Insurance Library Association
- Assets
- $2.3m
- Revenue
- $613.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Boston, MA
- Founding
- 04/1994
- Data as of
- 06/2023
- EIN
- 04-2104331
Organization Overview
Insurance Library Association is located in Boston, MA. The organization was established in 1994. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2023, Insurance Library Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Library Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Insurance Library Association generated $613.0k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $690.9k during the year ending 06/2023. While expenses have increased by 1.5% per year over the past 5 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
THE LIBRARY SERVES THE INSURANCE, RISK MANAGEMENT, AND LEGAL COMMUNITIES, AND THE PUBLIC, BY PROVIDING INSURANCE-RELATED RESEARCH RESOURCES AND SERVICES, PROFESSIONAL EDUCATION, AND ENGAGEMENT EVENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LIBRARY, WHICH IS AN APPROVED PROVIDER OF PRODUCER CONTINUING EDUCATION IN SIX STATES, PROVIDED 12 MONTHLY CE WEBINARS WITH COMBINED REGISTRATION OF 2,726 STUDENTS. IN ADDITION, THE LIBRARY OFFERED OTHER WEBINARS (26 STUDENTS), WEBINARS IN COLLABORATION WITH ANOTHER ORGANIZATION (21 ATTENDEES), A LICENSING EXAM PREPARATION COURSE (10 STUDENTS), AND CUSTOM IN-PERSON AND VIRTUAL COURSES (62 STUDENTS). THE LIBRARY ALSO OFFERED EDUCATION PROGRAMS AS PART OF ITS PROGRAM FOR SUMMER INTERNS AND EARLY CAREER PROFESSIONALS.
MISCELLANEOUS
LIBRARY RESOURCES AND SERVICES:THE LIBRARY HAS A COMPREHENSIVE AND UNIQUE COLLECTION OF PRINT AND DIGITAL INSURANCE-RELATED MATERIALS, INCLUDING CURRENT AND HISTORIC INSURANCE POLICIES AND FORMS, JOURNALS AND OTHER PERIODICALS, LEGAL TREATISES,GOVERNMENTAL REPORTS, FINANCIAL AND STATISTICAL INFORMATION, AND A COLLECTION OF SANBORN MAPS. THESE MATERIALS ARE USED FOR RESEARCH SERVICES PROVIDED BY THE LIBRARY AND ARE AVAILABLE FOR RESEARCH BY LIBRARY MEMBERS AND MEMBERS OF THE PUBLIC. THE LIBRARY ALSO HAS A COLLECTION OF INSURANCE MEMORABILIA THAT REFLECTS THE HISTORY OF INSURANCE.
ENGAGEMENT:THE LIBRARY PROVIDES UNIQUE OPPORTUNITIES FOR MEMBERS OF THE INSURANCE, RISK MANAGEMENT, AND LEGAL COMMUNITIES, AND THE PUBLIC, TO COME TOGETHER FOR NETWORKING OR OTHER ENGAGEMENT, TO SHARE AND DISCUSS TOPICS OF INTEREST, AND TO RECOGNIZE ACCOMPLISHMENTS. THESE OPPORTUNITIES INCLUDE AN INSURANCE PROFESSIONAL OF THE YEAR AWARD AND EVENT, VIRTUAL LUNCH AND LEARN PROGRAMS, AN ANNUAL AWARD FOR COMMUNITY OR CUSTOMER SERVICE, A SCAVENGER HUNT THAT FOSTERS TEAM BUILDING, INTERACTION WITH COLLEAGUES, AN OPPORTUNITY TO LEARN THE HISTORY OF INSURANCE IN BOSTON AND A SUMMER INTERN PROGRAM FOR SUMMER INTERNS OR EARLY CAREER PROFESSIONALS AT MEMBER OPRGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Weinberg Trustee | Trustee | 1 | $0 |
Nancy D Adams Counsel | Trustee | 1 | $0 |
D Peter Brennan Treasurer & Trustee | OfficerTrustee | 1 | $0 |
Erin Cummings Trustee | Trustee | 1 | $0 |
Christopher Schenck Trustee | Trustee | 1 | $0 |
Chris Lautresigned 111522 Trustee. 2nd Vice President | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $89,555 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $299,686 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $389,241 |
| Total Program Service Revenue | $109,339 |
| Investment income | $35,782 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $43,037 |
| Net Income from Fundraising Events | $28,410 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $586 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $612,995 |
| 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. | $222,300 |
| Compensation of current officers, directors, key employees. | $69,394 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,730 |
| Pension plan accruals and contributions | $2,969 |
| Other employee benefits | $3,158 |
| Payroll taxes | $21,668 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,440 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,966 |
| Travel | $0 |
| 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 | $20,756 |
| Insurance | $6,260 |
| All other expenses | $38,393 |
| Total functional expenses | $690,901 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,283 |
| Savings and temporary cash investments | $89,070 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,792 |
| 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 | $8,154 |
| Net Land, buildings, and equipment | $296,578 |
| Investments—publicly traded securities | $1,749,697 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $11,229 |
| Other assets | $5,825 |
| Total assets | $2,272,628 |
| Accounts payable and accrued expenses | $74,545 |
| Grants payable | $0 |
| Deferred revenue | $46,260 |
| 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 | $16,746 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $137,551 |
| Net assets without donor restrictions | $320,626 |
| Net assets with donor restrictions | $1,814,451 |
| 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 | $2,272,628 |