Insurance Council Of New Jersey Inc
- Assets
- $1.6m
- Revenue
- $996.6k
- Investments
- $1.1m
- Employees
- 4
- Location
- Trenton, NJ
- Founding
- 08/1979
- Data as of
- 12/2021
- EIN
- 22-2233048
Organization Overview
Insurance Council Of New Jersey Inc is located in Trenton, NJ. The organization was established in 1979. 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 12/2021, Insurance Council Of New Jersey Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Council Of New Jersey 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 12/2021, Insurance Council Of New Jersey Inc generated $996.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.0m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A POSITIVE IMAGE AND UNDERSTANDING OF THE PROPERTY/CASUALTY INSURANCE BUSINESS AND TO PROMOTE A POSITIVE BUSINESS ENVIRONMENT THROUGH EDUCATION, PUBLIC INFORMATION AND COMMUNICATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCLUDES MEMBER DUES, CONTINUING EDUCATION AND OTHER.OUR MISSION IS TO EDUCATE POLICY-MAKERS ON HOW LEGISLATION AND REGULATION AFFECT THE INDUSTRY. SEMINARS HELP WITH THAT EDUCATION. WE ALSO EDUCATE OURSELVES AS THE CHANGING LAWS AND REGULATIONS. ICNJ MEMBERSHIP COMMUNICATIONS HELP MEET THIS GOAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine O'brien President | Officer | 40 | $225,528 |
Melissa Mcgrath Board Member | Trustee | 1 | $0 |
John Rogers Board Member | Trustee | 1 | $0 |
Don Baldini Board Member | Trustee | 1 | $0 |
Richard Chichester Board Member | Trustee | 1 | $0 |
Les Boswell Board Member | 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 | $953,364 |
| Investment income | $42,057 |
| 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 | $996,590 |
| 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. | $206,028 |
| Compensation of current officers, directors, key employees. | $164,822 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $247,748 |
| Pension plan accruals and contributions | $13,613 |
| Other employee benefits | $52,677 |
| Payroll taxes | $30,158 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,734 |
| Fees for services: Accounting | $6,395 |
| Fees for services: Lobbying | $311,184 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,460 |
| Advertising and promotion | $0 |
| Office expenses | $9,251 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,858 |
| Travel | $150 |
| 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 | $3,476 |
| Insurance | $3,665 |
| All other expenses | $8,550 |
| Total functional expenses | $1,010,429 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $413,244 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,485 |
| 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 | $6,592 |
| Net Land, buildings, and equipment | $2,368 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,116,005 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,623 |
| Total assets | $1,606,317 |
| Accounts payable and accrued expenses | $16,752 |
| Grants payable | $0 |
| Deferred revenue | $253,004 |
| 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 | $939 |
| Total liabilities | $270,695 |
| Net assets without donor restrictions | $1,335,622 |
| 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 | $1,606,317 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Insurance Council Of New Jersey Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: GENERAL SUPPORT | | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Painters Welfare Fund Pittsburgh, PA | $17,172,930 | $23,602,516 |
Mutual Beneficial Association Inc Berwyn, PA | $132,759,628 | $20,036,739 |
Centers For Care Health Plan Bronx, NY | $49,972,187 | $33,212,808 |
Stewart Employee Benefit Trust York, PA | $728,219 | $17,071,502 |
Redners Voluntary Employees Benefit Plan And Trust Reading, PA | $695,082 | $16,941,479 |
Lufthansa German Airlines Long Term Disability Benefits Pl Tr Uniondale, NY | $2,508,054 | $15,798,770 |
Welfare Fund Heat And Frost Insulators Local 12 Long Island City, NY | $34,847,538 | $18,361,265 |
Mrm Property And Liability Tr Inc Sewickley, PA | $33,998,884 | $14,896,339 |
Giorgio Health & Welfare Plan Temple, PA | $32,283 | $14,373,210 |
Centers For Care Health Plan co Bronx Funding LLC Bronx, NY | $25,788,041 | $17,894,242 |
Rvc Insurance Company Inc Rockville Centre, NY | $295,933,062 | $29,353,576 |
St Francis Workers Comp Pittsburgh, PA | $17,888,237 | $9,838,738 |