Independent Insurance Agents Of Texas
- Assets
- $14.8m
- Revenue
- $4.1m
- Investments
- $1.5m
- Employees
- 16
- Location
- Austin, TX
- Founding
- 09/1926
- Data as of
- 08/2023
- EIN
- 74-1286506
Organization Overview
Independent Insurance Agents Of Texas is located in Austin, TX. The organization was established in 1926. 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 08/2023, Independent Insurance Agents Of Texas employed 16 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Independent Insurance Agents Of Texas 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 08/2023, Independent Insurance Agents Of Texas generated $4.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $4.4m during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TRADE ASSOCIATION FOR INSURANCEAGENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
IIAT PROVIDES NUMEROUS MEMBERSHIP BENEFITS. THE BI-WEEKLY "TEXAS AGENT"NEWSLETTER KEEPS MEMBERS INFORMED ABOUT CURRENT EVENTS AND ISSUES IN TEXAS INSURANCE FROM THE AGENT'S PERSPECTIVE. MEMBERS CAN ACCESS NEARLY EVERY IIAT SERVICE ONLINE FROM THEIR COMPUTER BY VISITING WWW.IIAT.ORG WHERE A VAST ARRAY OF HELPFUL INFORMATION IS AVAILABLE. INFORCENTRAL IS IIAT'S PREMIER ONLINE RESEARCH LIBRARY WITH EXPLANATIONS OF COMPLEX POLICY LANGUAGE, TECHNICAL COVERAGE ARTICLES, CLIENT COMMUNICATIONS AND MORE. MEMBERSHIP IN IIAT AUTOMATICALLY QUALIFIES THE AGENT FOR MEMBERSHIP IN IIAT'S NATIONAL AFFILIATE, THE INDEPENDENT INSURANCE AGENTS AND BROKERS OF AMERICA.
IIAT HOSTS FOUR MAJOR CONFERENCES AND MEETINGS EACH YEAR. IIAT'S ANNUALCONFERENCE AND TRADE SHOW FEATURES TWO DAYS OF TOP-NOTCH SPEAKERS, CONTINUING EDUCATION WORKSHOPS, EXHIBITS AND ENTERTAINMENT, PLUS THE CHANCE TO MIX WITH NEARLY 1,000 INDUSTRY COLLEAGUES. THE ANNUAL JOE VINCENT MANAGEMENT SEMINAR IS ONE OF THE PREMIER EDUCATIONAL EVENTS OF THE YEAR IN TEXAS AND IS DEVOTED EXCLUSIVELY TO AGENCY OWNERS AND MANAGERS WITH A THREE-DAY PROGRAM WITH MULTIPLE WORKSHOPS AND PRESENTATIONS FOCUSED ON MANAGEMENT ISSUES AND TECHNIQUES. THE SMALL AGENCY CONFERENCE IS GEARED TO THE NEEDS OF AGENCY OWNERS WRITING MOSTLY SMALL ACCOUNTS AND IS A ONE-OF-A-KIND EVENT FOR SMALL AGENCIES WITH CONTINUING EDUCATION WORKSHOPS, NETWORKING, AND MARKET ACCESS.
IIAT'S GOVERNMENTAL AFFAIRS STAFF AND GRASSROOTS LEADERSHIP TEAM WORKCLOSELY WITH LAWMAKERS AND POLITICAL LEADERS AS A RESOURCE FOR INSURANCE INFORMATION AS IT RELATES TO AGENTS. IIAT'S CLOSE RELATIONSHIP WITH THE TEXAS DEPARTMENT OF INSURANCE ENSURES IIAT MEMBERS' VOICES ARE HEARD AS REGULATIONS ARE DRAFTED AND RULES PUBLISHED. IIAT PUBLISHES THE "CAPITOL REPORT" WHILE THE TEXAS LEGISLATURE IS IN SESSION AND PROVIDES ONLINE BILL ANALYSES WITH CURRENT INFORMATION ABOUT PROPOSED LEGISLATION AND HOW THEY WILL AFFECT AGENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyle Dean Board Member | Trustee | 1 | $0 |
Josh Fields Board Member | Trustee | 1 | $0 |
Tommy Dies Vice Chair - Board Member | Trustee | 1 | $0 |
Tyler Spears Board Member | Trustee | 1 | $0 |
Mike Hotchkiss Board Member | Trustee | 1 | $0 |
Ben Patterson Board Member | 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 | $2,738,923 |
| Investment income | $450,890 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $899,225 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,307 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,096,813 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,000 |
| 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. | $1,006,670 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $771,932 |
| Pension plan accruals and contributions | $56,784 |
| Other employee benefits | $147,367 |
| Payroll taxes | $115,364 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $52,708 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,869 |
| Fees for services: Other | $6,750 |
| Advertising and promotion | $830 |
| Office expenses | $204,425 |
| Information technology | $139,863 |
| Royalties | $0 |
| Occupancy | $184,370 |
| Travel | $164,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $964,174 |
| Interest | $0 |
| Payments to affiliates | $430,227 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $45,167 |
| All other expenses | $61,072 |
| Total functional expenses | $4,427,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $641,232 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $210,582 |
| 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 | $53,104 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $12,390,236 |
| Investments—other securities | $1,539,072 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,834,226 |
| Accounts payable and accrued expenses | $223,173 |
| Grants payable | $0 |
| Deferred revenue | $771,672 |
| 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 | $994,845 |
| Net assets without donor restrictions | $13,839,381 |
| 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 | $14,834,226 |