Surplus Line Association Of Washington
- Assets
- $7.6m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Seattle, WA
- Founding
- 12/1977
- Data as of
- 12/2022
- EIN
- 91-1011311
Organization Overview
Surplus Line Association Of Washington is located in Seattle, WA. The organization was established in 1977. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Surplus Line Association Of Washington employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surplus Line Association Of Washington 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, Surplus Line Association Of Washington generated $2.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $2.2m during the year ending 12/2022. While expenses have increased by 2.8% per year over the past 8 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
ASSOCIATION OF SURPLUS LINE INSURANCE BROKERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE A STABLE NON-ADMITTED INSURANCE MARKET IN WASHINGTON STATE IN ORDER TO OFFER VIABLE OPTIONS TO THE INSURANCE BUYING PUBLIC.ENCOURAGE AND FACILITATE COMPLIANCE BY ITS MEMBERS WITH THE LAWS OF WASHINGTON STATE AND THE U.S. RELATIVE TO SURPLUS LINE INSURANCE COVERAGE, AND WITH THE LAWS, RULES & REGULATIONS OF THE INSURANCE COMMISSIONER OF WASHINGTON STATE. SEE CONTINUATION ON SCHEDULE O.PROVIDE MEANS FOR THE EXAMINATION OF SURPLUS LINE POLICIES PLACED BY MEMBERS ON WASHINGTON RISKS IN ACCORDANCE WITH RULES AS ESTABLISHED BY THE ASSOCIATION, AND PROVIDE ASSISTANCE TO MEMBERS IN FILING AND COMPLIANCE. SUPPLY EDUCATIONAL SUPPORT TO THE MEMBERS OF THE ASSOCIATION INCLUDING DISSEMINATION OF INFORMATION REGARDING LAWS, RULES AND REGULATIONS RELEVANT TO SURPLUS LINE INSURANCE.SUPPORT INSURANCE EDUCATION RELATIVE TO SURPLUS LINE INSURANCE IN WASHINGTON STATE THROUGH SPONSORSHIP OF TRAINING CLASSES AND SEMINARS, OR GRANTS OF MONEY OR EXPERTISE TO EDUCATIONAL INSTITUTIONS. COMMUNICATE WITH THE LEGISLATURE AND OFFICE OF THE INSURANCE COMMISSIONER IN SUPPORT OF OUR MEMBERS AND THE NON-ADMITTED MARKETPLACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Bukovinsky Past President | OfficerTrustee | 0.5 | $0 |
Linda Musselman-Galanti President | OfficerTrustee | 0.5 | $0 |
Jeffrey Abram Vice President | OfficerTrustee | 0.5 | $0 |
Edwin Bolin Director | Trustee | 0.5 | $0 |
Jillian Fassburg Director | Trustee | 0.5 | $3,088 |
Connie Divelbiss Treasurer | OfficerTrustee | 0.5 | $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 | $2,086,372 |
| Investment income | $152,005 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,845 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,233,532 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $19,000 |
| 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. | $514,255 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $569,396 |
| Pension plan accruals and contributions | $85,587 |
| Other employee benefits | $75,560 |
| Payroll taxes | $71,570 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85,980 |
| Fees for services: Accounting | $16,600 |
| Fees for services: Lobbying | $90,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,000 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $31,452 |
| Information technology | $327,732 |
| Royalties | $0 |
| Occupancy | $163,240 |
| Travel | $86,120 |
| 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 | $22,384 |
| Insurance | $19,393 |
| All other expenses | $0 |
| Total functional expenses | $2,247,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $126,634 |
| Savings and temporary cash investments | $1,170,611 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $261,022 |
| 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 | $24,873 |
| Net Land, buildings, and equipment | $16,116 |
| Investments—publicly traded securities | $5,555,067 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $482,840 |
| Total assets | $7,637,163 |
| Accounts payable and accrued expenses | $284,963 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $514,646 |
| Total liabilities | $799,609 |
| Net assets without donor restrictions | $6,837,554 |
| 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 | $7,637,163 |
Grants Awarded
Over the last fiscal year, Surplus Line Association Of Washington has awarded $19,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CALIFORNIA INSURANCE WHOLESALERS ASSOCIATION PURPOSE: SCHOLARSHIP FUNDING | $9,000 |
THE WSIA EDUCATION FOUNDATION PURPOSE: SCHOLARSHIP FUNDING | $10,000 |