Michigan Basic Property Insurance Association
- Assets
- $25.2m
- Revenue
- $14.3m
- Investments
- $0.0
- Employees
- 28
- Location
- Farmington Hills, MI
- Founding
- 02/1970
- Data as of
- 12/2021
- EIN
- 38-1956049
Organization Overview
Michigan Basic Property Insurance Association is located in Farmington Hills, MI. The organization was established in 1970. 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, Michigan Basic Property Insurance Association employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Basic Property Insurance 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 12/2021, Michigan Basic Property Insurance Association generated $14.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $10.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 7 years. 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 MISSION OF MICHIGAN BASIC PROPERTY INSURANCE ASSOCIATION IS TO PROVIDE PROMPT COURTEOUS AND EFFICIENT SERVICE TO OUR CUSTOMERS; BE AWARE OF THE RESPONSIBILITY WE HAVE TO OUR MEMBER COMPANIES AND POLICYHOLDERS TO UTILIZE RESOURCES EFFECTIVELY; PROVIDE A WORK ENVIRONMENT THAT RECOGNIZES CREATIVITY AND PROMOTES TEAMWORK; AND BE SENSITIVE TO THE NEEDS OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ISSUANCE OF BASIC PROPERTY INSURANCE AND HOME PROPERTY INSURANCE POLICIES IS THE SOLE BUSINESS RELATED ACTIVITY OF THE ASSOCIATION. GENERALLY THE POLICIES ARE ISSUED FOR HIGH-RISK INSURERS. MEMBER PROPERTY INSURANCE COMPANIES PARTICIPATE COLLECTIVELY THROUGH THEIR MANDATORY MEMBERSHIP IN THE ASSOCIATION. ASSESSMENTS PAID TO THE ASSOCIATION BY MEMBER COMPANIES ARE COVERED THROUGH ADJUSTMENTS TO THE RATES FOR THE VOLUNTARY MARKET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Muddasar Tawakkul Board Of Governors | Trustee | 0.5 | $2,700 |
David Field Board Of Governors | Trustee | 0.5 | $1,350 |
Leroy Bostic Board Of Governors | Trustee | 0.5 | $1,350 |
Steve Rock Board Of Governors | Trustee | 0.5 | $1,350 |
Solon Phillips Board Of Governors | Trustee | 0.5 | $1,350 |
Michael C Levine Board Of Governors | Trustee | 0.5 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
| 12/30/20 | $0 | |
Fabian Sklar King And Liss Pc | 12/30/20 | $137,735 |
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 | $11,110,974 |
| Investment income | $582,640 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,570,683 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,270,902 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,793 |
| Grants and other assistance to domestic individuals. | $241 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $10,950 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,565,935 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $418,064 |
| Payroll taxes | $181,322 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,956 |
| Fees for services: Accounting | $220,092 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $40,396 |
| Fees for services: Other | $33,514 |
| Advertising and promotion | $0 |
| Office expenses | $173,697 |
| Information technology | $627,988 |
| Royalties | $0 |
| Occupancy | $297,787 |
| Travel | $1,234 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,457 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $86,106 |
| Insurance | $35,985 |
| All other expenses | $188,356 |
| Total functional expenses | $10,325,535 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$3,344,510 |
| Savings and temporary cash investments | $2,389,771 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,386,716 |
| 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 | $88,233 |
| Investments—publicly traded securities | $24,688,645 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,626 |
| Total assets | $25,213,481 |
| Accounts payable and accrued expenses | $273,099 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,066 |
| 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 | $13,386,604 |
| Total liabilities | $13,666,769 |
| Net assets without donor restrictions | $0 |
| 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 | $11,546,712 |
| Total liabilities and net assets/fund balances | $25,213,481 |
Grants Awarded
Over the last fiscal year, Michigan Basic Property Insurance Association has awarded $137,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Northville, MI PURPOSE: General Operating Account | $127,500 |
Des Plaines, IL PURPOSE: General Operating Account | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Michigan Basic Property Insurance Association Farmington Hills, MI | $25,213,481 | $14,270,902 |
Wisconsin Insurance Plan Milwaukee, WI | $2,649,304 | $2,503,844 |
Service Employees International Union Lansing, MI | $2,859,438 | $2,924,739 |
Ohio Insurance Institute Columbus, OH | $705,390 | $1,790,344 |
Insurance Guaranty Associations Dublin, OH | $24,219,360 | $919,382 |
Naifa Michigan Dewitt, MI | $93,861 | $126,467 |