Independent Insurance Agents And Brokers Of America Inc
- Assets
- $28.8m
- Revenue
- $11.9m
- Investments
- $10.8m
- Employees
- 101
- Location
- Alexandria, VA
- Founding
- 11/1939
- Data as of
- 08/2023
- EIN
- 13-5665571
Organization Overview
Independent Insurance Agents And Brokers Of America Inc is located in Alexandria, VA. The organization was established in 1939. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 08/2023, Independent Insurance Agents And Brokers Of America Inc employed 101 individuals. This organization is the central organization for a national or regional group of organizations. Independent Insurance Agents And Brokers Of America 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 08/2023, Independent Insurance Agents And Brokers Of America Inc generated $11.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $13.0m during the year ending 08/2023. While expenses have increased by 4.2% per year over the past 8 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 2015, Independent Insurance Agents And Brokers Of America Inc has awarded 20 individual grants totaling $1,162,500. 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
TO PROVIDE MEMBERS WITH A SUSTAINABLE COMPETITIVE ADVANTAGE. TO PROMOTE AND REPRESENT THE COMMON BUSINESS INTERESTS OF INDEPENDENT INSURANCE AGENTS AND BROKERS WITHIN THE INDUSTRY AND BEFORE GOVERNMENT AND THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS ARE PROVIDED FOR INDUSTRY MEMBERS TO ADDRESS CURRENT BUSINESS TOPICS RELEVANT TO THE INDEPENDENT INSURANCE AGENT. THE INDEPENDENT INSURANCE AGENCY SYSTEM IS PROMOTED THROUGH ADVERTISING, WEBINARS, PUBLICATIONS AND OTHER METHODS.
AGENTS COUNCIL FOR TECHNOLOGY "ACT" IS A PARTNERSHIP OF INDEPENDENT AGENTS, COMPANIES, TECHNOLOGY VENDORS, USER GROUPS, AND ASSOCIATIONS DEDICATED TO ENHANCING THE USE OF TECHNOLOGY AND IMPROVING WORK FLOWS WITHIN THE INDEPENDENT AGENCY SYSTEM.
FUTURE ONE IS A PARTNERSHIP BETWEEN IIABA AND COMPANIES FOR THE DEVELOPMENT AND RESEARCH OF AGENCY COORDINATION AND PROMOTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John R Costello Chair | OfficerTrustee | 5 | $32,863 |
Michael Mcbride Chair-Elect | OfficerTrustee | 5 | $18,618 |
Andy Siegel Director | Trustee | 1 | $0 |
Ashley Brady Director | Trustee | 1 | $0 |
Bobby Salmon Director | Trustee | 1 | $0 |
Brad Greer Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rsm Us Llp Accounting & Network Management | 8/30/23 | $306,390 |
The Bellemore Group Llc State Government Affairs | 8/30/23 | $250,900 |
Cohnreznick Llp Audit & Tax | 8/30/23 | $162,610 |
Trump Miami Resort Management Llc Venue Rental | 8/30/23 | $116,389 |
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 | $10,310,640 |
| Investment income | $313,220 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,159,606 |
| Net Rental Income | $339,698 |
| Net Gain/Loss on Asset Sales | -$254,085 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,907,811 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $125,000 |
| Grants and other assistance to domestic individuals. | $42,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,583,450 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,551,690 |
| Pension plan accruals and contributions | $296,850 |
| Other employee benefits | $365,509 |
| Payroll taxes | $325,875 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $151,047 |
| Fees for services: Accounting | $56,181 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $905,859 |
| Advertising and promotion | $115,570 |
| Office expenses | $977,782 |
| Information technology | $787,897 |
| Royalties | $0 |
| Occupancy | $462,934 |
| Travel | $261,334 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,482 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $248,195 |
| Insurance | $517,473 |
| All other expenses | $921,479 |
| Total functional expenses | $12,988,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $947,441 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $296,388 |
| 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 | $265,633 |
| Net Land, buildings, and equipment | $3,162,006 |
| Investments—publicly traded securities | $11,138,189 |
| Investments—other securities | $10,834,643 |
| Investments—program-related | $0 |
| Intangible assets | $988,889 |
| Other assets | $1,146,271 |
| Total assets | $28,779,460 |
| Accounts payable and accrued expenses | $1,216,401 |
| Grants payable | $0 |
| Deferred revenue | $722,123 |
| 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 | $1,524,035 |
| Total liabilities | $3,462,559 |
| Net assets without donor restrictions | $25,316,901 |
| 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 | $28,779,460 |
Grants Awarded
Over the last fiscal year, Independent Insurance Agents And Brokers Of America Inc has awarded $125,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TRUSTED CHOICE PURPOSE: OPERATIONAL SUPPORT | $100,000 |
PROJECT INVEST PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Independent Insurance Agents And Brokers Of America Inc Alexandria, VA | $28,779,460 | $11,907,811 |
National Association Of Insurance And Financial Advisors Arlington, VA | $6,355,683 | $10,491,477 |
Kentucky Insurance Guaranty Association Louisville, KY | $54,661,741 | $4,610,383 |
Wellness Advocacy Fund Fulton, MD | $26,819,804 | $2,281,869 |
Joint Insurance Association Ellicott City, MD | $1,837,151 | $801,886 |
North Carolina Airports Association Elizabethtown, NC | $502,760 | $422,790 |
Kentucky Automobile Insurance Plan Louisville, KY | $1,190,068 | $347,004 |
Transformer Manufacturing Association Of America Washington, DC | $134,353 | $181,250 |
Afna Foundation Inc Washington, DC | $141,812 | $82,827 |
World Kachin Congress Incorporated Washington, DC | $88,641 | $0 |
Us Octg Manufacturers Association Washington, DC | $418,857 | $418,876 |