American Institute Of Marine Underwriters
- Assets
- $1.2m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 3
- Location
- New York, NY
- Founding
- 05/1918
- Data as of
- 12/2023
- EIN
- 13-4962540
Organization Overview
American Institute Of Marine Underwriters is located in New York, NY. The organization was established in 1918. According to its NTEE Classification (C32) the organization is classified as: Water Resources, Wetlands Conservation & Management, under the broad grouping of Environment and related organizations. As of 12/2023, American Institute Of Marine Underwriters employed 3 individuals. This organization is the central organization for a national or regional group of organizations. American Institute Of Marine Underwriters 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, American Institute Of Marine Underwriters generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO GATHER & DISSEMINATE INFORMATION REGARDING OCEAN MARINE INSURANCE TO ITS MEMBERS AND OTHER CONCERNED PARTIES AS WELL AS TO FOSTER GOOD RELATIONS AMONG MEMBERS AND PROTECT THEIR INTERESTS AND VIEWS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AIMU GATHERS AND DISSEMINATES INFORMATION REGARDING OCEAN MARINE INSURANCE TO ITS MEMBERS WHILE PROMOTING, PROTECTING, AND ADVANCING THEIR VIEWS AND INTERESTS THROUGH COMMITTEE WORK. AIMU PROVIDES A FORUM FOR DISCUSSION AND DISSEMINATION OF SPECIFIC MATTERS OF MUTUAL INTEREST.THREE LARGEST AIMU EVENTS IN 2023:MARINE INSURANCE ISSUES SEMINAR - MAY 10:NUMBER OF ATTENDEES: 155. THIS ANNUAL ONE-DAY SEMINAR INCLUDES PRESENTATIONS ON TOPICS RELEVANT TO THE MARINE INSURANCE INDUSTRY. IT HAS EDUCATIONAL VALUE AS WELL AS NETWORKING OPPORTUNITY FOR AIMU MEMBERS AND WAS HELD AT 180 MAIDEN LANE IN NEW YORK CITY.AIMU ANNUAL DINNER - NOVEMBER 1:NUMBER OF ATTENDEES: 585. AIMU MEMBERS CELEBRATED THE AIMU 125TH ANNIVERSARY WITH A GALA DINNER EVENT HELD AT PIER SIXTY IN NEW YORK CITY, PRECEDED BY AN ANNUAL GENERAL MEETING THAT SAME MORNING HELD AT THE YALE CLUB OF NY ATTENDED BY JUST OVER 100 MEMBERS. THE ANNUAL DINNER IS MORE OF A SOCIAL AND NETWORKING EVENT, WHILE THE ANNUAL GENERAL MEETING IS A RECAP AND LOOK FORWARD ON THE ACTIVITIES OF AIMU DURING THE YEAR.AIMU MARINE INSURANCE DAY SEMINAR - OCTOBER 5:NUMBER OF ATTENDEES: 125. THIS ANNUAL ONE-DAY FALL SEMINAR INCLUDES PRESENTATIONS ON VARIOUS TOPICS RELEVANT TO THE MARINE INSURANCE INDUSTRY. IT HAS EDUCATIONAL VALUE AS WELL AS PROVIDING A NETWORKING OPPORTUNITY FOR AIMU MEMBERS, AND WAS HELD AT BARUCH COLLEGE IN NEW YORK CITY.
