Insurance Federation Of Minnesota
- Assets
- $507.2k
- Revenue
- $792.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Maple Grove, MN
- Founding
- 12/1960
- Data as of
- 12/2022
- EIN
- 41-0825288
Organization Overview
Insurance Federation Of Minnesota is located in Maple Grove, MN. The organization was established in 1960. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Insurance Federation Of Minnesota employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Federation Of Minnesota 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, Insurance Federation Of Minnesota generated $792.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $744.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 7 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
ADVOCATING ON BEHALF OF INSURERS ANED CONSUMERS TO IMPROVE BUSINESS CONDITIONS IN THE INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES VARIOUS SERVICES ON BEHALF OF ITS MEMBERS TO IMPROVE THE INSURANCE INDUSTRY IN THE STATE OF MINNESOTA.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Cocking President | Officer | 40 | $263,479 |
Mark E Kulda VP Public Af | Officer | 40 | $124,347 |
Paul Ablan Chair | OfficerTrustee | 1 | $0 |
Terry Miller Vice Chair | OfficerTrustee | 1 | $0 |
Mike Happe Ex-Off Sec/t | OfficerTrustee | 1 | $0 |
Adam Axvig Director | 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 | $787,633 |
| Investment income | $6,936 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,258 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $792,311 |
| 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. | $506,853 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $23,219 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $64,505 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $21,558 |
| Advertising and promotion | $0 |
| Office expenses | $1,831 |
| Information technology | $9,391 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $65,704 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,545 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,300 |
| Insurance | $20,516 |
| All other expenses | $0 |
| Total functional expenses | $744,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $123,130 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $7,683 |
| Investments—publicly traded securities | $376,366 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $507,179 |
| Accounts payable and accrued expenses | $21,220 |
| Grants payable | $0 |
| Deferred revenue | $32,449 |
| 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 | $53,669 |
| Net assets without donor restrictions | $453,510 |
| 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 | $507,179 |