Alabama Independent Insurance Agents Incorporated
- Assets
- $1.7m
- Revenue
- $1.2m
- Investments
- $1.2m
- Employees
- 9
- Location
- Birmingham, AL
- Founding
- 04/1955
- Data as of
- 12/2020
- EIN
- 63-0001943
Organization Overview
Alabama Independent Insurance Agents Incorporated is located in Birmingham, AL. The organization was established in 1955. 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 12/2020, Alabama Independent Insurance Agents Incorporated employed 9 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Alabama Independent Insurance Agents Incorporated 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 12/2020, Alabama Independent Insurance Agents Incorporated generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (3.6%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE EDUCATION OF INSURANCE PROFESSIONALS IN ALABAMA
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSURANCE SCHOOLS & EDUCATION: THE PRIMARY PURPOSE OF THE ORGANIZATION IS TO PROVIDE ITS MEMBERS WITH EDUCATIONAL OPPORTUNITIES TO FURTHER THEIR PROFESSIONAL NEEDS IN A VARIETY OF WAYS. FIRST, THE ORGANIZATION WORKS TO PROVIDE ITS MEMBERS WITH EDUCATIONAL OPPORTUNITIES TO MEET THEIR LEGAL REQUIREMENTS UNDER ALABAMA STATE LAW IN ORDER TO RENEWTHEIR INSURANCE LICENSES. SECOND, FOR THOSE MEMBERS WHO DESIRE, THE ORGANIZATION PROVIDES EDUCATIONAL OPPORTUNITIES FOR ITS MEMBERS TO BECOME CERTIFIED IN A NUMBER OF FEILDS WITHIN THE INSURANCE PROFESSION.THRID, THE ORGANIZATION PROVIDES MEMBERS WITH A RESOURCE TO TRAIN THEIR NEW EMPLOYEES FOR THE PUPOSE OF OBTAINING THEIR INSURANCE LICENSES AS WELL AS TRAIN THEM IN THE TECHNICAL ASPECTS OF THE INSURANCE BUSINESS TO PREPARE THEM FOR A CAREER IN THE INSURANCE INDUSTRY.
CONFERENCES & CONVENTIONS: THE ORGANIZATION ALSO PROVIDES ITS MEMBERS WITH A NUMBER OF CONFERENCES AND MEETINGS WHERE THEY MAY NETWORK WITH OTHER MEMBERS AND ASSOCIATES. THE TWO LARGEST MEETING ARE THE ORGANIZATIONS ANNUAL CONVENTION AND THE ORGANIZATIONS YOUNG AGENTS CONFERENCE. BOTH MEETING HAVE EDUCATIONAL SEGMENTS SO THAT THE ATTENDEES MAY FURTHER THEIR PROFESSIONAL CREDENTIALS. THE ORGANIZATION ALSO HOST A ONE DAY SMALL & RURAL AGENTS MEETING FOR THOSE AGENICES WHO CANNOT CLOSE THEIR BUSINESSES FOR THE LONGER CONVENTION OR CONFERENCE.
OTHER MEMBER SERVICES: THE ORGANIZATION ALSO PRVIDES INFORMATION AND OTHER SERVICES TO ITS MEMBERS THROUGH VARIOUS COMMITTEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Jacka Jr Director | Officer | 40 | $61,667 |
Joseph Armstrong Director | OfficerTrustee | 0 | $0 |
Michael Vance Past President | OfficerTrustee | 0 | $0 |
Jack Brunson Director | OfficerTrustee | 0 | $0 |
Joni Holt President Elect | OfficerTrustee | 0 | $0 |
Larry White Director | OfficerTrustee | 0 | $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 | $522,913 |
| Investment income | $5,500 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $79,550 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,224,465 |
| 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. | $61,667 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $359,225 |
| Pension plan accruals and contributions | $21,145 |
| Other employee benefits | $79,374 |
| Payroll taxes | $34,830 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,423 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $31,773 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $68,425 |
| Travel | $749 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,318 |
| All other expenses | $130,935 |
| Total functional expenses | $1,157,270 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $220,034 |
| Savings and temporary cash investments | $204,686 |
| 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 | $0 |
| Investments—publicly traded securities | $62,612 |
| Investments—other securities | $1,225,082 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,712,414 |
| 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 | $8,401 |
| Total liabilities | $8,401 |
| Net assets without donor restrictions | $1,698,857 |
| Net assets with donor restrictions | $5,156 |
| 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 | $1,712,414 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Sinai Hospital Insurance Trust No 1 Miami Beach, FL | $244,139 | $16,605,515 |
Alabama Farmers Cooperative Employees Welfare Benefit Plan Decatur, AL | $562,417 | $15,709,334 |
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |
Thompson Tractor Co Inc Employee Benefit Trust Birmingham, AL | $5,674,629 | $15,989,582 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Alabama Insurance Guaranty Association Birmingham, AL | $168,293,024 | $6,611,625 |
Jackson Utility Division Benefits Program Trust Jackson, TN | $8,539,572 | $8,659,868 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |
The University Of South Alabama Professional Liability Trust Fund Mobile, AL | $52,169,275 | $10,546,535 |
Florida Surplus Lines Service Office Tallahassee, FL | $53,775,536 | $9,728,040 |
Diamond G Employee Benefit Trust Greeneville, TN | $11,777 | $4,902,526 |
Mcelroy Truck Lines Inc Medical Benefit Plan Cuba, AL | $1,269 | $5,259,792 |