Federation Of Insurance And Corporate Counsel Inc
- Assets
- $2.5m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- King Of Prussia, PA
- Founding
- 08/1973
- Data as of
- 09/2021
- EIN
- 23-7291604
Organization Overview
Federation Of Insurance And Corporate Counsel Inc is located in King Of Prussia, PA. The organization was established in 1973. According to its NTEE Classification (I80) the organization is classified as: Legal Services, under the broad grouping of Crime & Legal-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Federation Of Insurance And Corporate Counsel 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 09/2021, Federation Of Insurance And Corporate Counsel Inc generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $1.9m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 6 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
TRADE ASSOCIATION FOR DEFENSE AND CORPORATE COUNSEL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTATION OF CONFERENCES AND SEMINARS FOR CONTINUING PROFESSIONAL EDUCATION FOR APPROXIMATELY 1,300 LAWYERS.
PUBLICATION OF QUARTERLY LAW JOURNAL FOR APPROXIMATELY 1,300 MEMBERS, LAW SCHOOLS, COURTS, LIBRARIES AND ALSO PUBLICATIONS FOR MEETINGS.
PUBLICATION OF ROSTERS FOR MEMBER REFERRALS.
MAINTENANCE OF T-1 LINE FOR OPEN COMMUNICATIONS BETWEEN MEMBERS AND OFFICERS FOR APPROXIMATELY 1,300 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael T Glascott President | OfficerTrustee | 1 | $0 |
Howard A Merten Secretary & Treasurer | OfficerTrustee | 1 | $0 |
Robert L Christie President-Elect | OfficerTrustee | 1 | $0 |
Elizabeth F Lorell Board Chair | OfficerTrustee | 1 | $0 |
Lauren S Curtis Senior Director | Trustee | 1 | $0 |
Heidi G Goebel Senior Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Apex Management Management Company | 9/29/18 | $192,500 |
Accolade Management Management Company | 9/29/18 | $165,000 |
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 | $1,846,274 |
| Investment income | $77,302 |
| 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 | $1,923,576 |
| 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. | $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 | $515,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $180,009 |
| Information technology | $0 |
| 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 | $971,206 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $78,774 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,887,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $874,279 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $97,682 |
| 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 | $142,862 |
| Net Land, buildings, and equipment | $48,461 |
| Investments—publicly traded securities | $1,325,946 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,489,230 |
| Accounts payable and accrued expenses | $189,817 |
| Grants payable | $0 |
| Deferred revenue | $471,505 |
| 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 | $661,322 |
| Net assets without donor restrictions | $1,505,719 |
| Net assets with donor restrictions | $322,189 |
| 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 | $2,489,230 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Legal Services Inc Philadelphia, PA | $20,694,601 | $20,774,549 |
New York County Defender Services Inc New York, NY | $5,204,201 | $17,015,373 |
Legal Assistance Of Western New York Inc Geneva, NY | $4,459,476 | $15,505,923 |
Ohio Access To Justice Foundation Columbus, OH | $23,293,407 | $20,940,760 |
South Jersey Legal Services Inc Camden, NJ | $7,105,823 | $14,465,644 |
The Legal Aid Society Of Westchester County White Plains, NY | $4,288,823 | $14,490,437 |
Legal Aid Society Of Cleveland Cleveland, OH | $18,594,395 | $15,287,940 |
Legal Aid Of West Virginia Inc Charleston, WV | $8,085,231 | $13,007,034 |
Legal Aid Bureau Of Buffalo Inc Buffalo, NY | $4,799,134 | $12,894,352 |
Northeast New Jersey Legal Services Corporation Jersey City, NJ | $5,724,459 | $12,435,971 |
Erie County Bar Association Aid To Indigent Prisoners Society Inc Buffalo, NY | $6,934,426 | $12,314,942 |
Legal Aid Society Of Northeastern New York Inc Albany, NY | $8,223,480 | $12,831,254 |