OTHER PROGRAM SERVICES INCLUDE:- CONFERENCES - AIMU ORGANIZES CONFERENCES WHERE MEMBERS CAN DISCUSS CURRENT MARINE MARITIME DEVELOPMENTS AND ISSUES.- CORRESPONDENTS - AIMU MAINTAINS AND MONITORS A WORLDWIDE NETWORK OF CARGO SURVEYORS, WHO SOMETIMES ACT AS CLAIMS SETTLING AGENTS.- FORMS AND CLAUSES - AIMU DRAFTS FORMS AND CLAUSES WHICH MAY BE USED ON A VOLUNTARY BASIS BY MARINE INSURERS.- IUMI - AIMU ADMINISTERS RELATIONS AND IS AN ACTIVE MEMBER OF IUMI, WHICH ALSO INCLUDES PARTICIPATION AT THE ANNUAL CONFERENCE.- LEGAL OPINIONS - AIMU PROVIDES ACCESS TO LEGAL OPINIONS ON COURT DECISIONS AND REGULATIONS THAT IMPACT THE MARINE INSURANCE INDUSTRY. - LEGISLATION - AIMU MONITORS, REPORTS AND ACTS UPON FEDERAL, STATE AND INTERNATIONAL LEGISLATION AND REGULATIONS IMPACTING MARINE INSURANCE.- INDUSTRY RELATIONS - AIMU MAINTAINS AND FOSTERS RELATIONSHIPS WITH OTHER MARINE INDUSTRY GROUPS INCLUDING IMUA, MLA, ASSOC OF AVERAGE ADJUSTERS, MICA, U.S. COAST GUARD, AND MARAD.- RECOGNITION - AIMU AWARDS ANNUALLY THE CONTRIBUTIONS OF ITS MEMBERS AND OTHER FROM THE MARINE INSURANCE WORLD.
AIMU HOLDS COURSES, SEMINARS, LECTURE SERIES, AUTHORS TECHNICAL PAPERS AND MAY OCCASIONALLY INVITE GUEST INSTRUCTORS FOR A WIDE RANGE OF MARINE INSURANCE RELATED TOPICS SUCH AS GENERAL OCEAN MARINE INSURANCE, CARGO INSURANCE, PROTECTION & INDEMNITY AND MARINE LIABILITY INSURANCE, YACHT INSURANCE, HULL INSURANCE, OFFSHORE ENERGY INSURANCE, AND OCEAN MARINE CLAIMS.
AIMU RUNS A COMMUNICATIONS PROGRAM WHICH PROVIDES AND DISTRIBUTES PUBLICATIONS INCLUDING A WEEKLY BULLETIN. AIMU ALSO GENERATES AN ANNUAL REPORT ON OPERATING RESULTS AND STATISTICS BY LINE OF BUSINESS. ADDITIONALLY, THROUGH ARTICLES, SPEECHES, INTERVIEWS AND PRESS RELEASES, AIMU RESPONDS PUBLICLY TO MARINE INSURANCE RELATED ISSUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tony Cowie Chair | OfficerTrustee | 2 | $0 |
Sean Dalton Vice Chair | OfficerTrustee | 2 | $0 |
Karen Griswold Director Of Finances | OfficerTrustee | 2 | $0 |
Michael Nukk Director (thru Oct 2023) | Trustee | 0.5 | $0 |
John Barnwell Director | Trustee | 0.5 | $0 |
Rich Soja Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pier Sixty Llc Event Services | 12/30/23 | $194,089 |
Wiggin And Dana Llp Legal Services | 12/30/23 | $150,000 |
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 | $1,193,404 |
| Investment income | $29,391 |
| 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 | $1,426,055 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,500 |
| Grants and other assistance to domestic individuals. | $3,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $329,929 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $236,480 |
| Pension plan accruals and contributions | $91,965 |
| Other employee benefits | $6,077 |
| Payroll taxes | $33,406 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $166,475 |
| Fees for services: Accounting | $23,780 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,478 |
| Advertising and promotion | $25,000 |
| Office expenses | $27,989 |
| Information technology | $9,410 |
| Royalties | $0 |
| Occupancy | $204,486 |
| Travel | $40,705 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $260,734 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,728 |
| Insurance | $19,604 |
| All other expenses | $0 |
| Total functional expenses | $1,735,952 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,608 |
| Savings and temporary cash investments | $1,081,055 |
| 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 | $0 |
| Net Land, buildings, and equipment | $11,491 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,168,154 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,168,154 |
| 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 | $1,168,154 |