Illinois Fair Plan Association
- Assets
- $9.5m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Tinley Park, IL
- Founding
- 01/1970
- Data as of
- 11/2023
- EIN
- 36-2688813
Organization Overview
Illinois Fair Plan Association is located in Tinley Park, IL. The organization was established in 1970. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 11/2023, Illinois Fair Plan Association employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Fair Plan 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 11/2023, Illinois Fair Plan Association generated $3.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $6.3m during the year ending 11/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Illinois Fair Plan Association has awarded 18 individual grants totaling $145,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BASIC AND AFFORDABLE PROPERTY INSURANCE TO APPLICANTS IN ILLINOIS (SEE SCHEDULE O)WHO ARE UNABLE TO PURCHASE COVERAGE THROUGH THE STANDARD INSURANCE MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDER ILLINOIS STATE STATUE, THE ASSOCIATION PROVIDES FIRE, HOMEOWNERS, EXTENDED COVERAGE, VANDALISM, AND MALICIOUS MISCHIEF INSURANCE FOR STATE RESIDENTS WHO HAVE BEEN UNABLE TO OBTAIN THESE TYPES OF INSURANCE IN THE VOLUNTARY MARKET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Devries Chair | OfficerTrustee | 1 | $7,200 |
Kimberly Burnell Vice-Chair | OfficerTrustee | 1 | $0 |
Rebecca Korach Woan Secretary | OfficerTrustee | 1 | $7,200 |
Andy Jones Director | Trustee | 1 | $0 |
Charles Hill Sr Director | Trustee | 1 | $7,200 |
Steven Ha Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fair Plan Alliance Underwriting, Claims, Acct., It | 11/29/23 | $145,157 |
Innovative Computer Systems Inc It Services | 11/29/23 | $110,130 |
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 | $3,241,556 |
| Investment income | $167,185 |
| 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 | $3,408,741 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| 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. | $397,131 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $364,147 |
| Pension plan accruals and contributions | $177,649 |
| Other employee benefits | $114,248 |
| Payroll taxes | $40,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,567 |
| Fees for services: Accounting | $19,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,068 |
| Fees for services: Other | $267,129 |
| Advertising and promotion | $1,656 |
| Office expenses | $273,709 |
| Information technology | $2,039 |
| Royalties | $0 |
| Occupancy | $294,858 |
| Travel | $6,307 |
| 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 | $27,102 |
| Insurance | $85,922 |
| All other expenses | $1,681 |
| Total functional expenses | $6,277,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $591,034 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $533,147 |
| 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 | $0 |
| Investments—publicly traded securities | $6,199,824 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,185,844 |
| Total assets | $9,509,849 |
| Accounts payable and accrued expenses | $125,253 |
| 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 | $3,386,277 |
| Total liabilities | $3,511,530 |
| 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 | $5,998,319 |
| Total liabilities and net assets/fund balances | $9,509,849 |
Grants Awarded
Over the last fiscal year, Illinois Fair Plan Association has awarded $15,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NEIGHBORHOOD HOUSING SERVICES OF CHICAGO PURPOSE: CHICAGO HOME SAFETY | $10,000 |
ILLINOIS INSURANCE ASSOCIATION PURPOSE: ILLINOIS INSURANCE HOTLINE | $5,000 |