Council Of Insurance Agents & Brokers
- Assets
- $55.2m
- Revenue
- $27.3m
- Investments
- $3.1m
- Employees
- 69
- Location
- Washington, DC
- Founding
- 10/1942
- Data as of
- 12/2023
- EIN
- 13-1952497
Organization Overview
Council Of Insurance Agents & Brokers is located in Washington, DC. The organization was established in 1942. 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 12/2023, Council Of Insurance Agents & Brokers employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Council Of Insurance Agents & Brokers 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 12/2023, Council Of Insurance Agents & Brokers generated $27.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $23.4m during the year ending 12/2023. While expenses have increased by 6.9% per year over the past 9 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.
Since 2014, Council Of Insurance Agents & Brokers has awarded 28 individual grants totaling $808,700. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE COUNCIL PROMOTES THE INTERESTS OF ITS MEMBERS, WHO COMPRISE LEADING INSURANCE AGENCIES AND BROKERAGE FIRMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COUNCIL IS THE PREMIER ASSOCIATION FOR THE TOP REGIONAL, NATIONAL AND INTERNATIONAL COMMERCIAL INSURANCE AND EMPLOYEE BENEFITS INTERMEDIARIES WORLDWIDE. THE COUNCIL FOSTERS RELATIONSHIPS INDUSTRY-WIDE BY ENGAGING LAWMAKERS, REGULATORS, AND STAKEHOLDERS AROUND THE WORLD TO PROMOTE THE INTERESTS OF ITS MEMBERS AND THE VALUABLE ROLE THEY PLAY IN THE MITIGATION OF RISK FOR THEIR CLIENTS BY PROVIDING UNIQUE FORUMS FOR NETWORKING OPPORTUNITIES AND LEADERSHIP DEVELOPMENT, OFFERING BUSINESS INTELLIGENCE AND SERVICES.OUR FOUR LARGEST PROGRAMS/MEETINGS ARE THE INSURANCE LEADERSHIP FORUM, THE EMPLOYEE BENEFITS LEADERSHIP FORUM, THE COUNCIL ACADEMY AND THE LEGISLATIVE SUMMIT. THESE ANNUAL PROGRAMS FOSTER THE CONTINUATION OF THE COUNCIL AND ITS MEMBERS STRONG RELATIONSHIPS WITH EACH OTHER, INSURANCE CARRIERS, AND MEMBERS OF CONGRESS; AND LAYS A SOLID FOUNDATION FOR FUTURE RELATIONSHIPS. THE COUNCIL EXTENDS ITS REACH TO BOTH SIDES OF THE AISLE WHILE EDUCATING RULE MAKERS ON THE CRITICAL ROLE OF THE BROKER AND AGENCY FOR BOTH PROPERTY/CASUALTY AND HEALTH CARE INSURANCE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert J Klonk Chair | OfficerTrustee | 0.3 | $0 |
Keith Schuler Vice Chair | OfficerTrustee | 0.3 | $0 |
John Howard Secretary | OfficerTrustee | 0.3 | $0 |
Andrew Barrengos Treasurer | OfficerTrustee | 0.3 | $0 |
Kate Armfield Director | Trustee | 0.3 | $0 |
Brenda Ballard Austenfeld Director | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Steptoe And Johnson Llp Legal Counsel | 12/30/23 | $1,751,138 |
Mma Events Llc Events Coordination & Management | 12/30/23 | $779,944 |
Washington Speakers Bureau Event Speaker | 12/30/23 | $430,095 |
Cmi Communications Events Av Management | 12/30/23 | $375,756 |
The Broadmoor Hotel Event Facility | 12/30/23 | $322,570 |
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 | $24,067,174 |
| Investment income | $1,185,909 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,300,000 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$309,478 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,285,841 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $197,801 |
| 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. | $5,467,193 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,032,183 |
| Pension plan accruals and contributions | $1,145,250 |
| Other employee benefits | $484,203 |
| Payroll taxes | $524,882 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,729,068 |
| Fees for services: Accounting | $83,191 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $79,607 |
| Fees for services: Other | $201,548 |
| Advertising and promotion | $0 |
| Office expenses | $401,494 |
| Information technology | $660,922 |
| Royalties | $0 |
| Occupancy | $1,546,867 |
| Travel | $458,533 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,296,346 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $280,278 |
| Insurance | $536,140 |
| All other expenses | $74,123 |
| Total functional expenses | $23,440,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,168,049 |
| Savings and temporary cash investments | $2,141,831 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $610,805 |
| Loans from Officers, Directors, or Controlling Persons | $258,647 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $764,492 |
| Net Land, buildings, and equipment | $1,439,666 |
| Investments—publicly traded securities | $20,215,358 |
| Investments—other securities | $3,069,982 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,535,590 |
| Total assets | $55,204,420 |
| Accounts payable and accrued expenses | $3,732,633 |
| Grants payable | $0 |
| Deferred revenue | $2,745,326 |
| 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 | $22,312,971 |
| Total liabilities | $28,790,930 |
| Net assets without donor restrictions | $26,413,490 |
| 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 | $55,204,420 |
Grants Awarded
Over the last fiscal year, Council Of Insurance Agents & Brokers has awarded $175,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
BROADFUTURES PURPOSE: SUSTAINING SPONSOR | $25,000 |
INDEPENDENT INSURANCE AGENTS & BROKERS OF CALIFORNIA PURPOSE: LEGAL DEFENSE FUND | $50,000 |
WHITMAN-WALKER FOUNDATION INC PURPOSE: ANNIVERSARY GALA SPONSORHIP | $10,000 |
SHE SHOULD RUN PURPOSE: CORPORATE CONTRIBUTIONS | $25,000 |
HUMAN RIGHTS CAMPAIGN FOUNDATION PURPOSE: CHEFS FOR EQUALITY | $15,000 |
FOUNDATION TO ERADICATE DUCHENNE PURPOSE: EPICUREAN SPONSORSHIP | $50,000 |