Florida Association Of Insurance Agents
- Assets
- $18.6m
- Revenue
- $7.9m
- Investments
- $4.2m
- Employees
- 32
- Location
- Tallahassee, FL
- Founding
- 08/1942
- Data as of
- 08/2021
- EIN
- 59-0247064
Organization Overview
Florida Association Of Insurance Agents is located in Tallahassee, FL. The organization was established in 1942. 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 08/2021, Florida Association Of Insurance Agents employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Association Of Insurance Agents 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 08/2021, Florida Association Of Insurance Agents generated $7.9m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $6.7m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE NEEDS OF FLORIDA INSURANCE AGENTS AND CONSUMERS BY PROMOTING A HEALTHY AND COMPETITIVE INSURANCE ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION: THIS PROGRAM ACCOUNTS FOR 20% OF THE ASSOCIATION'S EXPENSES. THE PURPOSE OF THE PROGRAM IS TO PROVIDE EDUCATION AND TRAINING FOR INSURANCE AGENTS IN THE STATE OF FLORIDA. THE INSURANCE INDUSTRY IS VERY COMPLICATED AND IT IS BEING CHANGED CONSTANTLY BY STATE STATUTES AND REGULATORS. CONTINUING EDUCATION AND TRAINING IS REQUIRED TO KEEP AGENTS COMPETENT.
MEETINGS: THIS PROGRAM ACCOUNTS FOR 20% OF THE ASSOCIATION'S EXPENSES. THE PURPOSE OF THESE EXPENSES IS FOR VARIOUS MEETINGS OF THE ASSOCIATION. THE LARGEST MEETING IS FOR A CONVENTION TRADE SHOW AND EDUCATION SYMPOSIUM. THE CONVENTION BRINGS INSURANCE AGENTS TOGETHER FOR EDUCATION AND TRAINING AND PROVIDES A TRADE SHOW THAT BRINGS IN VENDORS THAT ARE RELEVANT TO RUNNING A SUCCESSFUL INSURANCE AGENCY BUSINESS. OTHER MEETINGS ARE FOR THE PURPOSE OF PLANNING AND RUNNING THE AFFAIRS OF THE ASSOCIATION.
LEGISLATION AND REGULATION: THIS PROGRAM ACCOUNTS FOR 10% OF THE ASSOCIATION'S EXPENSES. THE PURPOSE OF THE PROGRAM IS TO PROVIDE LEGISLATIVE AND REGULATORY ADVOCACY FOR THE INDEPENDENT INSURANCE AGENTS IN THE STATE OF FLORIDA. THE INSURANCE INDUSTRY IS HIGHLY REGULATED BY GOVERNMENTAL AGENCIES AND THE ASSOCIATION PROVIDES A UNITED VOICE TO ADVOCATE ON BEHALF OF INDEPENDENT INSURANCE AGENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Grady Key Employee | Officer | 45 | $681,351 |
Kyle Ulrich President & CEO | Officer | 45 | $435,256 |
Laura Pearce VP & General Counsel | Officer | 45 | $230,083 |
Larry Thompson CFO | Officer | 45 | $230,015 |
Paul Peeples VP & COO | Officer | 45 | $205,954 |
David Newell VP | Officer | 45 | $154,452 |
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 | $4,017,710 |
| Investment income | $405,889 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,288,020 |
| Net Rental Income | -$2,305 |
| Net Gain/Loss on Asset Sales | $118,529 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,589 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,878,406 |
| 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. | $2,293,180 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $425,406 |
| Pension plan accruals and contributions | $49,832 |
| Other employee benefits | $173,182 |
| Payroll taxes | $159,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,457 |
| Fees for services: Accounting | $37,940 |
| Fees for services: Lobbying | $136,853 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,824 |
| Fees for services: Other | $77,855 |
| Advertising and promotion | $0 |
| Office expenses | $174,937 |
| Information technology | $141,912 |
| Royalties | $0 |
| Occupancy | $218,413 |
| Travel | $101,022 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,412 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $129,263 |
| Insurance | $36,830 |
| All other expenses | $110,494 |
| Total functional expenses | $6,653,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,895,119 |
| Savings and temporary cash investments | $9,470,250 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $116,100 |
| 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 | $168,239 |
| Net Land, buildings, and equipment | $876,186 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,210,084 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $887,804 |
| Total assets | $18,623,782 |
| Accounts payable and accrued expenses | $1,082,164 |
| Grants payable | $0 |
| Deferred revenue | $1,519,301 |
| 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 | $2,601,465 |
| Net assets without donor restrictions | $16,022,317 |
| 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 | $18,623,782 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Florida Association Of Insurance Agents has recieved totaling $238,500.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $53,000 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $53,000 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $53,000 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $26,500 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $26,500 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $26,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Association Of Insurance Agents Tallahassee, FL | $18,623,782 | $7,878,406 |
League Of Southeastern Credit Unions Tallahassee, FL | $39,760,758 | $6,559,105 |
Florida Insurance Council Inc Tallahassee, FL | $1,399,532 | $1,816,663 |
East Alabama Board Of Realtors Inc Phenix City, AL | $1,180,548 | $585,602 |
National Association Of Insurance Women Atlanta, GA | $663,265 | $416,354 |
Ceo Council Of Tampa Bay Inc Tampa, FL | $654,978 | $478,941 |
American Risk & Insurance Assn Inc Belleair Bluffs, FL | $1,120,789 | $313,453 |
Medical Staff Of Blake Medical Center Inc Bradenton, FL | $717,003 | $183,944 |
Nurse Practitioner Alliance Of Alabama Birmingham, AL | $116,728 | $0 |
Midway Canaan Community Water Association Inc Sanford, FL | $156,710 | $231,413 |
Georgia Association Of Woodturners Inc Winston, GA | $60,610 | $0 |
Atlanta Chapter Of The Cpcu Society Inc Atlanta, GA | $255,433 | $0 |