Insurance Accounting & Systems Association Inc
- Assets
- $1.5m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 13
- Location
- Durham, NC
- Founding
- 11/1994
- Data as of
- 06/2022
- EIN
- 56-1526114
Organization Overview
Insurance Accounting & Systems Association Inc is located in Durham, NC. The organization was established in 1994. 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 06/2022, Insurance Accounting & Systems Association Inc employed 13 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Insurance Accounting & Systems Association Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Insurance Accounting & Systems Association Inc generated $2.3m 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 (7.8%) each year. All expenses for the organization totaled $2.8m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (4.8%) 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 SHAPE, INFLUENCE, ELEVATE AND STRENGTHEN THE INSURANCE INDUSTRY THROUGH PROFESSIONAL GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IASA IS A NON-PROFIT 501(C)(3) THAT CONTINUOUSLY FOSTERS AN ENVIRONMENT OF SELFLESS ENGAGEMENT, INCLUSIVITY, AND CONVICTION, AS WELL AS ADVANCES CAREERS AND THE PERSONAL GROWTH OF OUR MEMBERS AND CONSTITUENTS. WE PRODUCE THE BEST EDUCATION AND LEARNING OPPORTUNITIES IN AN OPEN AND SHARING ENVIRONMENT THROUGH OUR EXCEPTIONAL LEADERSHIP THAT PROMOTES EXCELLENCE, COLLABORATION, INNOVATION, AND COMMUNITY ENGAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kerry Crockett Chief Executive Officer | Officer | 40 | $191,017 |
Phil Iaccarino Secretary/treasurer | OfficerTrustee | 2 | $0 |
Scott Mcentee Board Chair | OfficerTrustee | 3 | $0 |
Jason Nickles Chair Elect | OfficerTrustee | 3 | $0 |
Rod Van Genderen Member-At-Large From 08/21 | Trustee | 3 | $0 |
Terry Olejnik Member-At-Large From 08/21 | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marriott Conference Hotel | 6/29/18 | $834,733 |
Big Speak Conference Speakers | 6/29/18 | $298,000 |
Freeman Audio Visual Show Decorator | 6/29/18 | $330,842 |
Swift Print Communications Printer | 6/29/18 | $106,283 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $163,770 |
| 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 | $163,770 |
| Total Program Service Revenue | $1,903,121 |
| Investment income | $58,630 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,669 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$8,822 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,339,018 |
| 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. | $214,474 |
| Compensation of current officers, directors, key employees. | $160,855 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $601,491 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $89,422 |
| Payroll taxes | $58,198 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,973 |
| Fees for services: Other | $82,890 |
| Advertising and promotion | $45,405 |
| Office expenses | $25,417 |
| Information technology | $461,023 |
| Royalties | $0 |
| Occupancy | $84,714 |
| Travel | $16,771 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $886,941 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,236 |
| Insurance | $48,242 |
| All other expenses | $3,751 |
| Total functional expenses | $2,781,262 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $219,196 |
| Savings and temporary cash investments | $32,448 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,413 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,888 |
| Prepaid expenses and deferred charges | $55,439 |
| Net Land, buildings, and equipment | $135,561 |
| Investments—publicly traded securities | $986,592 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,000 |
| Total assets | $1,485,537 |
| Accounts payable and accrued expenses | $464,323 |
| Grants payable | $0 |
| Deferred revenue | $505,052 |
| 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 | $149,890 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $203,815 |
| Total liabilities | $1,323,080 |
| Net assets without donor restrictions | $162,457 |
| 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 | $1,485,537 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Carolina Rate Bureau Raleigh, NC | $4,029,837 | $15,641,391 |
Virginia Life Accident & Sickness Insurance Guaranty Association Henrico, VA | $10,714,403 | $9,945,534 |
National Association Of Professional Insurance Agents Alexandria, VA | $8,921,886 | $2,394,030 |
Insurance Accounting & Systems Association Inc Durham, NC | $1,485,537 | $2,339,018 |
Independent Insurance Agents Of Virginia Inc Richmond, VA | $2,800,771 | $1,432,441 |
Association Of Insurance Compliance Professionals Reston, VA | $1,396,557 | $539,000 |
Aiken Board Of Realtors Inc Aiken, SC | $1,045,819 | $657,691 |
National Association Of Insurance Women Atlanta, GA | $663,265 | $416,354 |
Cal-Lab Association Elkin, NC | $370,744 | $288,572 |
American Insurance Marketing And Sales Society Richmond, VA | $438,192 | $339,133 |
Nc Dona Ltc Inc WinstonSalem, NC | $113,173 | $104,448 |
Living At Sun City Carolina Lakes Fort Mill, SC | $109,629 | $141,903 |