Michigan Association Of Insurance Agents
- Assets
- $5.9m
- Revenue
- $2.4m
- Investments
- $3.5m
- Employees
- 12
- Location
- Lansing, MI
- Founding
- 02/1992
- Data as of
- 08/2023
- EIN
- 38-3008528
Organization Overview
Michigan Association Of Insurance Agents, operating under the name Big I Michigan, is located in Lansing, MI. The organization was established in 1992. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 08/2023, Big I Michigan employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Big I 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 08/2023, Big I Michigan generated $2.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $2.5m during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by (2.7%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE AND SUPPORT THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH ADVOCACY, PROFESSIONALISM, AND SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING EDUCATIONAL, INFORMATIONAL, LEGISLATIVE, AND OTHER SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Brouwers Board Member | Trustee | 1 | $0 |
Lisa Lemanski Board Member | Trustee | 1 | $0 |
Tim Fekete Board Member | Trustee | 1 | $0 |
Jeff Magowan Board Member | Trustee | 1 | $0 |
Eric Karn Board Member | Trustee | 1 | $0 |
Erinn Swan Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $16,518 |
| Related organizations | $0 |
| Government grants | $251,977 |
| 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 | $268,495 |
| Total Program Service Revenue | $1,919,889 |
| Investment income | $108,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $147,738 |
| Net Rental Income | $4,733 |
| Net Gain/Loss on Asset Sales | -$51,887 |
| Net Income from Fundraising Events | -$11,560 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,388,481 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,699 |
| 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. | $363,613 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $359,791 |
| Pension plan accruals and contributions | $7,874 |
| Other employee benefits | $56,166 |
| Payroll taxes | $57,473 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,780 |
| Fees for services: Accounting | $86,466 |
| Fees for services: Lobbying | $55,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,489 |
| Fees for services: Other | $112,185 |
| Advertising and promotion | $0 |
| Office expenses | $149,279 |
| Information technology | $61,973 |
| Royalties | $0 |
| Occupancy | $53,447 |
| Travel | $10,752 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $414,673 |
| Interest | $0 |
| Payments to affiliates | $178,267 |
| Depreciation, depletion, and amortization | $48,869 |
| Insurance | $36,794 |
| All other expenses | $12,415 |
| Total functional expenses | $2,546,426 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,255 |
| Savings and temporary cash investments | $84,140 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,710 |
| 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 | $88,119 |
| Net Land, buildings, and equipment | $503,037 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,482,646 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,713,770 |
| Total assets | $5,895,677 |
| Accounts payable and accrued expenses | $63,284 |
| Grants payable | $0 |
| Deferred revenue | $658,570 |
| 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 | $721,854 |
| Net assets without donor restrictions | $5,173,823 |
| 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 | $5,895,677 |