Independent Insurance Agents Of Nj
- Assets
- $4.5m
- Revenue
- $772.1k
- Investments
- $0.0
- Employees
- 9
- Location
- Trenton, NJ
- Founding
- 11/1943
- Data as of
- 08/2022
- EIN
- 22-1151205
Organization Overview
Independent Insurance Agents Of Nj is located in Trenton, NJ. The organization was established in 1943. 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 08/2022, Independent Insurance Agents Of NJ employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Insurance Agents Of NJ 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 08/2022, Independent Insurance Agents Of NJ generated $772.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.4%) each year. All expenses for the organization totaled $1.2m during the year ending 08/2022. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 7 years. 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
THE INDEPENDENT INSURANCE AGENTS OF NEW JERSEY WAS FOUNDED TO PROMOTE AND UPHOLD THE PRINCIPLES AND PRACTICES OF THE AMERICAN INDEPENDENT INSURANCE AGENCY SYSTEM AND ADVANCE THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH ADVOCACY AND PROFESSIONALISM WHILE SUPPORTING MEMBER SUCCESS IN SERVING OUR COMMUNITIES WITH EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRUSTED CHOICE
EDUCATIONAL COURSES
ANNUAL MEETING $ 4,460YOUNG AGENTS COMMITTEE $ 33.557MEMBERSHIP DEVELOPMENT $ 4,919SCHOLARSHIP AWARDS: $ 1,000
PAC FUND $5,437
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael L Razze Jr President & CEO | Officer | 40 | $150,000 |
Sheri A Acconzo Immediate Past President & | Officer | 1 | $11,145 |
Harold W Soden Jr Chairman | OfficerTrustee | 1 | $3,600 |
Christopher P O'neill Vice Chairman/treasurer | OfficerTrustee | 1 | $1,800 |
Gerald F Ford III National Director | OfficerTrustee | 1 | $1,200 |
Jeff Wyrsch Director | Trustee | 0 | $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 | $506,264 |
| Investment income | $88,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$273,097 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $772,064 |
| 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. | $150,000 |
| Compensation of current officers, directors, key employees. | $150,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $303,789 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $36,260 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,008 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49,486 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $289 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $29,520 |
| Travel | $0 |
| 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 | $2,138 |
| Insurance | $0 |
| All other expenses | $247,795 |
| Total functional expenses | $1,235,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,252 |
| Savings and temporary cash investments | $767,151 |
| 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 | $754 |
| Investments—publicly traded securities | $3,412,422 |
| Investments—other securities | $0 |
| Investments—program-related | $93,440 |
| Intangible assets | $0 |
| Other assets | $3,720 |
| Total assets | $4,471,739 |
| 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 | $4,479,899 |
| Net assets with donor restrictions | -$8,160 |
| 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 | $4,471,739 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Independent Insurance Agents Of Nj has recieved totaling $364,563.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $121,521 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $121,521 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $121,521 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pennsylvania Professional Liability Joint Underwriting Association Blue Bell, PA | $353,920,542 | $27,707,766 |
Risk And Insurance Management Society Inc New York, NY | $15,569,864 | $12,268,578 |
Excess Line Association Of New York New York, NY | $36,201,317 | $11,240,697 |
Society Of Chartered Property & Casualty Underwriters Inc Malvern, PA | $9,708,613 | $4,213,152 |
Professional Insurance Agents Of New York State Inc Glenmont, NY | $9,604,460 | $1,641,025 |
New York State Funeral Directors Association Inc Albany, NY | $12,864,504 | $2,564,009 |
Independent Insurance Agents Of Nj Trenton, NJ | $4,471,739 | $772,064 |
Ceg Of The Capital Region Inc Albany, NY | $954,995 | $1,640,221 |
Delaware Life And Health Insurance Guaranty Assn Newark, DE | $4,166,177 | $464,850 |
Firemens Relief Association Of State College State College, PA | $6,748,666 | $758,145 |
Utility Broadband Alliance Inc Wilmington, DE | $736,888 | $733,312 |
Women Builders Council Inc New York, NY | $212,684 | $489,144 |