Insurance Institute For Business & Home Safety
- Assets
- $52.6m
- Revenue
- $24.2m
- Investments
- $0.0
- Employees
- 98
- Location
- Richburg, SC
- Founding
- 05/1999
- Data as of
- 12/2023
- EIN
- 23-2049143
Organization Overview
Insurance Institute For Business & Home Safety is located in Richburg, SC. The organization was established in 1999. According to its NTEE Classification (M40) the organization is classified as: Safety Education, under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. As of 12/2023, Insurance Institute For Business & Home Safety employed 98 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Institute For Business & Home Safety 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 12/2023, Insurance Institute For Business & Home Safety generated $24.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $20.2m during the year ending 12/2023. While expenses have increased by 6.1% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
IBHS CONDUCTS RESEARCH TO HELP PROTECT HOMES AND BUSINESSES AGAINST VARIOUS CAUSES OF LOSS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH CENTER PROJECTS: AT THE WORLD-CLASS INSURANCE INSTITUTE FOR BUSINESS & HOME SAFETY (IBHS) RESEARCH CENTER IN SOUTH CAROLINA, RESEARCHERS STUDY THE IMPACT OF THE NATURAL PERILS OF WIND, WIND-DRIVEN RAIN, HAIL AND WILDIRE ON BOTH RESIDENTIAL AND COMMERCIAL STRUCTURES. USING TRANSPARENT, OBJECTIVE RESEARCH AND METHODOLOGIES, THE MULTI-FACETED RESEARCH APPROACH INCLUDES FULL-SCALE TESTING OF ONE- AND TWO-STORY TEST SPECIMENS; PHYSICAL TESTING OF INDIVIDUAL STRUCTURAL COMPONENTS AND BUILDING SYSTEMS; AND EVALUATION OF EXISTING/POTENTIAL TEST METHODS AND METRICS.
FORTIFIED PROGRAMS: IBHS HAS DEVELOPED AND OPERATIONALIZED FORTIFIED, A VOLUNTARY CONSTRUCTION AND RE-ROOFING PROGRAM DESIGNED TO STRENGTHEN SINGLE FAMILY HOMES, MULTIFAMILY BUILDINGS, AND COMMERCIAL STRUCTURES AGAINST SPECIFIC TYPES OF SEVERE WEATHER SUCH AS HIGH WINDS, HAIL, HURRICANES AND EVEN TORNADOS. TOTAL EXPENSE FOR THIS WORK IN 2023 WAS CONFINED TO THE IBHS ANNUAL BUDGET IN THE FORM OF PERSONNEL, IT, AND TRAVEL COSTS.
COMMUNICATIONS & PRODUCT DESIGN: IBHS HAS ROBUST COMMUNICATIONS CAPABILITIES THAT BUILD UPON AND AMPLIFY THE IMPACT OF OUR RESEARCH CAPABILITIES. BY TRANSLATING TECHNICAL RESEARCH FINDINGS INTO GUIDANCE FOR HOMEOWNERS AND BUSINESSES AND USING A GROWING RANGE OF COMMUNICATIONS CHANNELS TO REACH A WIDE AUDIENCE WE SEEK TO MOTIVATE ACTION BY EDUCATING STAKEHOLDERS ABOUT PRACTICAL AND COST-EFFECTIVE WAYS TO INCREASE THE RESILIENCE OF BOTH RESIDENTIAL AND COMMERCIAL STRUCTURES. EACH YEAR, IBHSCREATES A SUBSTANTIAL AMOUNT OF ORIGINAL DATA AND RELATED CONTENT. THIS INFORMATION IS COMMUNICATED TO THE PUBLIC DIRECTLY AND THROUGH IBHS MEMBER COMPANIES, VIA THE IBHS WEBSITE AND UTILIZING BOTH DIGITAL AND TRADITIONAL MEDIA. COSTS ASSOCIATED WITH THIS WORK ALL FALL WITHIN THE IBHS ANNUAL BUDGET'S PERSONNEL, PRINTING, GRAPHICS, AND IT EXPENSE ITEMS. NO REVENUE IS GENERATED BY THIS WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randall Poole Director - Chair | OfficerTrustee | 4 | $0 |
Ryan Vigus Director - Vice Chair | OfficerTrustee | 4 | $0 |
General Bill Cooney Chairman Emeritus | Trustee | 2 | $0 |
Allen Anderson Director | Trustee | 2 | $0 |
Gavin Blair Director | Trustee | 2 | $0 |
Patrick Causgrove Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mr Automation Llc Contracted Services | 12/30/23 | $337,270 |
Neteffect Technologies Contracted Services | 12/30/23 | $213,930 |
Lbmc Technology Solutions Contracted Services | 12/30/23 | $100,773 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $22,215,628 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $327,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,543,128 |
| Total Program Service Revenue | $1,039,294 |
| Investment income | $582,911 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,836 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,224,700 |
| 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. | $3,084,973 |
| Compensation of current officers, directors, key employees. | $468,615 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,042,941 |
| Pension plan accruals and contributions | $772,100 |
| Other employee benefits | $0 |
| Payroll taxes | $634,561 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $57,508 |
| Fees for services: Accounting | $37,856 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $277,834 |
| Advertising and promotion | $0 |
| Office expenses | $126,994 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $578,355 |
| Travel | $592,078 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $269,766 |
| Interest | $58,316 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,503,368 |
| Insurance | $173,173 |
| All other expenses | $157,264 |
| Total functional expenses | $20,190,205 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,420,352 |
| Savings and temporary cash investments | $14,039,824 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $190,025 |
| 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 | $162,812 |
| Net Land, buildings, and equipment | $26,252,580 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $493,003 |
| Total assets | $52,558,596 |
| Accounts payable and accrued expenses | $1,911,904 |
| Grants payable | $0 |
| Deferred revenue | $52,006 |
| 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 | $1,133,157 |
| Total liabilities | $3,097,067 |
| Net assets without donor restrictions | $49,461,529 |
| 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 | $52,558,596 |