Illinois Insurance Association
- Assets
- $1.2m
- Revenue
- $771.6k
- Investments
- $801.8k
- Employees
- 3
- Location
- Springfield, IL
- Founding
- 05/1960
- Data as of
- 12/2021
- EIN
- 36-2390323
Organization Overview
Illinois Insurance Association is located in Springfield, IL. The organization was established in 1960. 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, Illinois Insurance Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Insurance Association 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, Illinois Insurance Association generated $771.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $850.3k during the year ending 12/2021. 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
TO INITIATE AND SUPPORT PROGRAMS AND PRACTICES FOR THE PROTECTION AND ENCOURAGEMENT OF THE INSURANCE INDUSTRY AND TO DISSEMINATE INFORMATION AND CONDUCT EDUCATIONAL PROGRAMS REGARDING THE NATURE OF THE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO INITIATE AND SUPPORT PROGRAMS AND PRACTICES FOR THE PROTECTION AND ENCOURAGEMENT OF THE INSURANCE INDUSTRY AND TO DISSEMINATE INFORMATION AND CONDUCT EDUCATIONAL PROGRAMS REGARDING THE NATURE OF THE INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Martin Executive Di | Officer | 40 | $296,296 |
Jason Rudis Past Chair | OfficerTrustee | 2 | $0 |
Chuck Feinen Past Chair | OfficerTrustee | 2 | $0 |
Joshua Johnson First Vice C | OfficerTrustee | 2 | $0 |
Lynne Grinsell Treasurer | OfficerTrustee | 2 | $0 |
Tyler Peterson Secretary | OfficerTrustee | 2 | $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 | $761,768 |
| Investment income | $8,633 |
| 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 | $771,601 |
| 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 | $447,898 |
| Pension plan accruals and contributions | $56,691 |
| Other employee benefits | $90,277 |
| Payroll taxes | $26,081 |
| Fees for services: Management | $0 |
| 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 | $85,000 |
| Advertising and promotion | $1,250 |
| Office expenses | $17,223 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,501 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,119 |
| Insurance | $3,594 |
| All other expenses | $712 |
| Total functional expenses | $850,325 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $420,823 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $10,060 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $801,788 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,232,721 |
| Accounts payable and accrued expenses | $677 |
| Grants payable | $0 |
| Deferred revenue | $253,506 |
| 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 | $254,183 |
| Net assets without donor restrictions | $978,538 |
| 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 | $1,232,721 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Illinois Insurance Association has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Illinois Fair Plan Association Chicago, IL PURPOSE: ILLINOIS INSURANCE HOTLINE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperative Welfare Benefits Fund West Des Moines, IA | $20,233,911 | $75,160,652 |
University Of Chicago Self Insurance Trust Chicago, IL | $366,096,537 | $38,837,635 |
Welfare Fund Of Engineers Local 513 Bridgeton, MO | $114,642,323 | $59,012,393 |
Heritage Group Employee Benefit Trust Indianapolis, IN | $5,252,708 | $48,474,958 |
Ssmhcs Liability Trust Mercantile Bank Ttee St Louis, MO | $216,786,212 | $51,161,074 |
Rush University Medical Centers Self-Insurance Trust For Healthcar Chicago, IL | $184,033,612 | $58,498,218 |
American United Life Insurance Company Welfare Benefits Trust Indianapolis, IN | $8,410,756 | $27,962,029 |
Hills Insurance Company Inc Mishawaka, IN | $233,016,594 | $7,136,194 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
Automatic Sprinkler-281 U A Welfare Fund Alsip, IL | $43,182,482 | $25,386,372 |
Learfield Communications Group Benefit Trust Inc Jefferson City, MO | $2,893,573 | $17,688,532 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |