Finseca
- Assets
- $7.7m
- Revenue
- $16.7m
- Investments
- $0.0
- Employees
- 63
- Location
- Washington, DC
- Founding
- Data as of
- 12/2022
- EIN
- 85-2061667
Organization Overview
Finseca is located in Washington, DC. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Finseca employed 63 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Finseca 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 12/2022, Finseca generated $16.7m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 61.6% each year . All expenses for the organization totaled $18.8m during the year ending 12/2022. While expenses have increased by 53.5% per year over the past 3 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF FINSECA IS TO ADVOCATE FOR THE FINANCIAL SECURITY PROFESSION, DEVELOP AND GROW ITS LEADERS, AND PROMOTE THE NOBLE AND NECESSARY WORK OF ITS MEMBERS TO PROVIDE FINANCIAL AND RETIREMENT SECURITY FOR THE INDIVIDUALS, FAMILIES, AND BUSINESSES SERVED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER LEARNING AND EXPERIENCE: FINSECA PROVIDES MEETINGS TO KEEP INSURANCE PROFESSIONALS ON THE LEADING EDGE OF TRENDS AND SKILLS BY PROVIDING THEM WITH AN EDUCATION AND NETWORKING FOR PARTICIPANTS. FINSECA PROVIDES A FORUM FOR MEMBERS TO EXCHANGE INFORMATION AND AN OPPORTUNITY FOR MEMBERS TO PARTICIPATE IN PROFESSIONAL DEVELOPMENT ACTIVITIES. FINSECA PROVIDES NUMEROUS PRODUCTS AND PUBLICATIONS THAT ARE CREATED SPECIFICALLY TO FURTHER THE PROFESSIONAL DEVELOPMENT OF FIELD LEADERS IN INSURANCE AND FINANCIAL SERVICES. THESE PRODUCTS INCLUDE ONLINE ASSESSMENT TOOLS, AUDIOVISUAL PRODUCTS, AND A BOOK SERIES THAT PRESENT A BROAD COLLECTION OF PROVEN PRACTICES FROM VETERAN INDUSTRY LEADERS. FINSECA PROVIDES MEMBERS WITH PRACTICAL, APPLICATION-ORIENTED ARTICLES ON TOPICS SUCH AS RECRUITING, SELECTION, LEADERSHIP AND RETENTION. FINSECA PUBLISHES A QUARTERLY MAGAZINE, "FINSECA FOCUS" THAT PROVIDES INSIGHTS AND THOUGHT LEADERSHIP TO HELP THE FINANCIAL SECURITY PROFESSIONALS UNDERSTAND THE DYNAMICS THAT DRIVE CONSUMER CHOICES AND THE PROFESSION.
ADVOCACY: THE MISSION OF FINSECA EFFORTS IN THE LEGISLATIVE AND REGULATORY AFFAIRS ARENA IS TO PROMOTE AND ADVOCATE FOR OUR MEMBERS, THEIR CLIENTS, AND THE BROADER INSURANCE COMMUNITY ON PUBLIC POLICY ISSUES ASSOCIATED WITH THE USE OF LIFE INSURANCE TO PROVIDE LONG-TERM SAVINGS, PROTECTION, AND FINANCIAL AND RETIREMENT SECURITY, IN THE INDIVIDUAL, FAMILY AND BUSINESS CONTEXT. MEMBERSHIP-RUN ISSUES COMMITTEES IN EACH OF THESE AREAS WORK IN CONJUNCTION WITH FINSECA STAFF AND COUNSEL TO MONITOR PUBLIC POLICY DEVELOPMENTS AND RECOMMEND POSITIONS AND ACTIONS UP THROUGH GOVERNMENT AFFAIRS COMMITTEE AND TO THE FINSECA BOARD THAT ARE DESIGNED TO ACHIEVE THE MOST FAVORABLE LEGISLATIVE AND REGULATORY RESULTS. EXAMPLES OF SPECIFIC LEGISLATIVE, REGULATORY AND PUBLIC AFFAIRS ISSUES UNDERTAKEN BY FINSECA INCLUDE MATTERS AFFECTING ESTATE PLANNING, DEFERRED COMPENSATION, BUSINESS USES OF LIFE INSURANCE, QUALIFIED PLANS, TAX TREATMENT AND REGULATION OF LIFE INSURANCE PRODUCTS AND PRODUCERS AND THE UNDERSTANDING OF LIFE INSURANCE BY CONGRESS AND THE GENERAL PUBLIC.
COMMUNICATIONS AND MARKETING: FINSECA'S COMMUNICATION EFFORTS HELP RAISE INDUSTRY AWARENESS OF THE ORGANIZATION'S EFFORTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward G Deutschlander Chair | OfficerTrustee | 3 | $0 |
Jeri Turley Immediate Past Chair - As Of 06/22 | OfficerTrustee | 3 | $0 |
Kelly Kidwell Immediate Past Chair - Until 06/22 | OfficerTrustee | 3 | $0 |
Rick Van Benschoten Chair-Elect | OfficerTrustee | 3 | $0 |
Mike James Director - Until 06/22, Secretary | OfficerTrustee | 3 | $0 |
Bob Baccigalupi Treasurer | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dupont Ventures Llc Consulting | 12/30/22 | $654,852 |
Marcum Llp Accounting Services | 12/30/22 | $309,102 |
Park Strategies Lobbying/consulting | 12/30/22 | $264,000 |
Federal Policy Group Llc Lobbying | 12/30/22 | $240,000 |
The Tiber Creek Group Inc Consulting | 12/30/22 | $220,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $328,701 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,181,507 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,510,208 |
| Total Program Service Revenue | $11,248,761 |
| Investment income | $62,684 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$114,699 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,709,489 |
| 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. | $2,486,090 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,476,624 |
| Pension plan accruals and contributions | $143,314 |
| Other employee benefits | $298,261 |
| Payroll taxes | $373,689 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $134,693 |
| Fees for services: Accounting | $373,048 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,993 |
| Fees for services: Other | $3,157,081 |
| Advertising and promotion | $247,944 |
| Office expenses | $444,782 |
| Information technology | $758,379 |
| Royalties | $926,732 |
| Occupancy | $569,800 |
| Travel | $555,745 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,444,469 |
| Interest | $18,281 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,134 |
| Insurance | $63,523 |
| All other expenses | $575 |
| Total functional expenses | $18,807,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,961,258 |
| Savings and temporary cash investments | $730,023 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $584,464 |
| 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 | $908,319 |
| Net Land, buildings, and equipment | $64,992 |
| Investments—publicly traded securities | $2,474,164 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $999,364 |
| Total assets | $7,722,584 |
| Accounts payable and accrued expenses | $2,615,237 |
| Grants payable | $0 |
| Deferred revenue | $2,786,610 |
| 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 | $1,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $681,782 |
| Total liabilities | $7,083,629 |
| Net assets without donor restrictions | $238,376 |
| Net assets with donor restrictions | $400,579 |
| 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 | $7,722,584 |