Insurance Society Of Philadelphia
- Assets
- $1.8m
- Revenue
- $109.5k
- Investments
- $1.4m
- Employees
- 0
- Location
- Mt Laurel, NJ
- Founding
- 03/1952
- Data as of
- 12/2021
- EIN
- 23-0724010
Organization Overview
Insurance Society Of Philadelphia is located in Mt Laurel, NJ. The organization was established in 1952. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. Insurance Society Of Philadelphia is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Insurance Society Of Philadelphia generated $109.5k 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 (25.1%) each year. All expenses for the organization totaled $306.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (15.6%) 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 EDUCATE AND PROMOTE PROFESSIONALISM, TALENT DEVELOPMENT, SCHOLARSHIP AND NETWORKING IN THE INSURANCE, LEGAL, AND FINANCIAL SERVICES INDUSTRIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FURTHER THE INSURANCE SOCIETY'S MISSION TO EDUCATE BY PROVIDING SCHOLARSHIPS TO STUDENTS ENGAGED IN THE STUDY OF RISK MANAGEMENT, INSURANCE OR INSURANCE RELATED INDUSTRIES ALONG WITH ENGAGING THEM IN NETWORKING EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger C Fell Past Chair | OfficerTrustee | 0.5 | $0 |
Edward Hanna Executive Chair | OfficerTrustee | 0.5 | $0 |
Robert M Poliseno Vice Chair | OfficerTrustee | 0.5 | $0 |
Steven Skowronski Executive Treasurer | OfficerTrustee | 0.5 | $0 |
Frederick Anton Board Member | Trustee | 0.5 | $0 |
Karen Berigan Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $26,433 |
| Fundraising events | $1,600 |
| 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 | $28,033 |
| Total Program Service Revenue | $45,000 |
| Investment income | $36,513 |
| 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 | $109,546 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $91,500 |
| 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 | $171,932 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,805 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,015 |
| Advertising and promotion | $4,059 |
| Office expenses | $1,275 |
| Information technology | $1,114 |
| 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 | $0 |
| Interest | $1,656 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,880 |
| Insurance | $4,317 |
| All other expenses | $160 |
| Total functional expenses | $306,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $76,560 |
| Savings and temporary cash investments | $280,738 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,000 |
| 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 | $9,986 |
| Net Land, buildings, and equipment | $4,080 |
| Investments—publicly traded securities | $78,769 |
| Investments—other securities | $1,377,274 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,842,407 |
| Accounts payable and accrued expenses | $21,837 |
| Grants payable | $0 |
| Deferred revenue | $4,684 |
| 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 | $42,290 |
| Total liabilities | $68,811 |
| Net assets without donor restrictions | $1,773,596 |
| 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 | $1,842,407 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Insurance Society Of Philadelphia has recieved totaling $21,250.
| Awarding Organization | Amount |
|---|---|
Cozen Oconnor Foundation Inc Philadelphia, PA PURPOSE: 2019 Independence Gala | $11,250 |
Jackson Lewis Foundation West Harrison, NY PURPOSE: UNRESTRICTED SUPPORT OF THE ORGANIZATION'S EXEMPT PURPOSE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Berks County School Districts Health Tr Reading, PA | $37,307,686 | $92,475,879 |
New Jersey Property Liability Basking Ridge, NJ | $270,074,908 | $113,404,286 |
Iuoe Local 30 Benefits Fund Whitestone, NY | $137,370,493 | $75,805,086 |
American Institute For Chartered Property Casualty Underwriters Malvern, PA | $315,144,713 | $90,590,145 |
Northwestern Region Employee Norebt Erie, PA | $17,910,540 | $63,223,264 |
Bna Cash Basis Veba Trust Brooklyn, NY | $0 | $57,496,830 |
Nysa Ila Vacation & Holiday Fund Jersey City, NJ | $23,216,286 | $51,819,514 |
International Brotherhood Of Tmstrs Chauffers Wrhsmn & Helpers Of Amer Mountainside, NJ | $24,791,012 | $45,427,748 |
Golub Corporation Employees Benefit Trust Schenectady, NY | $0 | $47,368,126 |
Lycoming County Insurance Consortium Pooled Tr Canton, PA | $31,566,141 | $41,570,645 |
Highmark Voluntary Employees Beneficiary Assoc Pittsburgh, PA | $298,084,249 | $28,151,842 |
Local 8-86 Merck Employees Veba Trust Horsham, PA | $65,449,031 | $42,985,362 |