Iru Inc
- Assets
- $378.9k
- Revenue
- $318.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Throggs Neck, NY
- Founding
- 07/1987
- Data as of
- 12/2023
- EIN
- 42-1192330
Organization Overview
Iru Inc is located in Throggs Neck, NY. The organization was established in 1987. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iru Inc 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, Iru Inc generated $318.5k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $318.3k during the year ending 12/2023. While expenses have increased by 0.9% per year over the past 5 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
EDUCATION, PROFESSIONAL DEVELOPMENT & NETWORKING SERVICES FOR MEMBERS AND POTENTIAL MEMBER PERSONNEL INCLUDING AN ANNUAL CONFERENCE & SEVERAL SEMINAR/WEBINAR EVENTS ANNUALLY AND A PROFESSIONAL PUBLICATION. ALSO A SCHOLARSHIP ESSAY PROGRAM FOR COLLEGE STUDENTS INTERNING AT MEMBER COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL CONFERENCE PROGRAM SERVICE-THIS EVENT, INCLUDING THE ANNUAL MEETING OF MEMBERS, IS THE MARQUEE EVENT & IS THE ANNUAL MEMBERSHIP MEETING WHERE MEMBERS ELECT OFFICERS & DIRECTORS AND VOTE ON ITEMS AFFECTING THE CORPORATION, SUCH AS BYLAW CHANGES AND OTHER MAJOR ISSUES. REPORTS ARE RECEIVED FROM THE PRESIDENT, SECRETARY, TREASURER & NOMINATION COMMITTEE CHAIR. THE CONFERENCE IS A MULTI-DAY EVENT FEATURING INDUSTRY EXPERTS PRESENTING A VARIETY OF RELEVANT TOPICS. REVENUE IS GENERATED THROUGH CONFERENCE REGISTRATION FEES AND MEMBER COMPANY SPONSORSHIPS.
SCHOLARS PROGRAM SERVICE-SINCE 2015 THIS SERVICE HAS ENABLED COLLEGE STUDENTS INTERNING AT MEMBER COMPANIES THE OPPORTUNITY TO SUBMIT AN ESSAY ON A REINSURANCE-RELATED TOPIC WITH THE PROSPECT OF BEING SELECTED FOR A CASH AWARD BASED ON THE DECISION OF THE SCHOLARS COMMITTEE. THIS COMMITTEE IS COMPRISED SOLELY OF MEMBER COMPANY REPRESENTATIVES WHO REVIEW AND DECIDE WHICH ESSAYS, IF ANY, ARE WORTHY OF AN AWARD. THE AWARDS CRITERIA ARE RELEVANCY AND QUALITY OF CONTENT. IN 2022 THE PROGRAM WAS EXPANDED FROM MEMBER COMPANY INTERNS TO INCLUDE FIRST-YEAR IN THE BUSINESS EMPLOYEES AT MEMBER COMPANIES, TOO. IN 2023, THE SUM OF $15,500 WAS VOLUNTARILY CONTRIBUTED BY MEMBERS AND WAS ALL DISBURSED TO ESSAY WINNERS. EACH YEAR THE BOARD OF DIRECTORS WILL DETERMINE AND AUTHORIZE THE TOTAL AMOUNT AWARDED BASED ON HE COMMITTEE'S RECOMMENDATIONS.
JOURNAL OF REINSURANCE PROGRAM SERVICE-THE JOURNAL OF REINSURANCE HAS BEEN DISCONTINUED AS A STAND-ALONE PUBLICATION BASED ON MEMBER FEEDBACK AND CHANGING AVAILABLE SOURCES OF INFORMATION. THE OVER 400 ARTICLES PUBLISHED OVER ALMOST 30 YEARS REMAIN AVAILABLE FREE OF CHARGE TO MEMBERS AND FOR A MODEST FEE TO NON-MEMBERS. NON-MEMBERS MAY, AND SEVERAL DO, CONTINUE TO PURCHASE A SUBSCRIPTION IN ORDER TO CONTINUE TO ACCESS THE ARTICLES. WITH THE GROWTH OF SOCIAL MEDIA, THE ASSOCIATION INTRODUCED A NEW LINKED-IN PAGE CALLED IRUA55 AND THIS HAS REPLACED THE JOURNAL AS A SOURCE OF DISSEMINATING ARTICLES OF A TECHNICAL NATURE THROUGH HYPERLINKS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeremy R Wallis Executive Director | 30 | $75,000 | |
Nick Cook Director | Trustee | 0 | $0 |
William Bernens President | OfficerTrustee | 0 | $0 |
Tim Poeton Secretary | OfficerTrustee | 0 | $0 |
Christiane Gross Vice President | OfficerTrustee | 0 | $0 |
Dwayne Elliott Treasurer | OfficerTrustee | 0 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $301,155 |
| Investment income | $17,350 |
| 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 | $318,505 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $75,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $90,000 |
| Fees for services: Legal | $1,500 |
| Fees for services: Accounting | $2,475 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,500 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $105,552 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,353 |
| All other expenses | $326 |
| Total functional expenses | $318,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,721 |
| Savings and temporary cash investments | $359,035 |
| 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 | $13,176 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $378,932 |
| Accounts payable and accrued expenses | $11,575 |
| Grants payable | $0 |
| Deferred revenue | $10,500 |
| 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 | $22,075 |
| Net assets without donor restrictions | $356,857 |
| 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 | $378,932 |