The Surplus Lines Association Of North Carolina
- Assets
- $23.7m
- Revenue
- $6.5m
- Investments
- $21.5m
- Employees
- 5
- Location
- Raleigh, NC
- Founding
- 03/1988
- Data as of
- 12/2023
- EIN
- 58-1712305
Organization Overview
The Surplus Lines Association Of North Carolina is located in Raleigh, NC. The organization was established in 1988. According to its NTEE Classification (S03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Surplus Lines Association Of North Carolina employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surplus Lines Association Of North 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, Surplus Lines Association Of North Carolina generated $6.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 24.1% each year . All expenses for the organization totaled $1.6m during the year ending 12/2023. While expenses have increased by 14.4% per year over the past 9 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.
Since 2015, Surplus Lines Association Of North Carolina has awarded 29 individual grants totaling $4,439,541. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SURPLUS LINES INSURANCE TO PROFESSIONALS AND ASPIRING STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STAMPING SERVICES - THE ASSOCIATION PROCESSES SURPLUS LINES NEW POLICIES, RENEWALS AND ENDORSEMENTS PAYMENTS OF RELATED TAXES, ON BEHALF OF THE NORTH CAROLINA DEPARTMENT OF INSURANCE.
EDUCATION AND SEMINARS - THE ASSOCIATION PROVIDES SCHOLARSHIPS AND SPONSORSHIPS TO STUDENTS ACROSS THE STATE IN PROGRAMS RELATED TO THE INDUSTRY. ADDITIONALLY, THE ASSOCIATION HOSTS AN INSURANCE "JEOPARDY" COMPETITION FOR TEAMS FROM VARIOUS UNIVERSITIES.
ANNUAL CONVENTION - THE ASSOCIATION HOLDS AN ANNUAL CONVENTION TO OFFER MEMBERS EDUCATIONAL PROGRAMS AND NETWORKING OPPORTUNITIES TO FACILITATE ADDRESSING THE CHALLENGES THE INDUSTRY FACES AND PROVIDE AN OPPORTUNITY TO INTERACT WITH PEERS, VENDORS, AND INDUSTRY TRADE GROUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebeca Freeman President | OfficerTrustee | 1 | $0 |
Scott Banks Vice President | OfficerTrustee | 1 | $0 |
Geoffrey Crater Treasurer | OfficerTrustee | 1 | $0 |
Anella Niewenhous Secretary | OfficerTrustee | 1 | $0 |
Bill Rector Director | Trustee | 1 | $0 |
Greg Watson Director | Trustee | 1 | $0 |
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 | $6,251,051 |
| Investment income | $245,976 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,531,410 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $335,050 |
| Grants and other assistance to domestic individuals. | $105,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $368,809 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $137,069 |
| Pension plan accruals and contributions | $4,955 |
| Other employee benefits | $13,057 |
| Payroll taxes | $36,267 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,800 |
| Fees for services: Accounting | $74,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,222 |
| Advertising and promotion | $0 |
| Office expenses | $11,715 |
| Information technology | $5,641 |
| Royalties | $0 |
| Occupancy | $44,117 |
| Travel | $2,694 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,567 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,502 |
| Insurance | $39,304 |
| All other expenses | $377 |
| Total functional expenses | $1,578,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,066,599 |
| Savings and temporary cash investments | $1,097,348 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $4,783 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $21,523,341 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,692,071 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $23,692,071 |
| 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 | $23,692,071 |
Grants Awarded
Over the last fiscal year, The Surplus Lines Association Of North Carolina has awarded $325,050 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
EAST CAROLINA UNIVERSITY PURPOSE: PROFESSORSHIP ENDOWMENT | $50,000 |
UNC CHARLOTTE PURPOSE: PROFESSORSHIP ENDOWMENT | $50,000 |
WSIA EDUCATION FOUNDATION PURPOSE: PROGRAM AND SCHOLARSHIP SUPPORT | $25,000 |
APPALACHIAN STATE UNIVERSITY PURPOSE: PROFESSORSHIP ENDOWMENT AND SUPPORT | $150,050 |
CAMPBELL UNIVERSITY PURPOSE: SPONSORSHIP AND SUPPORT | $50,000 |