Michigan Automobile Insurance Placement Facility
- Assets
- $97.2m
- Revenue
- $24.3m
- Investments
- $0.0
- Employees
- 38
- Location
- Johnston, RI
- Founding
- 05/1949
- Data as of
- 12/2022
- EIN
- 38-6090344
Organization Overview
Michigan Automobile Insurance Placement Facility is located in Johnston, RI. The organization was established in 1949. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 12/2022, Michigan Automobile Insurance Placement Facility employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Automobile Insurance Placement Facility 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, Michigan Automobile Insurance Placement Facility generated $24.3m 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 (4.2%) each year. All expenses for the organization totaled $20.6m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.1%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE ATTACHED NOTE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE ATTACHED NOTE.
THE MICHIGAN ASSIGNED CLAIMS PLAN (MACP) PROVIDES PERSONAL INJURY PROTECTION BENEFITS REQUIRED BY MICHIGAN NO FAULT STATUTE TO ELIGIBLE PARTIES THAT SUSTAINED INJURIES RESULTING FROM A MOTOR VEHICLE ACCIDENT. THE MACP COMPLETES AN INITIAL DETERMINATION OF ELIGIBILITY FOR EACH CLAIM AND ELIGIBLE CLAIMS ARE THEN ASSIGNED TO A SERVICING INSURER TO MAKE FINAL DETERMINATION OF COVERAGE. IF THE INJURED PARTY IS ELIGIBLE FOR BENEFITS, THE ASSIGNED SERVICING INSURER PROCESSES THE CLAIM ON BEHALF OF THE MACP
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Gov Comm Member | Trustee | 1 | $0 |
Name Not Listed Gov Comm Member | Trustee | 1 | $0 |
Name Not Listed Gov Comm Member | Trustee | 1 | $0 |
Name Not Listed Gov Comm Member | Trustee | 1 | $0 |
Name Not Listed Gov Comm Member | Trustee | 1 | $0 |
Name Not Listed Gov Comm 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 | $24,405,972 |
| Investment income | $927,390 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,026,651 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,306,711 |
| 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. | $325,687 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,496,987 |
| Pension plan accruals and contributions | $223,558 |
| Other employee benefits | $321,513 |
| Payroll taxes | $206,460 |
| Fees for services: Management | $216,500 |
| Fees for services: Legal | $28,052 |
| Fees for services: Accounting | $87,109 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $68,387 |
| Information technology | $646,297 |
| Royalties | $0 |
| Occupancy | $240,117 |
| Travel | $7,647 |
| 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 | $0 |
| Insurance | $184,324 |
| All other expenses | $2,325,147 |
| Total functional expenses | $20,553,385 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$282,204 |
| Savings and temporary cash investments | $27,966,177 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,764,592 |
| 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 | $48,408,555 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $293,882 |
| Total assets | $97,151,002 |
| Accounts payable and accrued expenses | $16,186,555 |
| 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 | $58,543,127 |
| Total liabilities | $74,729,682 |
| 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 | $22,421,320 |
| Total liabilities and net assets/fund balances | $97,151,002 |