Independent Insurance Agents Of Maryland Inc
- Assets
- $486.4k
- Revenue
- $250.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Glen Burnie, MD
- Founding
- 03/1942
- Data as of
- 08/2022
- EIN
- 52-0578409
Organization Overview
Independent Insurance Agents Of Maryland Inc is located in Glen Burnie, MD. The organization was established in 1942. 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 08/2022, Independent Insurance Agents Of Maryland Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Insurance Agents Of Maryland Inc 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 08/2022, Independent Insurance Agents Of Maryland Inc generated $250.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.5%) each year. All expenses for the organization totaled $289.0k during the year ending 08/2022. As we would expect to see with falling revenues, expenses have declined by (2.2%) 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
TO ENSURE THE SUCCESS OF INDEPENDENT INSURANCE PRODUCERS AND AGENCY STAFF THROUGHOUT MARYLAND BY FOCUSING ON PROVIDING ACCESS TO PRODUCTS FOR BOTH THE AGENT AND THEIR CLIENTS, ADVOCACY, TIMELY INDUSTRY INFORMATION AND SUPERIOR EDUCATION PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE AND REPRESENT COMMON BUSINESS INTERESTS OF INDEPENDENT INSURANCE AGENTS IN AN EFFORT TO IMPROVE THE PROFESSIONAL STANDARDS FOR INSURANCE PRODUCERS IN THE STATE OF MARYLAND.
THE ASSOCIATION PUBLISHED A NEWSLETTER 6 TIMES DURING THE YEAR, WHICH KEEPS AGENTS ABREAST OF CURRENT AND UPCOMING ISSUES OF INTEREST.
THE ASSOCIATION PROVIDES BOTH LICENSING AND CONTINUING EDUCATION CLASSES WHICH ADVANCE THE EDUCATION AND TRAINING IN THE INSURANCE AND RISK MANAGEMENT FIELD. THE ASSOCIATION HAS 104 APPROVED DEPARTMENT COURSES AND HAS SERVED 184 STUDENTS IN 12 PRESENTED CLASSES PROVIDING 24 HOURS OF CONTINUING EDUCATION CREDITS IN CLASSROOM. THE PROGRAMS WERE OFFERED AT OUR FACILITY IN GLEN BURNIE, AND SEVERAL WERE HELD IN-HOUSE AT MEMBER AGENCY OFFICES. OF THE 104 APPROVED COURSES, 12 ARE CLASSROOM AND 92 ARE LIVE WEBINARS/ONLINE COURSES. THE ASSOCIATION ALSO OFFERS AN ADDITIONAL 260 ONLINE PROGRAMS THROUGH OUR PARTNERSHIPS WITH WEBCE, CEU AND THE VIRTUAL UNIVERSITY. THE ASSOCIATION OFFERS TWO DESIGNATIONS PROGRAMS, THE ACSR (ACCREDITED CUSTOMER SERVICE REPRESENTATIVE) AND AAI (ACCREDITED ADVISOR IN INSURANCE).
THE ASSOCIATION HOLDS AN ANNUAL INSTALLATION DINNER/MEETING IN JUNE OF EACH YEAR. THEY HOLD ONE GENERAL MEMBERSHIP MEETING, FOUR BOARD MEETINGS AND 12 EXECUTIVE COMMITTEE MEETINGS ALONG WITH VARIOUS COMMITTEE MEETINGS THROUGHOUT THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebekah Langford President | OfficerTrustee | 40 | $97,291 |
Jerry Nicklow Chairman Of The Board | OfficerTrustee | 0.5 | $0 |
Nancy Nicklow State National Director | OfficerTrustee | 0.5 | $0 |
Gerald Zoller Immediate Past Chairman | OfficerTrustee | 0.5 | $0 |
Ivory M Buck III Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Christopher Weller Chairman-Elect | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $39,211 |
| 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 | $39,211 |
| Total Program Service Revenue | $194,390 |
| Investment income | $301 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,545 |
| 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 | $250,884 |
| 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. | $97,273 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $91,720 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,936 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,378 |
| Fees for services: Lobbying | $12,548 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,134 |
| Advertising and promotion | $245 |
| Office expenses | $16,705 |
| Information technology | $11,962 |
| Royalties | $0 |
| Occupancy | $24,503 |
| Travel | $9,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,343 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,380 |
| Insurance | $9,326 |
| All other expenses | -$132,368 |
| Total functional expenses | $289,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,526 |
| Savings and temporary cash investments | $237,547 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $182,898 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $462 |
| Net Land, buildings, and equipment | $6,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $100 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $486,373 |
| Accounts payable and accrued expenses | $14,833 |
| Grants payable | $0 |
| Deferred revenue | $154,534 |
| 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 | $169,367 |
| Net assets without donor restrictions | $317,006 |
| 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 | $486,373 |