Life And Health Insurance Foundation For Education
- Assets
- $2.9m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 17
- Location
- Arlington, VA
- Founding
- 03/1996
- Data as of
- 12/2022
- EIN
- 52-1904610
Organization Overview
Life And Health Insurance Foundation For Education, operating under the name Life Happens, is located in Arlington, VA. The organization was established in 1996. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. As of 12/2022, Life Happens employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Happens 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, Life Happens generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $3.7m 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 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 EDUCATE THE PUBLIC ABOUT INSURANCE PRODUCTS AND THE VALUE OF SEEKING PROFESSIONAL ADVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDIA AND PUBLIC RELATIONS - THE FOUNDATION AND ITS MEDIA RELATIONS TEAM WORKED ON KEEPING THE PUBLIC INFORMED ON THE VALUE OF INSURANCE. ITS USAGE OF AWARENESS MONTHS AND SPOKESPEOPLE HAS GREATLY INCREASED THE COVERAGE OF THE FOUNDATION'S PROGRAMS AND EDUCATIONAL PEICES RECEIVE.
THE FOUNDATION'S ADVERTISING OUTREACH IS AN EFFORT TO EDUCATE CONSUMERS AND ENERGIZE THE FIELD. WE ADVERTISE ON CONSUMER WEBSITES WITH DIGITAL ADVERTISIEMENTS FEATURING STORIES FROM TEH AWARENESS MONTH CAMPAIGN, REAL LIFE STROES OR LIFE LESSONS PROGRAMS. THESE ADS APPEARED ON THE FOLLOWING WEBSITES: HULU, YOUTUBEW, AOL, AND MANY OTHER ONLINE SITES AND MEDIA PLATFORMS.
DIGITAL PLATFORM - THE FOUNDATION'S NEWLY LAUNCHED PLATFORM WHICH PROVIDES ALL OF THE FOUNDATION'S RESOURCES IN A DIGITAL FORMAT TO BE USED BY INSURANCE COMPANIES AND AGENTS IN EDUCATING CONSUMERS ABOUT LIFE INSURANCE AND ITS RELATED PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Faisa Stafford President | Officer | 27.5 | $289,599 |
Margaret Leyes Cco | Officer | 35 | $179,979 |
Joshua Dunham Cro | Officer | 35 | $167,144 |
Richard Pratte Head Of Product | Officer | 35 | $131,814 |
Jeremy Vaught Dir Of Engineering | 35 | $111,179 | |
Barb Pietrangelo Vice Chair | OfficerTrustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kwt Global Media Relations | 12/30/21 | $386,405 |
Veracitycolab Llc Video Production | 12/30/21 | $115,250 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $347,073 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,455,025 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,802,098 |
| Total Program Service Revenue | $456,330 |
| Investment income | $6 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,994 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,255,724 |
| 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. | $867,832 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $793,942 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,242 |
| Payroll taxes | $100,285 |
| Fees for services: Management | $92,250 |
| Fees for services: Legal | $6,565 |
| Fees for services: Accounting | $115,993 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $744,175 |
| Office expenses | $11,504 |
| Information technology | $10,530 |
| Royalties | $0 |
| Occupancy | $43,665 |
| Travel | $128,318 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $52,437 |
| Interest | $14,615 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $56,181 |
| Insurance | $14,734 |
| All other expenses | $150,787 |
| Total functional expenses | $3,690,250 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $38,919 |
| Pledges and grants receivable | $137,210 |
| Accounts receivable, net | $58,875 |
| 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 | $11,028 |
| Net Land, buildings, and equipment | $186,466 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,429,978 |
| Total assets | $2,862,476 |
| Accounts payable and accrued expenses | $502,693 |
| Grants payable | $0 |
| Deferred revenue | $107,590 |
| 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 | $250,000 |
| Other liabilities | $0 |
| Total liabilities | $860,283 |
| Net assets without donor restrictions | $1,961,770 |
| Net assets with donor restrictions | $40,423 |
| 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 | $2,862,476 |