Surety & Fidelity Association Of America
- Assets
- $7.0m
- Revenue
- $5.9m
- Investments
- $0.0
- Employees
- 16
- Location
- Washington, DC
- Founding
- 02/2002
- Data as of
- 12/2023
- EIN
- 26-0003391
Organization Overview
Surety & Fidelity Association Of America is located in Washington, DC. The organization was established in 2002. 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 12/2023, Surety & Fidelity Association Of America employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surety & Fidelity Association Of America 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 12/2023, Surety & Fidelity Association Of America generated $5.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $5.5m during the year ending 12/2023. While expenses have increased by 1.9% 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
PERFORMS A LEADERSHIP ROLE IN PROMOTING AND PRESERVING THE USE OF FIDELITY AND SURETY BONDS TO PROTECT PUBLIC AND PRIVATE INTERESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEGAL AFFAIRS AND LEGISLATION: FEES PAID TO MONITOR LEGISLATION AND HIRE ATTORNEYS TO PROVIDE LEGAL ADVICE ON MATTERS RELATED TO SURETY AND FIDELITY BONDS.
STATISTICAL REPORTS AND ANALYSIS: DATA AND REPORTS REGARDING THE SURETY AND FIDELITY INDUSTRIES PROVIDED TO MEMBERS AND OTHER INTERESTED PARTIES.
EDUCATION AND PROMOTION: PUBLIC SERVICE INFORMATION TO EDUCATE CONSUMERS AND GOVERNMENT OFFICIALS ABOUT SURETY AND FIDELITY BONDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bob Murray Chair | OfficerTrustee | 0.5 | $0 |
Robert Raney Vice Chair | OfficerTrustee | 0.5 | $0 |
John Welch Past Chair | Trustee | 0.5 | $0 |
Antonio Albanese Director | Trustee | 0.5 | $0 |
Ken Bearley Director | Trustee | 0.5 | $0 |
Kenneth Chapman Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prologue Strategy Llc Strategic Communications | 12/30/23 | $222,045 |
Insurance Service Offices Inc Statistical Data Processing | 12/30/23 | $222,400 |
Russell Reynolds Associates Inc Ceo Search Services | 12/30/23 | $164,280 |
American Property Casualty Insurance Ass Consulting Services | 12/30/23 | $130,000 |
Cgcn Group Llc Strategic Communications | 12/30/23 | $128,003 |
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 | $5,742,220 |
| Investment income | $157,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $31,969 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,414 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,909,613 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| 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. | $1,775,177 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,029,831 |
| Pension plan accruals and contributions | $223,618 |
| Other employee benefits | $109,390 |
| Payroll taxes | $160,887 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,323 |
| Fees for services: Accounting | $132,758 |
| Fees for services: Lobbying | $194,003 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $34,175 |
| Fees for services: Other | $695,016 |
| Advertising and promotion | $0 |
| Office expenses | $50,215 |
| Information technology | $90,787 |
| Royalties | $0 |
| Occupancy | $289,352 |
| Travel | $74,344 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $129,167 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,797 |
| Insurance | $37,397 |
| All other expenses | $42,049 |
| Total functional expenses | $5,485,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $670,249 |
| Savings and temporary cash investments | $1,641,770 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,172 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $14,448 |
| Prepaid expenses and deferred charges | $140,601 |
| Net Land, buildings, and equipment | $164,385 |
| Investments—publicly traded securities | $3,439,983 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $950,906 |
| Total assets | $7,042,514 |
| Accounts payable and accrued expenses | $393,665 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $2,347,802 |
| Total liabilities | $2,741,467 |
| Net assets without donor restrictions | $4,301,047 |
| 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 | $7,042,514 |