Independent Insurance Agents & Brokers Of South Carolina
- Assets
- $2.2m
- Revenue
- $1.9m
- Investments
- $150.8k
- Employees
- 8
- Location
- Columbia, SC
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 57-0248455
Organization Overview
Independent Insurance Agents & Brokers Of South Carolina is located in Columbia, SC. The organization was established in 1943. 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 12/2023, Independent Insurance Agents & Brokers Of South Carolina employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Insurance Agents & Brokers Of South Carolina 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, Independent Insurance Agents & Brokers Of South Carolina generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. 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
TAXPAYER PROVIDES MEMBERSHIP SERVICES TO THE INDEPENDENT INSURANCE AGENTS IN SOUTH CAROLINA TO PROMOTE THE COMMON BUSINESS INTERESTS WITHIN THE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OBJECTIVE OF EDUCATION IS TO PROVIDE PROFESSIONAL DEVELOPMENT FOR MEMBERS CONTINUING EDUCATION REQUIREMENTS IN SC. THE FOLLOWING CLASSES SESSIONS WERE HELD IN 2023: REGULAR EDUCATION CLASSES 6 IN-PERSON AND 30 WEBCASTS WITH 334 ATTENDEES; AGENT BROKER EDUCATION NETWORK ABEN 60 DIFFERENT WEBCASTS WITH 1367 SC ATTENDEES; CISR SESSIONS 6 IN-PERSON AND 40 WEBCASTS WITH 353 ATTENDEES; AND CIC SESSIONS 5 IN-PERSON AND 8 WEBCASTS SESSIONS WITH 314 ATTENDEES.
GOVERNMENTAL AFFAIRS: CONSISTS OF PROVIDING MEMBERS ACCESS TO NATIONAL MARKETING AND ADVERTISING INCLUDING "TRUSTED CHOICE" PRODUCTS. ALSO PROVIDES MEMBERS INFORMATION ON EFFECTS OF NEW REGULATIONS IN THE INDUSTRY.
THE OBJECT OF CONFERENCES IS TO PROVIDE EDUCATION INFORMATION TRAINING AND NETWORKING OPPORTUNITIES FOR INDEPENDENT INSURANCE AGENTS. THE FOLLOWING CONFERENCES WERE HELD IN 2023: ANNUAL CONFERENCE WITH APPROXIMATELY 200 ATTENDEES; SPRING CONFERENCE WITH APPROXIMATELY 150 ATTENDEES; AND FALL CONFERENCE WITH APPROXIMATELY 150 ATTENDEES.
PUBLICATIONS INCLUDE MONTHLY NEWSLETTERS TO MEMBERSHIP ABOUT INSURANCE INDUSTRY PRACTICES BENEFITS AND SERVICES THE ASSOCIATION PROVIDES ALONG WITH VARIOUS LOCAL NATIONAL LEGISLATIVE UPDATES. MONTHLY NEWSLETTERS = 1455 EMAILS PER ISSUE. QUARTERLY MAGAZINES PROVIDE THE MEMBERSHIP FOCUSED ON FEATURE ARTICLES RELATIVE TO THE INSURANCE INDUSTRY ALONG WITH LOCAL NATIONAL LEGISLATIVE UPDATES. QUARTERLY MAGAZINES = 2540 EMAILS PER ISSUE. LEGISLATIVE UPDATES DURING LEGISLATIVE SESSIONS = 1 ISSUE 1455 EMAILS. A MARKET GUIDE PUBLICATION IS PROVIDED ANNUALLY = 650 DISTRIBUTED. OTHER COMMUNICATIONS TO MEMBERSHIP: 7 EMAILS RELATED TO BENEFITS AND SERVICES = 6926 RECIPIENTS; 17 EMAILS RELATED TO EVENTS = 37,565 RECIPIENTS; 11 EMAILS RELATED TO EDUCATION = 21692 RECIPIENTS; 2 EMAILS RELATED TO INDUSTRY = 2476 RECIPIENTS; 5 EMAILS RELATED TO OTHER ITEMS = 11487 RECIPIENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tonya S Thomason Chair | OfficerTrustee | 1 | $0 |
Robert E Nalley Chair Elect Treasurer | OfficerTrustee | 1 | $0 |
Angus M Brabham IV Secretary | OfficerTrustee | 1 | $0 |
Ashley Brady National Director | Trustee | 1 | $0 |
James G Taylor Jr Immediate Past Chair | OfficerTrustee | 1 | $0 |
L Amber Bryant Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $304,730 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,535 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $326,265 |
| Total Program Service Revenue | $1,287,664 |
| Investment income | $24,915 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $201,504 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,225 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,861,534 |
| 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. | $112,842 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $387,163 |
| Pension plan accruals and contributions | $49,513 |
| Other employee benefits | $76,126 |
| Payroll taxes | $37,653 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,594 |
| Fees for services: Accounting | $10,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,245 |
| Fees for services: Other | $0 |
| Advertising and promotion | $27,500 |
| Office expenses | $134,207 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $44,224 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $419,827 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,464 |
| Insurance | $12,361 |
| All other expenses | $46,368 |
| Total functional expenses | $1,880,711 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $575 |
| Savings and temporary cash investments | $501,423 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $364,626 |
| 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 | $34,541 |
| Net Land, buildings, and equipment | $495,265 |
| Investments—publicly traded securities | $549,379 |
| Investments—other securities | $150,826 |
| Investments—program-related | $81,928 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,178,563 |
| Accounts payable and accrued expenses | $56,487 |
| 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 | $146,595 |
| Total liabilities | $203,082 |
| Net assets without donor restrictions | $1,869,960 |
| Net assets with donor restrictions | $105,521 |
| 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 | $2,178,563 |