Private Risk Management Association
- Assets
- $1.0m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 5
- Location
- Schaumburg, IL
- Founding
- 09/2014
- Data as of
- 12/2023
- EIN
- 46-2430573
Organization Overview
Private Risk Management Association is located in Schaumburg, IL. The organization was established in 2014. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Private Risk Management Association employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Private Risk Management Association 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 12/2023, Private Risk Management Association generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 14.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF PRMA IS TO IMPROVE ADVICE, COVERAGE AND SERVICE PROVIDED TO THE HIGH NET WORTH INSURANCE CONSUMER THROUGH EDUCATION AND INCREASED AWARENESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION OFFERS AN ANNUAL SUMMIT, A TWODAY EDUCATIONAL CONFERENCE, TO MEMBERS AND NONMEMBERS. THE SUMMIT PROVIDES ACCESS TO SUBJECT MATTER EXPERTS IN THE HIGHNETWORTH PERSONAL RISK MANAGEMENT NICHE IN GENERAL, BREAKOUT AND ROUNDTABLE SESSIONS. NOVEMBER 2023 MARKED THE 11TH ANNUAL SUMMIT. SUMMIT ATTENDANCE HAS CONTINUED TO INCREASE YEAR OVER YEAR.
PRMA ACADEMY OFFERS SEVERAL EDUCATIONAL OPPORTUNITIES FOR MEMBERS. THE CHARTERED PRIVATE RISK AND INSURANCE ADVISOR (CPRIA) CERTIFICATE IS AN ONLINE CERTIFICATION PROGRAM SPECIFICALLY DEVELOPED FOR PROFESSIONALS IN PRIVATE RISK MANAGEMENT, CPRIA AIMS TO BROADEN KNOWLEDGE AND ENABLE PARTICIPANTS TO BETTER ADVISE CLIENTS AND PROVIDE THEM WITH SPECIALIZED SOLUTIONS TO COMPLEX INDUSTRY ISSUES. THE CERTIFICATION PROGRAM WAS LAUNCHED IN MAY OF 2015 AND CURRENTLY HAS OVER 400 PARTICIPANTS AND OVER 1200 GRADUATES. THE ADVANCED CHARTERED PRIVATE RISK AND INSURANCE ADVISOR (ACPRIA) CERTIFICATION WAS LAUNCHED IN NOVEMBER OF 2018. EACH TWOYEAR PROGRAM PROVIDES AN OPPORTUNITY TO FURTHER PARTICIPANTS KNOWLEDGE AND RAISE THEIR PROFESSIONAL PROFILE. IN ADDITION TO THE CERTIFICATION COURSES THE ACADEMY OFFERS TWO ONDEMAND COURSES ON SPECIFIC TOPICS RELEVANT TO PRIVATE RISK MANAGEMENT PROFESSIONALS. THE INTRODUCTION TO FAMILY OFFICE RISK MANAGEMENT WAS LAUNCHED IN JUNE OF 2019 AND HAS OVER 180 GRADUATES. THE ELEMENTS OF INSURING TO VALUE WAS LAUNCHED IN 2021.
SETUP AND MAINTENANCE OF THE ORGANIZATIONS WEBSITE. PROMOTION AND MANAGEMENT OF NEW AND RENEWAL MEMBERSHIPS. DEVELOPMENT AND EXECUTION OF EDUCATIONAL AND INFORMATION RESOURCES TO MEMBERS. CURRENT OFFERINGS INCLUDE THE PRMA KNOWLEDGE BASE WHICH CONSISTS OF INSIGHTS WEBINARS, BEST PRACTICES LIBRARY, AND INSIGHT SURVEYS EACH PROVIDING MEMBERS WITH VALUABLE EDUCATION INFORMATION RELEVANT TO THEIR DAYTODAY ACTIVITIES. MEMBERS GET ACCESS TO "COLLABORATE" THE ONLINE MEMBER ONLY COMMUNITY WHERE MEMBERS SHARE INFORMATION AND SEEK HELP FROM PEERS AS WELL AS ENROLLMENT INTO GEOGRAPHIC CHAPTERS ALLOWING MEMBERS TO GAIN ACCESS TO EXPERTS IN THEIR AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Delaney Executive Dir. | Officer | 40 | $175,000 |
Kimberlee Connell Director | Trustee | 1 | $0 |
Robert Courtemanche Director | Trustee | 1 | $0 |
William Gatewood Director | Trustee | 1 | $0 |
Max Gilman Director | Trustee | 1 | $0 |
Kaye Gitibin 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 | $1,610,868 |
| Investment income | $0 |
| 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 | $1,610,868 |
| 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. | $175,000 |
| Compensation of current officers, directors, key employees. | $105,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $311,106 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,576 |
| Payroll taxes | $44,584 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,878 |
| Fees for services: Accounting | $25,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $58,569 |
| Advertising and promotion | $27,845 |
| Office expenses | $4,136 |
| Information technology | $18,767 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,463 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $483,293 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,216 |
| All other expenses | $0 |
| Total functional expenses | $1,424,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $920,930 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,464 |
| 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 | $77,519 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,011,913 |
| Accounts payable and accrued expenses | $87,402 |
| Grants payable | $0 |
| Deferred revenue | $158,875 |
| 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 | $246,277 |
| Net assets without donor restrictions | $765,636 |
| 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 | $1,011,913 |