829 |
| Investments—other securities | $7,779,146 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $243,783 |
| Total assets | $15,366,665 |
| Accounts payable and accrued expenses | $117,891 |
| Grants payable | $0 |
| Deferred revenue | $1,349,329 |
| 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 | $0 |
| Total liabilities | $1,467,220 |
| Net assets without donor restrictions | $13,899,445 |
| 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 | $15,366,665 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Massachussetts Association Of Insurance Agents Inc has recieved totaling $126,000.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $42,000 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $42,000 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $42,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Risk And Insurance Management Society Inc New York, NY | $15,569,864 | $12,268,578 |
Automobile Insurers Bureau Of Massachusetts Boston, MA | $2,744,805 | $12,244,779 |
Excess Line Association Of New York New York, NY | $36,201,317 | $11,240,697 |
Florida Automobile Joint Underwriting Association Johnston, RI | $4,634,653 | $3,014,358 |
Guaranty Fund Management Services Inc Boston, MA | $2,796,356 | $6,554,035 |
Massachussetts Association Of Insurance Agents Inc Milford, MA | $15,366,665 | $4,849,036 |
Spark Institute Inc Simsbury, CT | $3,290,502 | $1,638,817 |
Professional Insurance Agents Of New York State Inc Glenmont, NY | $9,604,460 | $1,641,025 |
New York State Funeral Directors Association Inc Albany, NY | $12,864,504 | $2,564,009 |
Ceg Of The Capital Region Inc Albany, NY | $954,995 | $1,640,221 |
New England Venture Capital Association Boston, MA | $646,972 | $792,153 |
Independent Insurance Agents Of Rhode Island Warwick, RI | $2,326,511 | $759,864 |