Surety & Fidelity Association Of America
- Assets
- $6.3m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 17
- Location
- Washington, DC
- Founding
- 02/2002
- Data as of
- 12/2021
- 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 12/2021, Surety & Fidelity Association Of America employed 17 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 12/2021, Surety & Fidelity Association Of America generated $5.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $5.0m during the year ending 12/2021. While expenses have increased by 1.1% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
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.
E-BUSINESS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Lee Covington II President & CEO | Officer | 50 | $614,692 |
Julie Alleyne Vp, Policy; Gen Counsel, Secr-Treasurer | Officer | 45 | $234,984 |
Peter Roth Vp, Strat Comm, Mkt, & Research | Officer | 40 | $222,036 |
William Heinbokel Dir, Fidelity & Reg Compliance | Officer | 40 | $217,676 |
Adam D Brackemyre Vp, Government Affairs | Officer | 40 | $183,285 |
Stephen Taylor Dir, Policy & Asst Gen Counsel | 40 | $167,543 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Insurance Service Offices Inc Statistical Data Processing | 12/30/21 | $214,300 |
Cgcn Group Llc Strategic Communications | 12/30/21 | $130,000 |
Bluestreak Learning Strategic Consulting | 12/30/21 | $119,263 |
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 | $5,332,910 |
| Investment income | $71,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $30,625 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,377 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,463,554 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,700 |
| 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. | $1,567,580 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,105,125 |
| Pension plan accruals and contributions | $364,529 |
| Other employee benefits | $112,464 |
| Payroll taxes | $168,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,033 |
| Fees for services: Accounting | $118,066 |
| Fees for services: Lobbying | $275,057 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,805 |
| Fees for services: Other | $144,044 |
| Advertising and promotion | $0 |
| Office expenses | $50,741 |
| Information technology | $110,922 |
| Royalties | $0 |
| Occupancy | $288,994 |
| Travel | $15,542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $142,858 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,056 |
| Insurance | $37,852 |
| All other expenses | $68,511 |
| Total functional expenses | $5,018,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,307,015 |
| Savings and temporary cash investments | $470,592 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $86,207 |
| 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 | $118,975 |
| Net Land, buildings, and equipment | $279,541 |
| Investments—publicly traded securities | $3,611,053 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $424,114 |
| Total assets | $6,311,945 |
| Accounts payable and accrued expenses | $493,174 |
| 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 | $2,166,566 |
| Total liabilities | $2,659,740 |
| Net assets without donor restrictions | $3,652,205 |
| 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 | $6,311,945 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Childrens Hospital Self-Insurance Trust Washington, DC | $0 | $0 |
Southern States Group Benefit Trust Richmond, VA | $1,559,030 | $9,812,364 |
Property & Casualty Insurance Guaranty Corporation Towson, MD | $24,268,806 | $4,102,215 |
Piedmont Liability Trust Charlottesville, VA | $77,604,181 | $9,580,879 |
National Association Of Health Underwriters Washington, DC | $5,260,956 | $6,921,904 |
American Benefits Council Washington, DC | $6,526,804 | $5,295,923 |
National Automatic Sprinkler Metal Trades Welfare Fund Landover, MD | $18,558,792 | $6,112,482 |
Surety & Fidelity Association Of America Washington, DC | $6,311,945 | $5,463,554 |
Capreit Welfare Benefit Trust Rockville, MD | $2,407,315 | $4,732,042 |
The Urban Institute Employee Benefit Trust Washington, DC | $994,642 | $4,231,919 |
Union Trowel Trades Benefit Funds Washington, DC | $0 | $4,918,430 |
Iatse Local 22 Welfare Fund Silver Spring, MD | $2,805,824 | $2,504,996 |