Educators Mutual Insurance Association
- Assets
- $192.7m
- Revenue
- $54.3m
- Investments
- $57.1m
- Employees
- 74
- Location
- Murray, UT
- Founding
- 12/1941
- Data as of
- 12/2021
- EIN
- 87-0189237
Organization Overview
Educators Mutual Insurance Association is located in Murray, UT. The organization was established in 1941. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Educators Mutual Insurance Association employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Educators Mutual Insurance Association is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Educators Mutual Insurance Association generated $54.3m 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 $40.5m 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
PROVIDE LIFE, ACCIDENT, & HEALTH INSURANCE TO EDUCATIONAL GROUPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LIFE, ACCIDENT, AND HEALTH INSURANCE TO EDUCATIONAL GROUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven C Morrison CEO | Officer | 14 | $334,406 |
Michael Greenhalgh CFO | Officer | 14 | $247,133 |
David Ryan Lowther Coo/secretar | Officer | 14 | $163,985 |
David Wood Chief Actuar | Officer | 14 | $138,874 |
Cindy Dunnavant VP Sales & M | Officer | 14 | $113,527 |
Brandon Smart Chief Legal | Officer | 14 | $89,613 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Red Card Systems Llc Mailing Service | 12/30/21 | $443,774 |
Morris Murdock Llc Travel Agent | 12/30/21 | $494,000 |
Online Insight Llc Billing & Admin | 12/30/21 | $187,921 |
Valcom Salt Lake City Lc (Vlcm) It Services | 12/30/21 | $395,622 |
Imagicom Software Dev. | 12/30/21 | $167,969 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,772,076 |
| 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 | $1,772,076 |
| Total Program Service Revenue | $49,672,491 |
| Investment income | $1,972,007 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $562,883 |
| Net Gain/Loss on Asset Sales | $307,927 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,287,384 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $26,059,333 |
| Compensation of current officers, directors, key employees. | $1,413,452 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,945,449 |
| Pension plan accruals and contributions | $355,354 |
| Other employee benefits | $1,035,837 |
| Payroll taxes | $254,274 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,912 |
| Fees for services: Accounting | $36,920 |
| Fees for services: Lobbying | $17,754 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $176,719 |
| Fees for services: Other | $2,731,264 |
| Advertising and promotion | $45,234 |
| Office expenses | $462,183 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $445,234 |
| Travel | $15,451 |
| 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 | $1,268,852 |
| Insurance | $56,098 |
| All other expenses | -$1,017,741 |
| Total functional expenses | $40,530,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $23,857,855 |
| 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 | $22,426,472 |
| Investments—publicly traded securities | $79,845,491 |
| Investments—other securities | $57,130,379 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,420,584 |
| Total assets | $192,680,781 |
| Accounts payable and accrued expenses | $9,500,304 |
| Grants payable | $0 |
| Deferred revenue | $51,219 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,430,780 |
| 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 | $18,343,672 |
| Total liabilities | $33,325,975 |
| Net assets without donor restrictions | $0 |
| 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 | $159,354,806 |
| Total liabilities and net assets/fund balances | $192,680,781 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Colorado Boards Of Education Self-Funded Trust Inc Denver, CO | $16,879,557 | $41,855,725 |
Educators Mutual Insurance Association Murray, UT | $192,680,781 | $54,287,384 |
School Administrators Welfare Trust Las Vegas, NV | $4,655,060 | $27,258,047 |
Clark County Firefighters Union Las Vegas, NV | $43,051,788 | $17,162,626 |
Las Vegas Firefighters Health & Welfare Trust Las Vegas, NV | $20,225,951 | $14,905,602 |
Las Vegas Metropolitan Police Mang & Superv Assn Employee Benefit Tr Las Vegas, NV | $77,184,060 | $8,045,908 |
City Of Coeur Dalene Employee Benefits Tr Coeur Dalene, ID | $3,216,593 | $5,696,325 |
Glendale Union High School District Glendale, AZ | $12,422,304 | $1,205,731 |
Aurora Fire Fighters Retiree Health Fund Englewood, CO | $10,479,340 | $1,132,025 |
Tahoe Douglas Fire Protection District Post-Retirement Plan & Tr Zephyr Cove, NV | $15,433,325 | $623,823 |
Truckee Meadows Water Authority Post-Retirement Medical Paln & Tru Reno, NV | $16,126,545 | $654,544 |
Las Vegas Firemens Benefit Association Las Vegas, NV | $1,653,887 | $187,228 |