Aipso
- Assets
- $43.7m
- Revenue
- $59.7m
- Investments
- $0.0
- Employees
- 333
- Location
- Johnston, RI
- Founding
- 12/1973
- Data as of
- 12/2021
- EIN
- 13-2732270
Organization Overview
Aipso is located in Johnston, RI. The organization was established in 1973. 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, Aipso employed 333 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aipso 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, Aipso generated $59.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $60.2m during the year ending 12/2021. While expenses have increased by 3.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
AIPSO'S MISSION IS TO PROVIDE HIGH QUALITY SERVICES FOR THE INSURANCE RESIDUAL MARKET AT THE LOWEST POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AUTOMATED INFORMATION SYSTEMS SERVICES PROVIDES AND SUPPORTS INFORMATION SYSTEMS FOR ANY RESIDUAL MARKET MECHANISM. WE (1) PROVIDE SYSTEMS PLANNING AND DESIGN, (2) COORDINATE TELECOMMUNICATIONS, NETWORKING, AND DATA TRANSMISSION, (3) OFFER PROGRAMMING EXPERTISE, (4) PROVIDE AND MAINTAIN SOFTWARE, SYSTEMS, AND EQUIPMENT.
RATING SERVICES IS A LICENSED RATING ORGANIZATION IN MORE THAN 40 STATES AND THE DISTRICT OF COLUMBIA. WE (1) COLLECT, EVALUATE, AND EDIT INSURANCE PREMIUM AND EXPENSE DATA RECEIVED FROM STATISTICAL ORGANIZATIONS THAT COLLECT THE DATA FROM INSURANCE COMPANIES, (2) DEVELOP RATES, RATING RULES, AND SUPPORTING POLICY FORMS DESIGNED SPECIFICALLY FOR THE RESIDUAL MARKET, (3) DEVELOP INDIVIDUAL RATES FOR UNIQUE RISKS NOT SPECIFICALLY RATED FROM THE RATING MANUALS, (4) PRESENT RATE INDICATIONS TO GOVERNING COMMITTEES, (5) FILE RATES,RULES,AND POLICY FORMS WITH REGULATORS ON BEHALF OF STATE RESIDUAL MARKET ORGANIZATIONS, (6) PROVIDE RATES,RULES,AND POLICY FORMS IN BOTH PRINT AND WEB-BASED FORMATS.
FINANCIAL SERVICES PROVIDES ACCOUNTING AND INVESTMENT SERVICES FOR ANY RESIDUAL MARKET ORGANIZATION. WE (1) PROCESS ACCOUNT RECEIVABLES/PAYABLES, (2) MAINTAIN GENERAL LEDGERS, (3) PREPARE FINANCIAL STATEMENTS, REPORTS, AND TAX FILINGS, (4) MAINTAIN AND RECONCILE BANK ACCOUNTS, (5) PREPARE, DISTRIBUTE, AND COLLECT ASSESSMENTS, (6) OVERSEE MECHANISMS' INVESTMENTS ON A CENTRALIZED BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Kwolek Jr President | Officer | 37.5 | $741,550 |
Lawrence Iacoi Vice President | Officer | 37.5 | $597,510 |
Joseph Agresta Vice President | Officer | 37.5 | $284,405 |
Frank Pensabene Vice President | Officer | 37.5 | $276,313 |
Amy Hicks Vice President | Officer | 37.5 | $265,964 |
Timothy Messier Asst Vice President | Officer | 37.5 | $237,554 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Velocity Ins Multiservices Llc Insurance Agency | 12/30/21 | $828,370 |
Kpmg Llp Audit | 12/30/21 | $779,000 |
One Stop Insurance Agency Llc Insurance Agency | 12/30/21 | $346,218 |
Phoenix Risk Management Llc Insurance Agency | 12/30/21 | $339,620 |
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 | $59,681,489 |
| Investment income | $2,169 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,972 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,723,963 |
| 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. | $3,587,596 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,097,236 |
| Pension plan accruals and contributions | $3,697,892 |
| Other employee benefits | $8,935,966 |
| Payroll taxes | $2,122,943 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,185 |
| Fees for services: Accounting | $656,315 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $824,763 |
| Information technology | $2,088,433 |
| Royalties | $0 |
| Occupancy | $2,005,052 |
| Travel | $88,235 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $869,434 |
| Insurance | $298,203 |
| All other expenses | $823,829 |
| Total functional expenses | $60,198,100 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,428,106 |
| Savings and temporary cash investments | $18,498,306 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,118,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,236 |
| Prepaid expenses and deferred charges | $467,159 |
| Net Land, buildings, and equipment | $4,271,522 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,939,912 |
| Total assets | $43,724,531 |
| Accounts payable and accrued expenses | $6,086,328 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $80,810,642 |
| Total liabilities | $86,896,970 |
| Net assets without donor restrictions | $0 |
| 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 | -$43,172,439 |
| Total liabilities and net assets/fund balances | $43,724,531 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Aipso Johnston, RI | $43,724,531 | $59,723,963 |
Automobile Insurers Bureau Of Massachusetts Boston, MA | $2,744,805 | $12,244,779 |
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 |
New England Venture Capital Association Boston, MA | $646,972 | $792,153 |
Independent Insurance Agents Of Rhode Island Warwick, RI | $2,326,511 | $759,864 |
Eastern Millwright Regional Council Labor Management Fund Framingham, MA | $6,487,763 | $1,424,893 |
Hbs Health Industry Alumni Association Inc Sudbury, MA | $468,574 | $225,408 |
Duxbury American Legion Post 223 Duxbury, MA | $448,872 | $0 |
International Melges 24 Class Association Inc Rocky Hill, CT | $33,521 | $0 |