Insurance Federation Of Minnesota
- Assets
- $530.5k
- Revenue
- $741.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Bloomington, MN
- Founding
- 12/1960
- Data as of
- 12/2021
- EIN
- 41-0825288
Organization Overview
Insurance Federation Of Minnesota is located in Bloomington, 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 12/2021, 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 12/2021, Insurance Federation Of Minnesota generated $741.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $673.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.7%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVING 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.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Cocking President | Officer | 40 | $243,016 |
Mark E Kulda VP Public Af | Officer | 40 | $128,540 |
Paul Ablan Vice Chair | OfficerTrustee | 1 | $0 |
Sean Pick Chair | OfficerTrustee | 2 | $0 |
Justin Arnold Director | Trustee | 1 | $0 |
Adam Axvig Ex-Officio | 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 | $741,059 |
| Investment income | $42 |
| 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 | $741,101 |
| 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. | $375,396 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $48,649 |
| Other employee benefits | $54,671 |
| Payroll taxes | $22,326 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $35,038 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,119 |
| Advertising and promotion | $0 |
| Office expenses | $1,370 |
| Information technology | $8,771 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $38,934 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,645 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,320 |
| Insurance | $21,646 |
| All other expenses | $0 |
| Total functional expenses | $673,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,984 |
| Savings and temporary cash investments | $394,109 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,000 |
| 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 | $10,422 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $530,515 |
| Accounts payable and accrued expenses | $19,220 |
| Grants payable | $0 |
| Deferred revenue | $82,954 |
| 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 | $102,174 |
| Net assets without donor restrictions | $428,341 |
| 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 | $530,515 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Insurance Federation Of Minnesota has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
American Property Casualty Insurance Association Chicago, IL PURPOSE: CONTRIBUTION | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperative Welfare Benefits Fund West Des Moines, IA | $20,233,911 | $75,160,652 |
Workers Compensation Reinsurance Association St Paul, MN | $4,127,132,929 | $379,015,449 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
North Dakota Grain Dealers Association Benefit Plan And Trust Fargo, ND | $5,940,664 | $17,578,816 |
Nd Rec Benefit Trust Mandan, ND | $7,495,679 | $17,736,079 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |
Healthalliance Benefit Plan Urbandale, IA | $4,354,956 | $14,851,406 |
Twin City Sprinkler Fitters Health Care Plan Minneapolis, MN | $17,391,884 | $12,071,213 |
Nonprofit Insurance Trust Lakeville, MN | $40,064,568 | $18,458,548 |
Cuad Health Benefits Trust Bismarck, ND | $3,708,893 | $11,419,816 |
Cottingham And Butler Insurance Service Inc Employee Benefits Trus Dubuque, IA | $1,643,742 | $9,845,922 |
Harbor Group Insurance Trust Sioux Center, IA | $1,977,481 | $10,385,047 |