Motor Vehicle Accident Indemnification Corporation
- Assets
- $88.2m
- Revenue
- $45.6m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/1960
- Data as of
- 12/2021
- EIN
- 13-5672354
Organization Overview
Motor Vehicle Accident Indemnification Corporation 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Motor Vehicle Accident Indemnification Corporation 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, Motor Vehicle Accident Indemnification Corporation generated $45.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $45.4m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 6 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
TO COMPENSATE INJUED VICTIMS OF UNINSURED STOLEN OR UNIDENTIFIED MOTORISTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL PIP CLAIMS PAID.
TOTAL TORT CLAIMS PAID.
TOTAL ALLOCATED EXPENSES PAID
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Dooley President | Officer | 35 | $200,832 |
Christina M Frazzitta Vice President | Officer | 35 | $177,483 |
Jaime E Gangemi Manager Legal Dept | Officer | 35 | $169,198 |
Eric Pappalardi Manager Siu | Officer | 35 | $148,082 |
Dominic A Dillon Controller | Officer | 35 | $143,880 |
Louis Ng Manager It Core Sup | Officer | 35 | $140,706 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marshall And Marshall Legal Services | 12/30/21 | $2,603,229 |
Manulife Investment Manage Office Rental | 12/30/21 | $1,220,426 |
Ventiv Technology Claims Processing | 12/30/21 | $792,369 |
Scs Support Claims Service Peer Review Ime Bill Rev | 12/30/21 | $851,870 |
Oxford Healthcare Employee Health Plans | 12/30/21 | $1,215,701 |
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 | $44,172,991 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $44,172,991 |
| Total Program Service Revenue | $0 |
| Investment income | $1,296,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $90,256 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,559,851 |
| 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. | $1,438,293 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,207,653 |
| Pension plan accruals and contributions | -$1,197,589 |
| Other employee benefits | $1,026,567 |
| Payroll taxes | $361,397 |
| Fees for services: Management | $441,472 |
| Fees for services: Legal | $1,038 |
| Fees for services: Accounting | $121,054 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $189,299 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $296,166 |
| Royalties | $0 |
| Occupancy | $902,898 |
| Travel | $224 |
| 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 | $439,262 |
| Insurance | $134,895 |
| All other expenses | $2,452,772 |
| Total functional expenses | $45,377,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,081,328 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $250,732 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,751,743 |
| Investments—publicly traded securities | $81,417,398 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $682,077 |
| Total assets | $88,183,278 |
| Accounts payable and accrued expenses | $491,435 |
| Grants payable | $0 |
| Deferred revenue | $1,484,165 |
| 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 | $84,348,845 |
| Total liabilities | $86,324,445 |
| Net assets without donor restrictions | $1,858,833 |
| 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 | $88,183,278 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Motor Vehicle Accident Indemnification Corporation New York, NY | $88,183,278 | $45,559,851 |
Pennsylvania Professional Liability Joint Underwriting Association Blue Bell, PA | $353,920,542 | $27,707,766 |
Risk And Insurance Management Society Inc New York, NY | $15,569,864 | $12,268,578 |
Automobile Insurers Bureau Of Massachusetts Boston, MA | $2,744,805 | $12,244,779 |
Excess Line Association Of New York New York, NY | $36,201,317 | $11,240,697 |
Guaranty Fund Management Services Inc Boston, MA | $2,796,356 | $6,554,035 |
Society Of Chartered Property & Casualty Underwriters Inc Malvern, PA | $9,708,613 | $4,213,152 |
Massachussetts Association Of Insurance Agents Inc Milford, MA | $15,366,665 | $4,849,036 |
Spark Institute Inc Simsbury, CT | $3,290,502 | $1,638,817 |
Professional Insurance Agents Of New York State Inc Glenmont, NY | $9,604,460 | $1,641,025 |
New York State Funeral Directors Association Inc Albany, NY | $12,864,504 | $2,564,009 |
Independent Insurance Agents Of Nj Trenton, NJ | $4,471,739 | $772,064 |