Professional Liability Underwriting Society
- Assets
- $7.6m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 18
- Location
- Minneapolis, MN
- Founding
- 04/1993
- Data as of
- 12/2022
- EIN
- 41-1605606
Organization Overview
Professional Liability Underwriting Society is located in Minneapolis, MN. The organization was established in 1993. 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 12/2022, Professional Liability Underwriting Society employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Professional Liability Underwriting Society 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, Professional Liability Underwriting Society generated $6.7m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $6.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.1%) 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
TO BE THE GLOBAL COMMUNITY FOR THE PROFESSIONAL LIABILITY INSURANCE INDUSTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, PLUS HELD SIX NATIONAL IN-PERSON EVENTS TO ENHANCE THE PROFESSIONALISM OF ITS MEMBERS. IN TOTAL PLUS HOSTED APPROXIMATELY 3107 ATTENDEES AT NATIONAL EVENTS. IN ADDITION, CLOSE TO 3,000 PEOPLE ATTENDED IN-PERSON REGIONAL AND LOCAL CHAPTER EVENTS THROUGH PLUS 13 REGIONAL CHAPTERS AND MORE THAN 4,700 ATTENDEES PARTICIPATED IN VIRTUAL WEBINAR BASED PROGRAMS. PARTICIPANTS IN ALL EVENTS TOOK PART IN EDUCATIONAL, NETWORKING, AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES.
AS A MEMBERSHIP ORGANIZATION, PLUS PROVIDES RESOURCES, PROGRAMMING, AND INFORMATION TO ASSIST ITS MEMBERS AND ENABLE THEM TO BEST SERVE THEIR CLIENTS AND EDUCATE THE PUBLIC REGARDING PROFESSIONAL LIABILITY. IN 2022 PLUS HAD APPROXIMATELY 30,000 INDIVIDUAL MEMBERS.
PLUS PROVIDES A COMPREHENSIVE EDUCATIONAL CURRICULUM FOR THE PROFESSIONAL LIABILITY INDUSTRY, INCLUDING RPLU, RPLU+ AND CPLP CERTIFICATION PROGRAMS, WHICH CERTIFIED 266, 20 AND 1128 INDIVIDUALS, RESPECTIVELY, IN 2022 AND HAS OVER 4300 INDIVIDUALS WHO HAVE RECEIVED DESIGNATIONS SINCE INCEPTION.THROUGH THE 13 REGIONAL PLUS CHAPTERS, EDUCATION AND PROGRAMMING ARE PROVIDED TO MEMBERS AT A LOCAL LEVEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer O'neill President | OfficerTrustee | 5 | $0 |
Jacqueline Waters Vice President | OfficerTrustee | 5 | $0 |
Nicole Sheth Secretary - Treasurer | OfficerTrustee | 4 | $0 |
Jay Karp President Elect | OfficerTrustee | 4 | $0 |
Susan Angelo Immediate Past President | OfficerTrustee | 4 | $0 |
La'vonda Mclean Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Howard Other Holdings Inc Event Services | 12/30/22 | $200,000 |
Image Audiovisual Inc Event Services | 12/30/22 | $342,091 |
Marriott Business Services Event Services | 12/30/22 | $531,036 |
Kinsley & Associates Llc Event Planning | 12/30/22 | $114,565 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $276,907 |
| 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 | $276,907 |
| Total Program Service Revenue | $6,291,975 |
| Investment income | $85,678 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $27,825 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,682,385 |
| 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. | $321,676 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,348,138 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $143,320 |
| Payroll taxes | $113,095 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,075 |
| Fees for services: Accounting | $100,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $51,244 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $295,794 |
| Information technology | $229,023 |
| Royalties | $0 |
| Occupancy | $98,647 |
| Travel | $10,138 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,411,236 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,465 |
| Insurance | $69,566 |
| All other expenses | $154,135 |
| Total functional expenses | $6,193,364 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,396,163 |
| Savings and temporary cash investments | $45,752 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $214,108 |
| 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 | $275,051 |
| Net Land, buildings, and equipment | $34,558 |
| Investments—publicly traded securities | $5,526,731 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $142,805 |
| Total assets | $7,635,168 |
| Accounts payable and accrued expenses | $203,511 |
| Grants payable | $0 |
| Deferred revenue | $821,209 |
| 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 | $143,924 |
| Total liabilities | $1,168,644 |
| Net assets without donor restrictions | $6,466,524 |
| 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 | $7,635,168 |