Independent Insurance Agents Of Washington
- Assets
- $796.2k
- Revenue
- $296.0k
- Investments
- -$384.3k
- Employees
- 0
- Location
- Bellevue, WA
- Founding
- 12/1935
- Data as of
- 08/2023
- EIN
- 91-6033271
Organization Overview
Independent Insurance Agents Of Washington is located in Bellevue, WA. The organization was established in 1935. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Insurance Agents 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 08/2023, Independent Insurance Agents Of Washington generated $296.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.5%) each year. All expenses for the organization totaled $324.1k during the year ending 08/2023. 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
IIABW IS A NOT-FOR-PROFIT ENTITY THAT PROMOTES THE AMERICAN INSURANCE AGENCY SYSTEM AMONG WASHINGTON STATE INSURANCE AGENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IIABW IS HAVING CONTINUED SUCCESS IN THE PROCESS OF EDUCATING ITS MEMBERS REGARDING NEW DEVELOPMENTS IN THE INSURANCE INDUSTRY AND NEW REGULATIONS AND LEGISLATIVE RULINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Duane Hensen President | OfficerTrustee | 2 | $0 |
Ryan Porter President Elect | OfficerTrustee | 2 | $0 |
Craig Field Treasurer | OfficerTrustee | 1 | $0 |
Lori Reed National Director | OfficerTrustee | 1 | $0 |
Shaun Borth Director | Trustee | 1 | $0 |
Amberlyn Mcquary Past President | Trustee | 1 | $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 | $31,049 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,049 |
| Total Program Service Revenue | $218,464 |
| Investment income | $20,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $295,964 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $93,302 |
| Pension plan accruals and contributions | $5,928 |
| Other employee benefits | $9,851 |
| Payroll taxes | $5,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,667 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,807 |
| Fees for services: Other | $84,776 |
| Advertising and promotion | $225 |
| Office expenses | $6,701 |
| Information technology | $4,713 |
| Royalties | $0 |
| Occupancy | $10,463 |
| Travel | $4,831 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,803 |
| Interest | $210 |
| Payments to affiliates | $11,810 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,764 |
| All other expenses | $14,400 |
| Total functional expenses | $324,050 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,270 |
| Savings and temporary cash investments | $14,658 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $718,861 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,042 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $419,509 |
| Investments—other securities | -$384,325 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $796,158 |
| Accounts payable and accrued expenses | $15,226 |
| Grants payable | $0 |
| Deferred revenue | $525 |
| 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 | $0 |
| Total liabilities | $15,751 |
| Net assets without donor restrictions | $780,407 |
| 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 | $796,158 |