Main Insurance Agents Assoc
- Assets
- $1.2m
- Revenue
- $1.1m
- Investments
- $219.1k
- Employees
- 5
- Location
- Hallowell, ME
- Founding
- 11/1955
- Data as of
- 08/2024
- EIN
- 01-0219810
Organization Overview
Main Insurance Agents Assoc is located in Hallowell, ME. The organization was established in 1955. 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 08/2024, Main Insurance Agents Assoc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Main Insurance Agents Assoc 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 08/2024, Main Insurance Agents Assoc generated $1.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $961.9k during the year ending 08/2024. While expenses have increased by 2.9% per year over the past 7 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO REPRESENT, SUPPORT, AND PROMOTE INDEPENDENT INSURANCE AGENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL MEETINGS, CONVENTIONS AND SEMINARS ARE PROVIDED FOR MEMBERS.
DUES ARE PAID TO THE NATIONAL INDEPENDENT INSURANCE AGENTS OF AMERICA WHICH IN TURN SUPPORTS INDEPENDENT AGENTS AT A NATIONAL LEVEL.
LEGISLATION AND REGULATIONS AFFECTING INSURANCE AGENTS ARE MONITORED BY THE ASSOCIATION AND APPROPRIATE INPUT ON BEHALF OF AGENTS IS GIVEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Clavette Vice Chairman | OfficerTrustee | 0.5 | $0 |
Sarah Fisher Chairwoman | OfficerTrustee | 0.5 | $0 |
Danielle Marquis Pia Director | OfficerTrustee | 0.5 | $0 |
Ashley Rosborough Chairwoman-Elect | OfficerTrustee | 0.5 | $0 |
G Jeff Shaw Immediate Past Chairman | OfficerTrustee | 0.5 | $0 |
Wandy Tapley Iiaba Director | 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 | $537,153 |
| Investment income | $186,467 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $952 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,093,668 |
| 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. | $155,351 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $265,961 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $41,618 |
| Payroll taxes | $26,495 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,665 |
| Fees for services: Other | $0 |
| Advertising and promotion | $87,013 |
| Office expenses | $2,514 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,000 |
| Travel | $31,885 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $145,448 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,116 |
| Insurance | $5,598 |
| All other expenses | $17,316 |
| Total functional expenses | $961,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,526 |
| Savings and temporary cash investments | $5,895 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,810 |
| 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 | $20,264 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $679,606 |
| Investments—other securities | $219,142 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,000 |
| Total assets | $1,157,243 |
| Accounts payable and accrued expenses | $18,408 |
| Grants payable | $0 |
| Deferred revenue | $15,192 |
| 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 | $20,000 |
| Total liabilities | $53,600 |
| Net assets without donor restrictions | $1,103,643 |
| 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 | $1,157,243 |
Grants Awarded
Over the last fiscal year, Main Insurance Agents Assoc has awarded $80,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THOMAS COLLEGE PURPOSE: SCHOLARSHIP FUND | $40,000 |
UNIVERSITY OF SOUTHERN MAINE FOUNDATION PURPOSE: SCHOLARSHIP FUND | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Hampshire Bankers Association Insurance Trust Concord, NH | $848,132 | $8,474,963 |
Main Insurance Agents Assoc Hallowell, ME | $1,157,243 | $1,093,668 |
Bangor Hydro-Electric Company Voluntary Employee Benefit Bangor, ME | $36,700 | $2,162 |
New Hampshire Association Of Insurance Agents Inc Concord, NH | $1,331,156 | $706,949 |
Maine Self Insurance Guaranty Association Cape Elizabeth, ME | $4,352,275 | $159,277 |
J W Robinson Welfare Trust Gardiner, ME | $1,304,684 | $81,633 |
Workers Compensation Coordinating Council Augusta, ME | $98,416 | $0 |
Claremont Youth Baseball & Softball Inc Claremont, NH | $25,931 | $0 |