Independent Insurance Agents & Brokers Of South Carolina
- Assets
- $2.1m
- Revenue
- $1.7m
- Investments
- $144.2k
- Employees
- 8
- Location
- Columbia, SC
- Founding
- 02/1943
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Independent Insurance Agents & Brokers Of South Carolina generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. 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
2021
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 MEMBER'S CONTINUING EDUCATION REQUIREMENTS IN SC. THE FOLLOWING CLASSES WERE HELD IN 2021: REGULAR 13 CLASSES WITH 174 ATTENDEES; WEBCASTS 38 SESSIONS WITH 2391 ATTENDEES; AND 4 CIC CLASSES WITH 154 ATTENDEES.
THE OBJECT OF CONFERENCES IS TO PROVIDE EDUCATION INFORMATION TRAINING AND NETWORKING OPPORTUNITIES FOR INDEPENDENT INSURANCE AGENTS. THE FOLLOWING CONFERENCES WERE HELD IN 2021: ANNUAL CONFERENCE WITH 200 ATTENDEES; SPRING CONFERENCE WITH 150 ATTENDEES; AND FALL CONFERENCE WITH 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. QUARTERLY MAGAZINES ARE PROVIDED THE MEMBERSHIP WHICH FOCUSES ON FEATURE ARTICLES RELATIVE TO THE INSURANCE INDUSTRY ALONG WITH LOCAL NATIONAL LEGISLATIVE UPDATES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
G Frank Sheppard President | 40 | $109,141 | |
James G Taylor Jr Chairman | OfficerTrustee | 1 | $0 |
Tom Bates Jr Past Chairman | OfficerTrustee | 1 | $0 |
Tonya S Thomason Chair Elect Treasurer | OfficerTrustee | 1 | $0 |
Robert E Nalley Secretary | OfficerTrustee | 1 | $0 |
Angus M Brabham IV Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $299,723 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $314,723 |
| Total Program Service Revenue | $1,046,577 |
| Investment income | $19,868 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $102,367 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,464 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,655,225 |
| 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. | $109,141 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $339,335 |
| Pension plan accruals and contributions | $44,719 |
| Other employee benefits | $83,007 |
| Payroll taxes | $34,692 |
| Fees for services: Management | $16,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,780 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $22,000 |
| Office expenses | $144,503 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $33,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $293,951 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,636 |
| Insurance | $12,268 |
| All other expenses | $31,242 |
| Total functional expenses | $1,686,859 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $383,461 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $338,607 |
| 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 | $18,957 |
| Net Land, buildings, and equipment | $576,623 |
| Investments—publicly traded securities | $585,703 |
| Investments—other securities | $144,241 |
| Investments—program-related | $81,928 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,129,520 |
| Accounts payable and accrued expenses | $37,874 |
| 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 | $116,551 |
| Total liabilities | $154,425 |
| Net assets without donor restrictions | $1,852,765 |
| Net assets with donor restrictions | $122,330 |
| 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 | $2,129,520 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Independent Insurance Agents & Brokers Of South Carolina has recieved totaling $109,500.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $36,500 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $36,500 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $36,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Carolina Insurance Guaranty Association Raleigh, NC | $120,494,721 | $22,094,183 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |
Hedrick Employee Group Benefit Plan Trust Salisbury, NC | $2,627,065 | $8,303,348 |
Self Insurance Institute Of America Inc Simpsonville, SC | $2,577,903 | $3,820,672 |
South Carolina Medical Association Columbia, SC | $7,933,603 | $2,574,168 |
Guy C Lee Benefit Plan Tr Smithfield, NC | $413,048 | $3,287,673 |
Krispy Kreme Doughnut Corporation Welfare Benefit Plan Winstonsalem, NC | $209,071 | $3,213,674 |
Independent Insurance Agents Of N Carolina Inc Cary, NC | $10,313,889 | $3,545,920 |
Cflane Llc Employee Welfare Benefit Plans Trust Atlanta, GA | $34,410 | $2,230,169 |
Stowe Pharr Mills Employee Benefit Trust Mcadenville, NC | $358,893 | $2,329,162 |
Helping And Lending Outreach Support North Charleston, SC | $2,995,894 | $2,813,866 |