North Carolina Joint Underwriting Association
- Assets
- $138.4m
- Revenue
- $130.6m
- Investments
- $0.0
- Employees
- 177
- Location
- Raleigh, NC
- Founding
- 04/1971
- Data as of
- 12/2022
- EIN
- 56-1222676
Organization Overview
North Carolina Joint Underwriting Association is located in Raleigh, NC. The organization was established in 1971. 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, North Carolina Joint Underwriting Association employed 177 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Joint Underwriting 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 12/2022, North Carolina Joint Underwriting Association generated $130.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $134.2m during the year ending 12/2022. While expenses have increased by 12.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
IN 1969, THE NORTH CAROLINA GENERAL ASSEMBLY ESTABLISHED THE ASSOCIATION AS A MARKET OF LAST RESORT TO PROVIDE PROPERTY INSURANCE FOR INDIVIDUALS AND BUSINESSES WHO ARE UNABLE TO BUY IT IN THE STANDARD INSURANCE MARKET. ALL PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN NORTH CAROLINA ARE REQUIRED BY STATUTE TO PARTICIPATE IN FUNDING THE OPERATIONS OF THE ASSOCIATION, AND THEY SHARE IN ITS LOSSES ON PRO RATA BASIS. THE ASSOCIATION IS NOT AN AGENCY OF THE STATE GOVERNMENT, BUT ITS REGULATED BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCT BUSINESS BY PROVIDING PROPERTY INSURANCE TO INDIVIDUALS AND BUSINESSES WHO WERE UNABLE TO BUY IT IN THE STANDARD MARKET
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mick Quinlan Chair | OfficerTrustee | 1 | $0 |
Bob Messier Vice Chair | OfficerTrustee | 1 | $0 |
Tina Forsberg Board Member | Trustee | 1 | $0 |
Chris Frisbie Board Member | Trustee | 1 | $0 |
Allen Houck Board Member | Trustee | 1 | $0 |
Patrick Joyce Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Accelerated Adjusting Llc Claims Services | 12/30/22 | $742,313 |
Southwest Adjusters Llc Claims Services | 12/30/22 | $672,090 |
Ogon Consulting Software Development | 12/30/22 | $598,556 |
Us Forensics Claims Services | 12/30/22 | $485,029 |
New England Fire Cause & Origin Inc Policy Commissions | 12/30/22 | $370,545 |
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 | $128,518,042 |
| Investment income | $1,600,747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,155 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $130,581,422 |
| 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. | $682,008 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,450,171 |
| Pension plan accruals and contributions | $2,028,090 |
| Other employee benefits | $21,318 |
| Payroll taxes | $335,770 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $144,807 |
| Fees for services: Accounting | $90,427 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $138,988 |
| Fees for services: Other | $189,316 |
| Advertising and promotion | $0 |
| Office expenses | $820,381 |
| Information technology | $2,399,339 |
| Royalties | $0 |
| Occupancy | $801,785 |
| Travel | $57,098 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $226,939 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $120,572 |
| Insurance | $1,334,061 |
| All other expenses | $4,140,377 |
| Total functional expenses | $134,189,979 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,989,407 |
| Savings and temporary cash investments | $29,371,314 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,712,814 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,466 |
| Investments—publicly traded securities | $66,333,795 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $138,408,796 |
| Accounts payable and accrued expenses | $8,127,170 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $108,195,560 |
| Total liabilities | $116,322,730 |
| Net assets without donor restrictions | $0 |
| 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 | $22,086,066 |
| Total liabilities and net assets/fund balances | $138,408,796 |