Association Of Insurance Compliance Professionals
- Assets
- $1.4m
- Revenue
- $539.0k
- Investments
- $79.0
- Employees
- 0
- Location
- Reston, VA
- Founding
- 11/1988
- Data as of
- 12/2021
- EIN
- 22-2912483
Organization Overview
Association Of Insurance Compliance Professionals is located in Reston, VA. The organization was established in 1988. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Association Of Insurance Compliance Professionals 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, Association Of Insurance Compliance Professionals generated $539.0k 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 (8.1%) each year. All expenses for the organization totaled $629.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.1%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE EDUCATION AND SPONSOR, CONDUCT, OR PARTICIPATE IN RESEARCH AND EDUCATIONAL ACTIVITIES FOR THE BENEFIT OF THE INSURANCE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL MEETING - TO EDUCATE MEMBERS ABOUT INSURANCE INDUSTRY ISSUES AND TO PROVIDE FOR THE EXCHANGE OF INFORMATION AND IDEAS.
PUBLICATIONS - TO EDUCATE MEMBERS AND PROVIDE FOR THE EXCHANGE OF INFORMATION AND IDEAS.
CHAPTER NETWORKING ACTIVITIES - TO ALLOW MEMBERS WHO CANNOT ATTEND THE ANNUAL CONFERENCE TO TAKE ADVANTAGE OF LOCAL NETWORKING AND TOPICAL EDUCATIONAL EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Pollitt President | OfficerTrustee | 1 | $0 |
Rona Finkelstein Secretary | OfficerTrustee | 1 | $0 |
Nancy Campbell Vice President | OfficerTrustee | 1 | $0 |
Jim Antush Mcm Treasurer | OfficerTrustee | 1 | $0 |
Bri Dahl Past President | OfficerTrustee | 1 | $0 |
Daniel Cotter General Counsel | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sheraton Grand Seattle Annual Conference | 12/30/17 | $413,558 |
Drohan Management Group Inc Financial And Management Services | 12/30/17 | $168,847 |
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 | $469,603 |
| Investment income | $59,757 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,989 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $539,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $184,330 |
| Fees for services: Legal | $536 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,941 |
| Fees for services: Other | $2,787 |
| Advertising and promotion | $0 |
| Office expenses | $27,350 |
| Information technology | $13,302 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $360,716 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,702 |
| Insurance | $7,718 |
| All other expenses | $4,509 |
| Total functional expenses | $629,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $314,425 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,500 |
| 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 | $39,016 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $986,653 |
| Investments—other securities | $79 |
| Investments—program-related | $0 |
| Intangible assets | $52,884 |
| Other assets | $0 |
| Total assets | $1,396,557 |
| Accounts payable and accrued expenses | $82,002 |
| Grants payable | $0 |
| Deferred revenue | $96,183 |
| 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 | $178,185 |
| Net assets without donor restrictions | $1,218,372 |
| 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 | $1,396,557 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Council Of Life Insurance Inc Washington, DC | $64,566,839 | $48,848,420 |
North Carolina Rate Bureau Raleigh, NC | $4,029,837 | $15,641,391 |
Council Of Insurance Agents & Brokers Washington, DC | $31,053,898 | $21,421,690 |
Insured Retirement Institute Inc Washington, DC | $7,466,571 | $6,870,255 |
Virginia Life Accident & Sickness Insurance Guaranty Association Henrico, VA | $10,714,403 | $9,945,534 |
National Association Of Professional Insurance Agents Alexandria, VA | $8,921,886 | $2,394,030 |
Insurance Accounting & Systems Association Inc Durham, NC | $1,485,537 | $2,339,018 |
Electronic Payments Coalition Inc Washington, DC | $385,901 | $2,551,420 |
National Association Of Credit Management Inc Columbia, MD | $9,729,944 | $2,084,765 |
Independent Insurance Agents Of Virginia Inc Richmond, VA | $2,800,771 | $1,432,441 |
Association Of Insurance Compliance Professionals Reston, VA | $1,396,557 | $539,000 |
Cal-Lab Association Elkin, NC | $370,744 | $288,572 |