Insurance Council Of Texas
- Assets
- $15.7m
- Revenue
- $2.1m
- Investments
- $11.0m
- Employees
- 16
- Location
- Austin, TX
- Founding
- 07/1993
- Data as of
- 12/2021
- EIN
- 74-2662845
Organization Overview
Insurance Council Of Texas is located in Austin, TX. The organization was established in 1993. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Insurance Council Of Texas employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Council 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 12/2021, Insurance Council Of Texas generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $1.5m 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
THE ORGANIZATIONS MISSION AND PRIMARY EXEMPT PURPOSE IS TO REPRESENT ITS MEMBER COMPANIES IN THE REGULATORY PROCESS AND STAY ABREAST OF THE EVENTS WHICH AFFECT THE TEXAS PROPERTY AND CASUALTY INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATIONS EXEMPT PURPOSE ACHIEVEMENTS INCLUDE REPRESENTING ITS MEMBERS AT HEARINGS AND IN THE REGULATORY PROCESS. IT COMPILED DATA AND PROVIDED ITS MEMBERS WITH RESEARCH AND TECHNICAL SUPPORT. IT SERVED AS AN INFORMATION CLEARINGHOUSE AND PROVIDED ONLINE, LIVE AND WRITTEN EDUCATION ON THE SUBJECTS OF AUTO AND PROPERTY INSURANCE. IT INFORMED CONSUMERS OF VARIOUS WEATHER RELATED EVENTS AND HOW TO CONNECT WITH THEIR INSURANCE COMPANIES WHEN IN NEED AFTER A WEATHER EVENT. THE ORGANIZED SERVED 400 MEMBER COMPANIES AND NUMEROUS NON-MEMBERS AND CONSUMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Betts Executive Director | OfficerTrustee | 55 | $302,772 |
Paula Harmon Cfo/coo | Trustee | 40 | $156,522 |
Angelita Dietz Human Resources Manager | 40 | $117,049 | |
Michael Gerik Secretary | OfficerTrustee | 2 | $0 |
Thomas Fitzpatrick Immediate Past Chair | OfficerTrustee | 2 | $0 |
John Stuckemeyer Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,213,553 |
| 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 | $1,213,553 |
| Total Program Service Revenue | $180,200 |
| Investment income | $80,297 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $617,831 |
| Net Gain/Loss on Asset Sales | $19,055 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,111,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $64,000 |
| 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. | $576,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $359,476 |
| Pension plan accruals and contributions | $101,401 |
| Other employee benefits | $139,217 |
| Payroll taxes | $63,015 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,000 |
| Fees for services: Accounting | $44,495 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,216 |
| Office expenses | $129,132 |
| Information technology | $83,070 |
| Royalties | $0 |
| Occupancy | $262,816 |
| Travel | $17,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75,722 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $115,555 |
| Insurance | $38,363 |
| All other expenses | $57,419 |
| Total functional expenses | $1,493,700 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,421 |
| Savings and temporary cash investments | $1,646,339 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,318 |
| 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 | $41,085 |
| Net Land, buildings, and equipment | $1,228,047 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,959,655 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,705,931 |
| Total assets | $15,660,796 |
| Accounts payable and accrued expenses | $123,081 |
| Grants payable | $0 |
| Deferred revenue | $53,372 |
| 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 | $4,887,830 |
| Total liabilities | $5,064,283 |
| Net assets without donor restrictions | $10,596,513 |
| 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 | $15,660,796 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Insurance Council Of Texas Austin, TX | $15,660,796 | $2,111,004 |
Appna South Texas Chapter Sugar Land, TX | $83,624 | $140,113 |
Apics-Austin Austin, TX | $44,968 | $0 |
Semper Fi Number 3 Memorial Honor Detail Inc Houston, TX | $10,950 | $35,971 |
Ewmcs Usa Dallas, TX | $168,846 | $0 |
Camp Ihope Foundation Plano, TX | $364,469 | $0 |
Women Veterans Of America Chapter 53 Lubbock, TX | $848 | $0 |
Fujian Alliance Of Dallas Fort Worth Plano, TX | $4,229 | $0 |