Michigan Basic Property Insurance Association

Organization Overview

Michigan Basic Property Insurance Association is located in Farmington Hills, MI. The organization was established in 1970. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Michigan Basic Property Insurance Association employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Basic Property 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, Michigan Basic Property Insurance Association generated $14.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $10.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE MISSION OF MICHIGAN BASIC PROPERTY INSURANCE ASSOCIATION IS TO PROVIDE PROMPT COURTEOUS AND EFFICIENT SERVICE TO OUR CUSTOMERS; BE AWARE OF THE RESPONSIBILITY WE HAVE TO OUR MEMBER COMPANIES AND POLICYHOLDERS TO UTILIZE RESOURCES EFFECTIVELY; PROVIDE A WORK ENVIRONMENT THAT RECOGNIZES CREATIVITY AND PROMOTES TEAMWORK; AND BE SENSITIVE TO THE NEEDS OF THE COMMUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ISSUANCE OF BASIC PROPERTY INSURANCE AND HOME PROPERTY INSURANCE POLICIES IS THE SOLE BUSINESS RELATED ACTIVITY OF THE ASSOCIATION. GENERALLY THE POLICIES ARE ISSUED FOR HIGH-RISK INSURERS. MEMBER PROPERTY INSURANCE COMPANIES PARTICIPATE COLLECTIVELY THROUGH THEIR MANDATORY MEMBERSHIP IN THE ASSOCIATION. ASSESSMENTS PAID TO THE ASSOCIATION BY MEMBER COMPANIES ARE COVERED THROUGH ADJUSTMENTS TO THE RATES FOR THE VOLUNTARY MARKET.


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Board, Officers & Key Employees

Name (title)Compensation
Muddasar Tawakkul
Board Of Governors
$2,700
Leroy Bostic
Board Of Governors
$1,350
David Field
Board Of Governors
$1,350
Solon Phillips
Board Of Governors
$1,350
Steve Rock
Board Of Governors
$1,350
Michael C Levine
Board Of Governors
$1,200

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fabian Sklar King And Liss Pc
$137,735
$0
View All Vendors

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$11,110,974
Investment income $582,640
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $2,570,683
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $14,270,902

Grants Awarded

Over the last fiscal year, Michigan Basic Property Insurance Association has awarded $137,500 in support to 2 organizations.

Grant RecipientAmount

MICHIGAN ARSON PREVENTION COMMITTEE

Org PageRecipient Profile

Northville, MI

PURPOSE: General Operating Account

$127,500

NATIONAL CRIME BUREAU SERVICES

Org PageRecipient Profile

Des Plaines, IL

PURPOSE: General Operating Account

$10,000
View Grant Profile

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