Kentucky School Boards Insurance Trust
- Assets
- $9.2m
- Revenue
- $7.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Frankfort, KY
- Founding
- 07/1981
- Data as of
- 12/2022
- EIN
- 31-1008135
Organization Overview
Kentucky School Boards Insurance Trust is located in Frankfort, KY. The organization was established in 1981. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is the central organization for a national or regional group of organizations. Kentucky School Boards Insurance Trust is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Kentucky School Boards Insurance Trust generated $7.2m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE TRUST SHALL BE TO SERVE AS AN UNEMPLOYMENT CLAIMS MANAGEMENT SERVICE TO MEMBER SCHOOL DISTRICTS AND OTHER TAX SUPPORTED EDUCATIONAL AGENCIES OF KENTUCKY AND NON-PROFIT INSTITUTIONS OF HIGHER EDUCATION LOCATED WITHIN KENTUCKY FOR UNEMPLOYMENT COMPENSATION CLAIMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE KENTUCKY SCHOOL BOARDS INSURANCE TRUST WAS ORGANIZED AS A NON-PROFIT SELF-INSURANCE TRUST ADMINISTERED BY THE KENTUCKY SCHOOL BOARDS ASSOCIATION. THE PURPOSE OF THE TRUST IS TO SERVE AS AN UNEMPLOYMENT CLAIMS MANAGEMENT AND PAYMENT SERVICE TO MEMBER KENTUCKY BOARDS OF EDUCATION (TAX SUPPORTED POLITICAL SUBDIVISIONS) FOR UNEMPLOYMENT COMPENSATION CLAIMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronnie Holmes Past President | Trustee | 0.5 | $0 |
Dennis Smith Trustee | Trustee | 0.5 | $0 |
Davonna Page President | OfficerTrustee | 1 | $0 |
Keith Haynes Trustee | Trustee | 0.5 | $0 |
Chris Mcintyre Trustee | Trustee | 0.5 | $0 |
Larry Dodson Trustee | Trustee | 0.5 | $0 |
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 | $6,974,671 |
| Investment income | $191,077 |
| 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 | $7,165,748 |
| 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 | $1,532,416 |
| 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 | $0 |
| Fees for services: Legal | $1,558 |
| Fees for services: Accounting | $21,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,501 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,307 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,851 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,949,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $814,851 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $523,547 |
| 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 | $16,724 |
| Net Land, buildings, and equipment | $720 |
| Investments—publicly traded securities | $7,839,665 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,195,507 |
| Accounts payable and accrued expenses | $1,028,581 |
| 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 | $219,314 |
| Total liabilities | $1,247,895 |
| Net assets without donor restrictions | $0 |
| 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 | $7,947,612 |
| Total liabilities and net assets/fund balances | $9,195,507 |