New York Insurance Association Inc
- Assets
- $2.1m
- Revenue
- $1.8m
- Investments
- $540.2k
- Employees
- 6
- Location
- Albany, NY
- Founding
- 05/1998
- Data as of
- 12/2022
- EIN
- 16-1521843
Organization Overview
New York Insurance Association Inc is located in Albany, NY. The organization was established in 1998. 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, New York Insurance Association Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York Insurance Association 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 12/2022, New York Insurance Association Inc generated $1.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.7m during the year ending 12/2022. While expenses have increased by 2.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE DEVELOPMENT, PRESERVATION, OPERATION, MAINTENANCE AND GENERAL WELFARE OF THE INSURANCE INDUSTRY IN THE STATE OF NEW YORK FOR THE BENEFIT OF THE INDUSTRY AND THE INSURANCE-BUYING PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSURANCE ASSOCIATION - PRESENTS INFORMATION TO THE PUBLIC WITH RESPECT TO INSURANCE PROBLEMS, PROMOTES HARMONIOUS RELATIONSHIPS AMONG THE MEMBER COMPANIES AND BETWEEN THE INSURANCE-BUYING PUBLIC. ESTABLISHES AN AGENCY THROUGH WHICH THE FACTS AND PRINCIPLES OF INSURANCE CAN BE PRESENTED AND EXPLAINED TO THE INSURANCE-BUYING PUBLIC, THE SUPERVISORY AUTHORITIES AND THE LAW-MAKING BODIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Bogue Member | Trustee | 1 | $0 |
Jennifer Calovo Board Member (term Ended 05/2022) | Trustee | 1 | $0 |
Scott Shatraw Board Member | Trustee | 1 | $0 |
Matthew A Benedict Board Member | Trustee | 1 | $0 |
Alison Kelly Board Member (term Ended 07/2022) | Trustee | 1 | $0 |
Mark Prechtl Immediate Past Chair | Trustee | 1 | $0 |
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 | $1,745,324 |
| Investment income | $22,519 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,421 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,845,971 |
| 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. | $627,900 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $353,670 |
| Pension plan accruals and contributions | $41,640 |
| Other employee benefits | $57,284 |
| Payroll taxes | $53,297 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,000 |
| Fees for services: Accounting | $20,619 |
| 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 | $12,547 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,054 |
| Travel | $31,271 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $158,044 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,043 |
| Insurance | $3,001 |
| All other expenses | $31,939 |
| Total functional expenses | $1,705,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $289,884 |
| Savings and temporary cash investments | $298,353 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,900 |
| 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 | $50,742 |
| Net Land, buildings, and equipment | $9,315 |
| Investments—publicly traded securities | $659,435 |
| Investments—other securities | $540,183 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $277,005 |
| Total assets | $2,141,817 |
| Accounts payable and accrued expenses | $24,743 |
| Grants payable | $0 |
| Deferred revenue | $25,650 |
| 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 | $156,780 |
| Total liabilities | $207,173 |
| Net assets without donor restrictions | $1,934,644 |
| 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 | $2,141,817 |