Risk And Insurance Management Society Inc
- Assets
- $21.9m
- Revenue
- $18.6m
- Investments
- $0.0
- Employees
- 52
- Location
- New York, NY
- Founding
- 08/1960
- Data as of
- 12/2023
- EIN
- 13-1860397
Organization Overview
Risk And Insurance Management Society Inc, operating under the name Rims, is located in New York, NY. The organization was established in 1960. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Rims employed 52 individuals. This organization is the central organization for a national or regional group of organizations. Rims 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 12/2023, Rims generated $18.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $19.0m during the year ending 12/2023. While expenses have increased by 2.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE, ENGAGE AND ADVOCATE FOR THE GLOBAL RISK COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EVENTS - RIMS' CONFERENCES CONTINUE TO BE THE RISK MANAGEMENT PROFESSION'S LEADING EVENTS THAT OFFER VALUABLE INTERACTION WITH EXPERIENCED SPEAKERS, RELEVANT AND PRACTICAL PRESENTATIONS, AND PEER KNOWLEDGE SHARING OPPORTUNITIES. THIS PROGRAM IS RESPONSIBLE FOR THE PLANNING AND PRODUCTION OF RIMS ANNUAL CONFERENCE & EXHIBITION KNOWN AS RISKWORLD, RIMS ERM CONFERENCE, AND RIMS CANADA CONFERENCE. RIISKWORLD IS THE DEFINITIVE EVENT FOR RISK PROFESSIONALS, WHICH ATTRACTED APPROXIMATELY 8,000 RISK PROFESSIONALS (MEMBER, NONMEMBERS AND EXHIBITORS) WORLDWIDE IN 2022 WHEN RIMS WAS ABLE TO RETURN TO AN IN-PERSON EVENT POST-COVID AND INCREASED TO NEARLY 9,000 IN 2023. THIS PRESTIGIOUS EVENT OFFERS ITS ATTENDEES IN-DEPTH EDUCATION FOR ALL CAREER LEVELS, A DYNAMIC MARKETPLACE FEATURING 400+ STATE OF THE ART SOLUTIONS, AND MULTIPLE PEER NETWORKING OPPORTUNITIES. IN 2023, RISKWORLD OFFERED FOCUSED TRACKS ON CLAIMS MANAGEMENT, CAREER DEVELOPMENT, ESG, RISK MITIGATION, STRATEGIC AND ENTERPRISE RISK MANAGEMENT AND INSURANCE TOPICS.
MEMBERSHIP AND MEMBER SERVICES - THE MEMBERSHIP PROGRAM SERVES RIMS POPULATION OF APPROXIMATELY 9,000 MEMBERS AND 80 CHAPTERS. THIS PROGRAM REVIEWS AND MONITORS GOALS FOR MEMBER RECRUITMENT AND RETENTION AND INCLUDES ALL MEMBER MARKETING, RECRUITING, RETENTION EXPENSES, STUDENT INITIATIVES AND COMPETITIONS, AND CHAPTER-RELATED EXPENSES INCLUDING RIMS CANADA COUNCIL. OTHER ACTIVITIES INCLUDE THE CAREER CENTER AND BENCHMARK AND COMPENSATION SURVEYS. RIMS IS DEDICATED TO THE DEVELOPMENT OF TOMORROW'S RISK MANAGEMENT LEADERS THROUGH VARIOUS INITIATIVES, INCLUDING THE RISING RISK PROFESSIONAL COMMUNITY, THE RIMS ANITA BENEDETTI STUDENT INVOLVEMENT PROGRAM, AND THE ANNUAL RISK MANAGEMENT CHALLENGE. IN 2023, RIMS LAUNCHED AN UPDATED VIRTUAL MEMBERSHIP ENGAGEMENT RESOURCE, ENGAGE, WHICH IMPROVED THE PROCESS OF RESEARCHING RISK MANAGEMENT ISSUES AND BUILDING PROFESSIONAL RELATIONSHIPS THROUGH NETWORKING OPPORTUNITIES. RIMS ALSO LAUNCHED AN UPDATED CHAPTER MANAGEMENT PLATFORM TO ASSIST CHAPTERS WITH NUMEROUS ADMINISTRATIVE PROCESSES INCLUDING ENHANCED INTERNAL CONTROLS.
KNOWLEDGE AND LEARNING - THE SOCIETY OFFERS A ROBUST GROUP OF EDUCATIONAL PROGRAMS THROUGH IN-PERSON, ON DEMAND AND ONLINE INSTRUCTOR-LED COURSES, WORKSHOPS, WEBINARS, CHAPTER EVENTS AND CORPORATE TRAINING PROGRAMS. WORKSHOPS FOCUS ON KEY EDUCATIONAL NEEDS FOR THE RISK MANAGEMENT PROFESSION INCLUDING APPLYING & INTEGRATING ERM, FUNDAMENTALS OF INSURANCE, FUNDAMENTALS OF RISK MANAGEMENT, AND PREPARATORY COURSES FOR THE RIMS-CRMP CERTIFICATION. ONLINE COURSES ARE ALSO OFFERED THROUGH PARTNERSHIPS WITH VENDORS. WORKSHOPS FOCUS ON KEY EDUCATIONAL NEEDS FOR THE RISK MANAGEMENT PROFESSION INCLUDING APPLYING & INTEGRATING ERM, FUNDAMENTALS OF INSURANCE, FUNDAMENTALS OF RISK MANAGEMENT, AND PREPARATORY COURSES FOR THE RIMS-CRMP CERTIFICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Vice President | OfficerTrustee | 5 | $0 |
Name Not Listed President | OfficerTrustee | 5 | $0 |
Name Not Listed Secretary | OfficerTrustee | 5 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 5 | $0 |
Name Not Listed Director | Trustee | 3 | $0 |
Name Not Listed Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Freeman Conference Logistics/management | 12/30/23 | $1,424,680 |
Hosts Destination Services Event Management | 12/30/23 | $248,990 |
Juice Studios Destination Management Services-riskworld | 12/30/23 | $250,308 |
Convention Store Shuttle Bus Supplier-riskworld | 12/30/23 | $248,964 |
Clifton Larson Allen Outsourced System Implementation Services | 12/30/23 | $235,729 |
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 | $17,665,956 |
| Investment income | $347,660 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $502,906 |
| Net Gain/Loss on Asset Sales | -$52,941 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,564,344 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $90,388 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $164,114 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,887,668 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,934,519 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $970,607 |
| Payroll taxes | $471,844 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,998 |
| Fees for services: Accounting | $7,047 |
| Fees for services: Lobbying | $512,494 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,656 |
| Fees for services: Other | $1,882,227 |
| Advertising and promotion | $499,540 |
| Office expenses | $1,090,148 |
| Information technology | $1,049,655 |
| Royalties | $0 |
| Occupancy | $815,855 |
| Travel | $1,136,424 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,376,221 |
| Interest | $36,657 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,665 |
| Insurance | $402,059 |
| All other expenses | $113,820 |
| Total functional expenses | $19,010,375 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,567,024 |
| Savings and temporary cash investments | $957,547 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $290,251 |
| 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 | $1,036,304 |
| Net Land, buildings, and equipment | $573,281 |
| Investments—publicly traded securities | $9,797,340 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $673,277 |
| Other assets | $6,053,472 |
| Total assets | $21,948,496 |
| Accounts payable and accrued expenses | $1,818,191 |
| Grants payable | $0 |
| Deferred revenue | $6,112,941 |
| 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 | $8,804,028 |
| Total liabilities | $16,735,160 |
| Net assets without donor restrictions | $5,213,336 |
| 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 | $21,948,496 |