Life Insurance Settlement Association
- Assets
- $468.7k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 09/1995
- Data as of
- 12/2023
- EIN
- 52-1912672
Organization Overview
Life Insurance Settlement Association is located in Washington, DC. The organization was established in 1995. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Insurance Settlement 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, Life Insurance Settlement Association generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.3%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE HIGHEST STANDARDS OF PRACTICE AND PROFESSIONAL DEVELOPMENT FOR THE INDUSTRY, AND TO EDUCATE CONSUMERS AND ADVISORS ABOUT A LIFE SETTLEMENT AS AN ALTERNATIVE TO LAPSE OR SURRENDER OF A LIFE INSURANCE POLICY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEETINGS, LEGISLATIVE UPDATES, AND PUBLICATIONS TO KEEP MEMBERS EDUCATED AND INFORMED WITH REGARD TO NEW LAWS AND REGULATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherry Duarte Chair | OfficerTrustee | 10 | $0 |
John Dallas Vice Chair | OfficerTrustee | 3 | $0 |
Christopher Conway Secretary/treas | OfficerTrustee | 3 | $0 |
John Welcom Past Chair | OfficerTrustee | 3 | $0 |
Brian T Casey Director | Trustee | 3 | $0 |
Rob Haynie Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Assoc Management Strategies Management | 12/30/23 | $352,500 |
Convene 237 Park Avenue Llc Meeting | 12/30/23 | $108,754 |
Katten Muchin Rosenman Llp Legal | 12/30/23 | $215,035 |
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 | $59,100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $59,100 |
| Total Program Service Revenue | $999,537 |
| 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 | $1,058,637 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $423,000 |
| Fees for services: Legal | $390 |
| Fees for services: Accounting | $5,426 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $366,452 |
| Advertising and promotion | $0 |
| Office expenses | $5,124 |
| Information technology | $13,806 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $17,627 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $174,755 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,044 |
| Insurance | $5,621 |
| All other expenses | $3,962 |
| Total functional expenses | $1,068,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $339,600 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $52,500 |
| 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 | $76,649 |
| 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 | $468,749 |
| Accounts payable and accrued expenses | $286,784 |
| Grants payable | $0 |
| Deferred revenue | $189,750 |
| 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 | $476,534 |
| Net assets without donor restrictions | -$7,785 |
| 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 | $468,749 |