Insurance Library Association Of Boston
- Assets
- $2.2m
- Revenue
- $624.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Boston, MA
- Founding
- 04/1994
- Data as of
- 06/2022
- EIN
- 04-2104331
Organization Overview
Insurance Library Association Of Boston 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 06/2022, Insurance Library Association Of Boston employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Library Association Of Boston 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 06/2022, Insurance Library Association Of Boston generated $624.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $676.8k during the year ending 06/2022. While expenses have increased by 0.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BE THE LEADING RESOURCE FOR INFORMATION AND PROFESSIONAL EDUCATION FOR THE INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUING EDUCATION--THE LIBRARY OFFERED INSURANCE NATIONAL PROGRAMS, SPECIALIZED SEMINARS AND LICENSING CLASSES--16 CLASSES FOR 2027 STUDENTS.
LIBRARY ACTIVITIES--MAINTAINS LIBRARY OF INSURANCE INDUSTRY RELATED BOOKS AND PERIODICALS TO SERVICE ITS MEMBERS AND THE PUBLIC. PROVIDES COPYING AND RESEARCH SERVICES.
MISCELLANEOUS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Tetrault Exec. Dir. | Officer | 35 | $170,250 |
Meagan Stefanow Clerk/librarian | Officer | 35 | $73,031 |
D Peter Brennan Treasurer & Trustee | OfficerTrustee | 1 | $0 |
Leslie Emack Trustee, Past President | OfficerTrustee | 1 | $0 |
Meredith Mangan Trustee, President | OfficerTrustee | 1 | $0 |
Sonya Ross Trustee,1st Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $122,285 |
| Fundraising events | $11,046 |
| Related organizations | $0 |
| Government grants | $38,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $195,080 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $366,711 |
| Total Program Service Revenue | $77,605 |
| Investment income | $36,629 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $122,416 |
| Net Income from Fundraising Events | $21,739 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$396 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $624,934 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $252,209 |
| Compensation of current officers, directors, key employees. | $84,611 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,497 |
| Pension plan accruals and contributions | $9,635 |
| Other employee benefits | $2,960 |
| Payroll taxes | $22,993 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,100 |
| Advertising and promotion | $0 |
| Office expenses | $16,391 |
| Information technology | $11,862 |
| Royalties | $0 |
| Occupancy | $66,626 |
| 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 | $20,478 |
| Insurance | $6,362 |
| All other expenses | $13,650 |
| Total functional expenses | $676,769 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,275 |
| Savings and temporary cash investments | $129,841 |
| Pledges and grants receivable | $28,990 |
| Accounts receivable, net | $22,955 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $104 |
| Prepaid expenses and deferred charges | $12,690 |
| Net Land, buildings, and equipment | $316,671 |
| Investments—publicly traded securities | $1,643,416 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $17,354 |
| Other assets | $5,825 |
| Total assets | $2,239,121 |
| Accounts payable and accrued expenses | $100,780 |
| Grants payable | $0 |
| Deferred revenue | $7,433 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $14,789 |
| Secured mortgages and notes payable | $22,207 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $145,209 |
| Net assets without donor restrictions | $338,351 |
| Net assets with donor restrictions | $1,755,561 |
| 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 | $2,239,121 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Insurance Library Association Of Boston has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
The Andover Companies Charitable Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $15,000 |
Endowment Analysis
| Beg. Balance | $1,428,935 |
| Earnings | -$170,394 |
| Other Expense | $97,110 |
| Ending Balance | $1,161,431 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pierpont Morgan Library New York, NY | $416,332,166 | $59,153,120 |
Rochester Public Library Rochester, NY | $13,709,813 | $21,920,405 |
Suffolk Cooperative Library System Bellport, NY | $18,374,423 | $17,112,722 |
Smithtown Library Nesconset, NY | $38,994,883 | $15,642,317 |
Buffalo & Erie County Public Library Buffalo, NY | $4,920,940 | $11,835,935 |
Massachusetts Library System Inc Marlborough, MA | $7,404,141 | $11,793,761 |
Ferguson Library Stamford, CT | $21,910,876 | $11,228,846 |
Proprietors Of The Boston Athenaeum Boston, MA | $130,203,809 | $11,281,803 |
Nassau Library System Uniondale, NY | $13,078,101 | $10,576,238 |
Publishers International Linking Association Inc Lynnfield, MA | $16,437,833 | $11,352,834 |
Springfield Museums Corporation Springfield, MA | $83,263,430 | $9,886,411 |
Providence Public Library Providence, RI | $36,987,936 | $6,478,555 |