International Association Of Black Actuaries Inc
- Assets
- $2.3m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 2
- Location
- Cleveland, OH
- Founding
- 03/2015
- Data as of
- 12/2022
- EIN
- 36-4305164
Organization Overview
International Association Of Black Actuaries Inc is located in Cleveland, OH. The organization was established in 2015. According to its NTEE Classification (S80) the organization is classified as: Community Service Clubs, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, International Association Of Black Actuaries Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Association Of Black Actuaries Inc 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 12/2022, International Association Of Black Actuaries Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 15.6% 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
ORGANIZED TO ESTABLISH AND PROVIDE FINANCIAL ASSISTANCE, MENTORS AND ROLE MODELS FOR BLACK HIGH SCHOOL AND COLLEGE STUDENTS TO PURSUE STUDIES IN ACTUARIAL SCIENCE AND TO ENCOURAGE PARTICIPATION OF ITS MEMBERS IN ACTIVITIES OF ACTUARIAL ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL MEETING AND SEMINARS - PROVIDES EDUCATIONAL SEMINARS TO MEMBERSHIP IMPROVING BOTH TECHNICAL AND PROFESSIONAL SKILLS AND AN OPPORTUNITY FOR ACTUARIAL STUDENTS TO INTERACT WITH INDUSTRY PROFESSIONALS AND RECRUITERS IN A CASUAL AND INTIMATE ENVIRONMENT. THERE WERE 500+ ATTENDEES AT THIS YEAR'S ANNUAL MEETING.
SCHOLARSHIPS - PROVIDING SCHOLARSHIPS AT THE UNDERGRADUATE AND GRADUATE LEVEL TO QUALIFIED BLACK STUDENTS WHO ARE INTERESTED IN PURSUING AN ACTUARIAL CAREER. DURING THIS YEAR, IABA AWARDED SCHOLARSHIPS TO OVER NINETY (90) ACTUARIAL STUDENTS.
ANNUAL BOOTCAMP - INCREASING INDUSTRY AWARENESS OF PROSPECTIVE ACTUARIAL STUDENTS AND POSITIONING THEM FOR A SUCCESSFUL ACTUARIAL INTERNSHIP OR ENTRY-LEVEL OPPORTUNITY. PROVIDING ATTENDEES WITH EXPOSURE TO REAL WORLD ACTUARIAL WORK, RESOURCES IN PREPARING FOR PROFESSIONAL EXAMS, THE SOFT SKILLS NEEDED TO SUCCESSFULLY INTERVIEW FOR AND LAND AN INTERNSHIP OR ENTRY-LEVEL POSITION AS WELL AS EXTENDED SUPPORT TO REMAIN ON THEIR CHOSEN CAREER PATHWAY FOR THOSE WHO WILL BE RETURNING TO ACADEMIC PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Newsome Director | Trustee | 2 | $0 |
Dwayne Husbands President | OfficerTrustee | 2 | $0 |
Gloria Gilliam Secretary | OfficerTrustee | 2 | $0 |
Stephen Abrokwah Vice President | OfficerTrustee | 2 | $0 |
Monique Hacker-Patterson Director | Trustee | 2 | $0 |
Kam Harris Director | Trustee | 2 | $0 |
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 | $1,351,077 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,351,077 |
| Total Program Service Revenue | $88,985 |
| Investment income | $11,417 |
| 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 | $1,451,479 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $270,537 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $126,475 |
| Compensation of current officers, directors, key employees. | $12,648 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,999 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,292 |
| Fees for services: Management | $132,500 |
| Fees for services: Legal | $4,667 |
| Fees for services: Accounting | $13,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,255 |
| Advertising and promotion | $19,272 |
| Office expenses | $12,429 |
| Information technology | $7,517 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,325 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $403,431 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $726 |
| Insurance | $4,872 |
| All other expenses | $845 |
| Total functional expenses | $1,127,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,065 |
| Savings and temporary cash investments | $1,827,082 |
| Pledges and grants receivable | $250,000 |
| 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 | $8,004 |
| Net Land, buildings, and equipment | $1,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,280,711 |
| Accounts payable and accrued expenses | $20,683 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $20,683 |
| Net assets without donor restrictions | $2,010,028 |
| Net assets with donor restrictions | $250,000 |
| 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 | $2,280,711 |