Property Insurance Plans Service Office Inc
- Assets
- $1.0m
- Revenue
- $707.9k
- Investments
- $0.0
- Employees
- 2
- Location
- Boston, MA
- Founding
- 04/1996
- Data as of
- 06/2022
- EIN
- 04-3253510
Organization Overview
Property Insurance Plans Service Office Inc is located in Boston, MA. The organization was established in 1996. 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 06/2022, Property Insurance Plans Service Office Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Property Insurance Plans Service Office 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 06/2022, Property Insurance Plans Service Office Inc generated $707.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $749.0k during the year ending 06/2022. 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
PIPSO'S PURPOSE IS TO PROMOTE THE EFFICIENT AND ECONOMICAL OPERATION OF THE STATE RESIDUAL PROPERTY INSURANCE PLANS BY ENCOURAGING RESEARCH AND SHARING OF OPERATING KNOWLEDGE AND TECHNOLOGIES, BY COLLECTING AND DISSEMINATING STATISTICS RELATED TO THE OPERATION OF THE PLANS, AND BY PROVIDING EDUCATION, TRAINING, AND OTHER SERVICES TO PLANS AND TO INSURERS TO ASSIST THEM IN MEETING THEIR RESPONSIBILITIES IN THE RESIDUAL MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TWO EMPLOYEES RAN TWO EDUCATIONAL CONFERENCES. THEY PUBLISHED THE FOLLOWING FOR ITS MEMBERS: COMPENDIUM OF PROPERTY INSURANCE PLANS; THE PIPSO REPORT; MARKET PENETRATION REPORT; EXPENSES AND ASSOCIATE RATIOS REPORT; AND THE PIPSO DIRECTORY. THEY ALSO NEGOTIATED DISCOUNTS FOR ALL PIPSO MEMBERS WITH FOUR DIFFERENT VENDORS. IN ADDITION, THEY CONDUCTED SEVERAL SURVEYS FOR THE MEMBERSHIP AND KEPT THEM UP TO DATE ON LEGISLATIVE ISSUES THAT MAY AFFECT THE MEMBERS. THE TWO EMPLOYEES ALSO HANDLED ALL OF THE ADMINISTRATIVE ASPECTS OF RUNNING A NON-PROFIT MEMBERSHIP ORGANIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gina Schwitzgebel Hardy Chairwoman | OfficerTrustee | 1 | $0 |
Shawn Brace Vice Chairma | OfficerTrustee | 1 | $0 |
John Polak Director | Trustee | 1 | $0 |
Joe S Shumaker Director | Trustee | 1 | $0 |
J Smith Harrison Jr Director | Trustee | 1 | $0 |
Kelly Booten Director | Trustee | 1 | $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 | $703,625 |
| Investment income | $4,324 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $707,949 |
| 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. | $353,184 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $224,158 |
| Payroll taxes | $23,379 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,556 |
| Advertising and promotion | $0 |
| Office expenses | $5,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,720 |
| Travel | $3,355 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,194 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $340 |
| Insurance | $13,777 |
| All other expenses | $0 |
| Total functional expenses | $748,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $829,851 |
| Savings and temporary cash investments | $156,815 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $13,791 |
| Net Land, buildings, and equipment | $685 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,001,142 |
| Accounts payable and accrued expenses | $68,090 |
| Grants payable | $0 |
| Deferred revenue | $426,150 |
| 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 | $1,151,770 |
| Total liabilities | $1,646,010 |
| Net assets without donor restrictions | -$644,868 |
| 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 | $1,001,142 |