Michigan Association Of Insurance Agents
- Assets
- $7.0m
- Revenue
- $2.2m
- Investments
- $301.9k
- Employees
- 19
- Location
- Lansing, MI
- Founding
- 02/1992
- Data as of
- 08/2021
- EIN
- 38-3008528
Organization Overview
Michigan Association Of Insurance Agents 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 08/2021, Michigan Association Of Insurance Agents employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Association Of Insurance Agents 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 08/2021, Michigan Association Of Insurance Agents generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.3%) each year. All expenses for the organization totaled $2.5m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 6 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
2021
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 |
|---|---|---|---|
Beverly Barney CEO | Officer | 39 | $182,548 |
Kari Quimby Senior VP Co | 40 | $112,171 | |
William Lemanski Chair | OfficerTrustee | 1 | $0 |
Donald Shampine Vice Chair | OfficerTrustee | 1 | $0 |
Scott Mcbride Iiaba Direct | OfficerTrustee | 1 | $0 |
Mark Elliott Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $209,710 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,594 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $227,304 |
| Total Program Service Revenue | $1,550,138 |
| Investment income | $98,153 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $145,475 |
| Net Rental Income | -$11,271 |
| Net Gain/Loss on Asset Sales | $169,786 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,183,577 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $279,432 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $565,287 |
| Pension plan accruals and contributions | $47,019 |
| Other employee benefits | $73,952 |
| Payroll taxes | $66,082 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,004 |
| Fees for services: Accounting | $109,053 |
| Fees for services: Lobbying | $15,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,142 |
| Fees for services: Other | $256,759 |
| Advertising and promotion | $0 |
| Office expenses | $25,282 |
| Information technology | $44,333 |
| Royalties | $0 |
| Occupancy | $78,131 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $214,074 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,266 |
| Insurance | $38,705 |
| All other expenses | $33,613 |
| Total functional expenses | $2,507,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $188,415 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,487 |
| 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 | $35,587 |
| Net Land, buildings, and equipment | $535,313 |
| Investments—publicly traded securities | $3,691,018 |
| Investments—other securities | $301,947 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,199,414 |
| Total assets | $6,976,281 |
| Accounts payable and accrued expenses | $103,585 |
| Grants payable | $0 |
| Deferred revenue | $620,827 |
| 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 | $724,412 |
| Net assets without donor restrictions | $6,251,869 |
| 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 | $6,976,281 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Directemployers Association Inc Indianapolis, IN | $10,667,744 | $15,212,519 |
National Conference Of Insurance Indianapolis, IN | $4,600,811 | $4,069,292 |
Michigan Association Of Insurance Agents Lansing, MI | $6,976,281 | $2,183,577 |
Greater Cincinnati Automobile Dealers Association Inc Cincinnati, OH | $1,490,013 | $1,379,600 |
Pacific Propane Education And Research Foundation Lansing, MI | $416,047 | $682,686 |
National Association Of Independent Insurance Adjusters Kalamazoo, MI | $547,055 | $580,530 |
Sheet Metal Air Conditioning Contractors National Association Parma, OH | $35,384 | $432,888 |
Cleveland Electrical Labor Mgmt Cooperation Committee Corporation Valley View, OH | $319,405 | $302,420 |
Louisiana Title Statistical Services Organization Inc Dublin, OH | $280,253 | $0 |
Middleburg Heights Chamber Of Commerce Middlebrg Heights, OH | $49,708 | $0 |
51 Club Ontario, OH | $157,479 | $0 |
Indiana Financial Services Association Inc Indianapolis, IN | $64,877 | $80,614 |