Iiaa Education Foundation
- Assets
- $960.3k
- Revenue
- $300.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Alexandria, VA
- Founding
- 07/1975
- Data as of
- 08/2023
- EIN
- 51-0152307
Organization Overview
Iiaa Education Foundation is located in Alexandria, VA. The organization was established in 1975. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iiaa Education Foundation 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 08/2023, Iiaa Education Foundation generated $300.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $190.2k during the year ending 08/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Iiaa Education Foundation has awarded 154 individual grants totaling $1,160,250. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED TO PROVIDE SCHOLARSHIPS, CHARITY OR OTHER FINANCIAL ASSISTANCE TO INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOCUS OF THE FOUNDATION'S PROGRAMS ARE TO PROVIDE FINANCIAL ASSISTANCE TO INSURANCE INDUSTRY PERSONNEL IMPACTED BY CATASTROPHIC OCCURRENCES NOT COVERED BY THEIR OWN INSURANCE OR OTHER GRANTS AND FUNDING SOURCES. FOR THE YEAR ENDED AUGUST 31, 2023, THE ORGANIZATION AWARDED OVER $100,000 IN GRANTS TO QUALIFIED RECIPIENTS. THE FUNDING FOR THE FOUNDATION IS DERIVED FROM DONATIONS FROM IIABA MEMBERS, OTHER INDUSTRY ORGANIZATIONS AND INSURANCE CARRIERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Ripley Trustee | Trustee | 1 | $0 |
Eugene S Cocke CFO | OfficerTrustee | 1 | $0 |
Greg Sandrock Trustee | Trustee | 1 | $0 |
John Costello Chairman | OfficerTrustee | 1 | $0 |
Lou Moran III Trustee | Trustee | 1 | $0 |
Michael Mcbride Trustee | Trustee | 1 | $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 | $300,472 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $300,472 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $300,472 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,213 |
| Grants and other assistance to domestic individuals. | $155,736 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $0 |
| Fees for services: Legal | $2,080 |
| Fees for services: Accounting | $2,216 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,830 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $100 |
| Total functional expenses | $190,175 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $957,920 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,402 |
| Total assets | $960,322 |
| Accounts payable and accrued expenses | $0 |
| 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 | $6,756 |
| Total liabilities | $6,756 |
| Net assets without donor restrictions | $953,566 |
| 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 | $960,322 |
Grants Awarded
Over the last fiscal year, Iiaa Education Foundation has awarded $97,250 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
BAFUMI INSSURANCE AGENCY PURPOSE: TCDRF COVID GRANT | $8,500 |
CARLSON & CARLSON INCORPORATED PURPOSE: TCDRF COVID GRANT | $8,500 |
EIDMAN AGENCY INC PURPOSE: TCDRF GRANT | $6,000 |
LOXME GROUP INC PURPOSE: TCDRF GRANT | $8,500 |
INDEPENDENT INSURANCE AGENTS OF KENTUCKY PURPOSE: TCDRF GRANT | $20,250 |
MIKE PREIS INC PURPOSE: TCDRF COVID GRANT | $8,000 |