Inland Marine Underwriters Association is located in New York, NY. The organization was established in 1932. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Inland Marine Underwriters Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Inland Marine Underwriters Association 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 12/2022, Inland Marine Underwriters Association generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 3.6% per year over the past 8 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
IMUA SERVES AS THE COLLECTIVE VOICE OF THE U.S. INLAND MARINE INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ANNUAL MEETING - IN THE SECOND QUARTER OF EACH CALENDAR YEAR, USUALLY APRIL OR MAY, IMUA HOLDS ITS PREMIER EDUCATION EVENT AT AN OFF-SITE HOTEL OR RESORT-STYLE PROPERTY IN THE U.S. THE EVENT RUNS FROM SUNDAY THROUGH TUESDAY AND INCLUDES A BOARD MEETING; AN OPENING RECEPTION AND DINNER FOR MEMBER NETWORKING; OPEN FORUM BUSINESS MEETING; SIX EDUCATION SESSIONS ON TOPICAL ISSUES, EACH LASTING FROM 1 TO 3 HOURS, OFTEN WITH CONTINUING EDUCATION CREDITS FROM ONE OR MORE STATE INSURANCE DEPARTMENTS; SOME RECREATION EVENTS; A MINI-TRADE SHOW ON BOTH MONDAY & TUESDAY; AND A CLOSING RECEPTION/BANQUET. THE 2022 ANNUAL MEETINGS ATTRACTED 315 ATTENDEES.
TECHNICAL COMMITTEES - THESE VOLUNTEER COMMITTEES, CENTERED AROUND THE MAJOR LINES OF INLAND MARINE BUSINESS AND CLAIMS/LOSS CONTROL, PROVIDE TECHNICAL INFORMATION VIA THE MEMBERS-ONLY SECTION OF THE WEBSITE IN A MYRIAD OF WAYS INCLUDING TECHNICAL PAPERS, NEWSROOM ARTICLES, TELECONFERENCING, AND FIELD TRIPS TO EMPLOYEES OF MEMBER COMPANIES. FOR 2022, COMMITTEE ACTIVITIES RETURNED TO IN-PERSON EVENTS AND WERE ALSO AVAILABLE REMOTELY.
WEB SEMINARS - ABOUT 12 TIMES A CALENDAR YEAR, A VOLUNTEER-BASED REGIONAL COMMITTEE AND/OR TECHNICAL COMMITTEES ARRANGE FOR A WEB SEMINAR, TYPICALLY ONE HOUR IN DURATION FROM 2:00PM TO 3:00PM ET WHERE GEOGRAPHICALLY REMOTE SITES ACROSS THE U.S., AND SOMETIMES INTERNATIONALLY, CAN LOG INTO THE AUDIO/VISUAL PRESENTATION ON A TOPICAL ISSUE PRESENTED BY INSURANCE AND NON-INSURANCE EXPERT, E.G. HURRICANES AND THE IMPACT ON LEVEES. MULTIPLE ATTENDEES ARE TRADITIONALLY AT EACH SITE, AND ABLE TO ACCESS WHEN WORKING REMOTELY. THE REMOTE WEBINARS ARE COMPLIMENTARY; NO FEE FOR MEMBERS. THEY HAVE PROVED TO BE AN EXCELLENT WAY TO PROVIDE EDUCATION AND TECHNICAL INFORMATION TO MEMBER COMPANY EMPLOYEES. IN 2022, IMUA PRESENTED 10 EDUCATIONAL WEBINARS WITH EACH SESSION ATTRACTING AN AVERAGE OF 200 VIEWERS WITH A DURATION OF 60 TO 75 MINUTES. AS OF JANUARY 2022 THERE WAS NO FEE FOR ALL REMOTE/VIRTUAL EVENTS.
REGIONAL SEMINARS - IMUA HAS 9 REGIONAL ADVISORY COMMITTEES LOCATED IN TORONTO, NEW YORK, ATLANTA, COLUMBUS, CHICAGO, DALLAS, BOSTON, LOS ANGELES AND SAN FRANCISCO. AT VARIOUS TIMES THROUGHOUT THE CALENDAR YEAR, THESE VOLUNTEER-BASED COMMITTEES TRADITIONALLY EACH HOLD ONE OR MORE BREAKFAST/LUNCH-N-LEARN/HALF-DAY/FULL DAY LIVE EDUCATIONAL SEMINARS, ALL WITH STATE INSURANCE DEPARTMENT CONTINUING EDUCATION CREDITS, ON A MYRIAD OF INSURANCE TOPICS GERMANE TO THE PARTICULAR GEOGRAPHIC AREA. IN 2022 THE REGIONAL GROUPS SPONSORED TWO IN-PERSON EVENTS AND FOUR REMOTE EVENTS AS THE COMMITTEE ACTIVITY IS SLOWLY RETURNING TO IN-PERSON EVENTS FOLLOWING THE PANDEMIC.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Jessica Frankovich Chair | OfficerTrustee | 1.5 | $0 |
Anthony Falcone Deputy Chair | OfficerTrustee | 1.5 | $0 |
Arthur Sieder Vice Chair | OfficerTrustee | 1.5 | $0 |
Drew Cadelli Director | Trustee | 1 | $0 |
Anne Caliento Director | Trustee | 1 | $0 |
Bradley Cameron Director | Trustee | 1 | $0 |
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 | $1,182,713 |
Investment income | $5,239 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,199,794 |
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. | $492,476 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $46,304 |
Pension plan accruals and contributions | $5,270 |
Other employee benefits | $8,812 |
Payroll taxes | $29,767 |
Fees for services: Management | $0 |
Fees for services: Legal | $5,635 |
Fees for services: Accounting | $20,690 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $1,673 |
Fees for services: Other | $111,126 |
Advertising and promotion | $34,185 |
Office expenses | $22,299 |
Information technology | $32,909 |
Royalties | $0 |
Occupancy | $102,880 |
Travel | $1,351 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $282,676 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $39,780 |
Insurance | $3,836 |
All other expenses | $0 |
Total functional expenses | $1,243,575 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $146,966 |
Savings and temporary cash investments | $259,317 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
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 | $112,108 |
Net Land, buildings, and equipment | $122,579 |
Investments—publicly traded securities | $486,465 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $11,490 |
Total assets | $1,138,925 |
Accounts payable and accrued expenses | $9,263 |
Grants payable | $0 |
Deferred revenue | $111,986 |
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 | $0 |
Total liabilities | $121,249 |
Net assets without donor restrictions | $1,017,676 |
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 | $1,138,925 |