Educators Mutual Insurance Association
- Assets
- $210.7m
- Revenue
- $58.1m
- Investments
- $58.2m
- Employees
- 62
- Location
- Murray, UT
- Founding
- 12/1941
- Data as of
- 12/2023
- 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 12/2023, Educators Mutual Insurance Association employed 62 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 12/2023, Educators Mutual Insurance Association generated $58.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $54.3m during the year ending 12/2023. While expenses have increased by 2.5% per year over the past 9 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
2023
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 | 11 | $182,268 |
Michael Greenhalgh CFO | Officer | 11 | $135,180 |
David Ryan Lowther COO & Secret | Officer | 11 | $95,900 |
David Scott Wood Chief Actuar | Officer | 11 | $81,080 |
Cindy Dunnavant VP Sales & M | Officer | 11 | $73,250 |
Jeremy Spencer VP Operation | Officer | 11 | $70,059 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eldorado Computing Software | 12/30/23 | $843,286 |
Zelis Payments Holding Dba Redcard Systems Llc Print & Mailing | 12/30/23 | $519,583 |
Utah Health Information Network Claims/scanning | 12/30/23 | $495,945 |
Valcom Salt Lake City Lc It Services | 12/30/23 | $427,436 |
Deerwalk Inc Software | 12/30/23 | $374,467 |
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 | $52,819,728 |
| Investment income | $4,672,960 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $563,884 |
| Net Gain/Loss on Asset Sales | $2,806 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,059,378 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $300 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $36,603,499 |
| Compensation of current officers, directors, key employees. | $938,527 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,669,023 |
| Pension plan accruals and contributions | $294,955 |
| Other employee benefits | $1,055,585 |
| Payroll taxes | $366,673 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,398 |
| Fees for services: Accounting | $39,667 |
| Fees for services: Lobbying | $16,120 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $207,630 |
| Fees for services: Other | $2,645,459 |
| Advertising and promotion | $15,420 |
| Office expenses | $557,776 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $351,398 |
| Travel | $31,034 |
| 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 | $1,238,510 |
| Insurance | $62,751 |
| All other expenses | -$1,067,427 |
| Total functional expenses | $54,321,705 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $18,180,114 |
| 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 | $21,645,595 |
| Investments—publicly traded securities | $102,085,116 |
| Investments—other securities | $58,247,352 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,532,969 |
| Total assets | $210,691,146 |
| Accounts payable and accrued expenses | $10,205,087 |
| Grants payable | $0 |
| Deferred revenue | $47,415 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,069,862 |
| 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 | $21,211,907 |
| Total liabilities | $36,534,271 |
| 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 | $174,156,875 |
| Total liabilities and net assets/fund balances | $210,691,146 |