Compensation Advisory Organization Of Michigan
- Assets
- $4.6m
- Revenue
- $3.2m
- Investments
- $1.1m
- Employees
- 36
- Location
- Livonia, MI
- Founding
- 12/1982
- Data as of
- 12/2022
- EIN
- 38-2435780
Organization Overview
Compensation Advisory Organization Of Michigan is located in Livonia, MI. The organization was established in 1982. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Compensation Advisory Organization Of Michigan employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Compensation Advisory Organization Of Michigan 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 12/2022, Compensation Advisory Organization Of Michigan generated $3.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. 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
MICHIGAN'S AUTHORIZED WORKERS' COMPENSATION (WC) DATA COLLECTION ORGANIZATION (DCO) SUPPORTING THE VOLUNTARY PROPERTY & CASUALTY INSURANCE INDUSTRY AND MANAGING THE WC RESIDUAL MARKET THROUGH THE MICHIGAN WORKERS' COMPENSATION PLACEMENT FACILITY (MWCPF)
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAOM SUPPORTED THEIR DATA COLLECTION RESPONSIBILITIES THROUGH THEIR UNIT STATISTICAL REPORTING AND FINANCIAL DATA CALL INITIATIVES. RECENTLY, CAOM INSTITUTED A NEW INDEMNITY DATA CALL IN ORDER TO OBTAIN DETAILED POLICY AND CLAIM INFORMATION ON INDEMNITY CLAIMS THAT WILL FACILITATE ESTIMATING THE IMPACT OF FUTURE LEGISLATIVE CHANGES. IN ADDITION TO THE DATA COLLECTION, CAOM CONTINUES PROMULGATING EXPERIENCE MODIFICATION FACTORS FOR THE INDUSTRY. FINALLY, CAOM SERVES AS THE PLAN ADMINISTRATOR FOR THE MICHIGAN WORKERS' COMPENSATION PLACEMENT FACILITY WHICH PROVIDES WORKERS' COMPENSATION COVERAGE FOR BUSINESS UNABLE TO PROCURE INSURANCE THROUGH THE VOLUNTARY MARKET
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keri Kittman Board Member | Trustee | 1 | $0 |
David Hostetter Board Member | Trustee | 1 | $0 |
Chris Doebler Board Member | Trustee | 1 | $0 |
Brian Melas Board Member | Trustee | 1 | $0 |
Steve Crofton Board Member | Trustee | 1 | $0 |
Betty Carbone Board Member | Trustee | 1 | $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 | $3,208,646 |
| Investment income | $24,858 |
| 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 | $3,240,697 |
| 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. | $695,510 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $517,867 |
| Pension plan accruals and contributions | $108,816 |
| Other employee benefits | $242,219 |
| Payroll taxes | $87,964 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,862 |
| Fees for services: Accounting | $21,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $269,813 |
| Advertising and promotion | $0 |
| Office expenses | $60,422 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,924 |
| Travel | $7,365 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,375 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,079 |
| Insurance | $13,682 |
| All other expenses | $0 |
| Total functional expenses | $2,128,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $536,184 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,650,793 |
| 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 | $15,329 |
| Net Land, buildings, and equipment | $56,562 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,114,560 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $177,875 |
| Total assets | $4,551,303 |
| Accounts payable and accrued expenses | $203,013 |
| 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 | $3,296,738 |
| Total liabilities | $3,499,751 |
| Net assets without donor restrictions | $1,051,552 |
| 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 | $4,551,303 |