Life Insurance Council Of New York Incorporated
- Assets
- $7.0m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 9
- Location
- Albany, NY
- Founding
- 03/1978
- Data as of
- 12/2022
- EIN
- 13-2928479
Organization Overview
Life Insurance Council Of New York Incorporated is located in Albany, NY. The organization was established in 1978. 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 12/2022, Life Insurance Council Of New York Incorporated employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Insurance Council Of New York Incorporated 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 12/2022, Life Insurance Council Of New York Incorporated generated $3.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $3.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Life Insurance Council Of New York Incorporated has awarded 14 individual grants totaling $708,000. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael A Zarcone Chair | OfficerTrustee | 1 | $0 |
Kermitt Brooks Chair-Elect | OfficerTrustee | 1 | $0 |
Christine Debiase Secretary-Treasurer | OfficerTrustee | 1 | $0 |
Frederick L Wortman Past Chair | OfficerTrustee | 1 | $0 |
Gretchen Cepek Director | Trustee | 1 | $0 |
Jason A D'angelo Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Greenberg Traurig Llp Legal & Consulting | 12/30/19 | $128,761 |
Hinman Straub Legal & Consulting | 12/30/19 | $108,200 |
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 | $3,467,115 |
| Investment income | $120,391 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$24,262 |
| Net Gain/Loss on Asset Sales | -$53,190 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,510,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $170,000 |
| 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. | $1,760,275 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $250,671 |
| Pension plan accruals and contributions | $4,977 |
| Other employee benefits | $50,479 |
| Payroll taxes | $85,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $126,219 |
| Fees for services: Accounting | $52,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,632 |
| Fees for services: Other | $280,750 |
| Advertising and promotion | $0 |
| Office expenses | $27,304 |
| Information technology | $36,084 |
| Royalties | $0 |
| Occupancy | $125,179 |
| Travel | $52,196 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $224,232 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,475 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,384,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $964,545 |
| Savings and temporary cash investments | $89,128 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,195 |
| 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 | $39,303 |
| Net Land, buildings, and equipment | $32,001 |
| Investments—publicly traded securities | $5,492,402 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $354,872 |
| Total assets | $6,994,446 |
| Accounts payable and accrued expenses | $312,058 |
| Grants payable | $0 |
| Deferred revenue | $129,266 |
| 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 | $373,598 |
| Total liabilities | $814,922 |
| Net assets without donor restrictions | $6,179,524 |
| 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 | $6,994,446 |
Grants Awarded
Over the last fiscal year, Life Insurance Council Of New York Incorporated has awarded $141,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
NYS DEMOCRATIC ASSEMBLY CAMPAIGN COMMITTEE PURPOSE: HOUSEKEEPING ACCOUNT | $36,000 |
NYS DEMOCRATIC SENATE CAMPAIGN COMMITTEE PURPOSE: HOUSEKEEPING ACCOUNT | $55,000 |
BOYS HOPE GIRLS NEW YORK INTERNS PURPOSE: INTERN PROGRAM | $50,000 |