New York Compensation Insurance Rating Board
- Assets
- $22.2m
- Revenue
- $21.2m
- Investments
- $0.0
- Employees
- 102
- Location
- New York, NY
- Founding
- 11/1942
- Data as of
- 12/2021
- EIN
- 13-0594020
Organization Overview
New York Compensation Insurance Rating Board is located in New York, NY. The organization was established in 1942. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, New York Compensation Insurance Rating Board employed 102 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York Compensation Insurance Rating Board 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 12/2021, New York Compensation Insurance Rating Board generated $21.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $20.7m during the year ending 12/2021. While expenses have increased by 0.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE NEW YORK COMPENSATION INSURANCE RATING BOARD (THE "BOARD") IS A RATE-SERVICE ORGANIZATION LICENSED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES PURSUANT TO THE NEW YORK STATE INSURANCE LAW. THE BOARD COLLECTS AND COMPILES STATISTICAL DATA USED FOR THE DEVELOPMENT OF LOSS COSTS AND CLASSIFICATIONS, RATING PLANS, AND FORMS OF COVERAGE, SUBJECT TO APPROVAL BY THE NEW YORK STATE SUPERINTENDENT OF FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO COLLECT LOSS, PREMIUM AND PAYROLL DATA FROM CARRIERS, SUMMARIZE AND ANALYZE THE DATA, AND DEVELOP AN ADEQUATE PRICING STRUCTURE FOR WORKERS COMPENSATION INSURANCE CARRIERS IN NEW YORK STATE FOR SUBMISSION TO THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES. THE RATING BOARD ALSO CONDUCTS ACTUARIAL RESEARCH FOR THE BENEFIT OF THE NEW YORK STATE WORKERS' COMPENSATION MARKETPLACE AND STAKEHOLDERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeremy Attie President/ceo | Officer | 40 | $545,489 |
Ziv Kimmel Sr. Vice President | Officer | 40 | $352,279 |
Brett King Actuarial Director | 40 | $257,621 | |
Guo Harrison Actuarial Director | 40 | $250,676 | |
Benjamin T Witkowski Actuarial Director | 40 | $241,466 | |
Mitchell Tenzer Vice President | Officer | 40 | $216,254 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Strategy Conversations Llc Consultant | 12/30/21 | $187,537 |
Workers Compensation Research Institute Research Data | 12/30/21 | $195,000 |
Stroock & Stroock & Lavan Llp Legal Counsel | 12/30/21 | $160,234 |
Farragut It Consulting | 12/30/21 | $296,320 |
Spectrum Partners Llc It Consulting | 12/30/21 | $300,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $297,750 |
| 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 | $297,750 |
| Total Program Service Revenue | $20,566,427 |
| Investment income | $272,445 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $71,032 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,207,654 |
| 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. | $2,152,374 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,324,331 |
| Pension plan accruals and contributions | $1,509,603 |
| Other employee benefits | $3,468,401 |
| Payroll taxes | $660,925 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $164,503 |
| Fees for services: Accounting | $70,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49,963 |
| Fees for services: Other | $314,277 |
| Advertising and promotion | $0 |
| Office expenses | $309,328 |
| Information technology | $1,182,982 |
| Royalties | $0 |
| Occupancy | $2,265,103 |
| Travel | $23,235 |
| 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 | $237,056 |
| Insurance | $125,209 |
| All other expenses | $16,047 |
| Total functional expenses | $20,696,624 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,175,740 |
| Savings and temporary cash investments | $12,568 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $552,373 |
| 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 | $1,924,787 |
| Net Land, buildings, and equipment | $817,141 |
| Investments—publicly traded securities | $11,734,812 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $270 |
| Total assets | $22,217,691 |
| Accounts payable and accrued expenses | $879,486 |
| Grants payable | $0 |
| Deferred revenue | $1,173,037 |
| 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 | $18,932,056 |
| Total liabilities | $20,984,579 |
| Net assets without donor restrictions | $1,233,112 |
| 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 | $22,217,691 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New York Compensation Insurance Rating Board New York, NY | $22,217,691 | $21,207,654 |
Insurance Agents And Brokers Of Pennsylvania Inc Mechanicsburg, PA | $6,872,120 | $2,426,813 |
Professional Insurance Agents Of New Jersey Glenmont, NY | $5,741,055 | $1,061,856 |
Mechanical Trades Betterment Fund Employees Trust Latham, NY | $644,568 | $538,427 |
Highland Park Chinese Association Highland Park, NJ | $47,615 | $0 |
Lackawaxen Honesdale Shippers Assoc Iation Inc Honesdale, PA | $234,052 | $0 |
Upper Darby Corporation For Community And Economic Development Drexel Hill, PA | $21,836 | $34,362 |
Grandsavers Are Lifesavers Mainesburg, PA | $17,676 | $17,401 |
Cazzeek Brothers Neptune, NJ | $0 | $0 |