Bank Insurance & Securities Association
- Assets
- $3.5m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 05/2003
- Data as of
- 12/2023
- EIN
- 52-2385104
Organization Overview
Bank Insurance & Securities Association is located in Washington, DC. The organization was established in 2003. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Bank Insurance & Securities 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 12/2023, Bank Insurance & Securities Association generated $3.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $3.0m during the year ending 12/2023. While expenses have increased by 2.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT MEMBER FIRMS AND FINANCIAL PROFESSIONALS WITHIN DEPOSITORY INSTITUTIONS BY BUILDING A COMMUNITY AND PROVIDING FORUMS TO ENHANCE THEIR PROFESSIONALISM, KNOWLEDGE, AND PRODUCTIVITY TO HELP THEM BEST SERVE THEIR CLIENTS WITH A BROAD ARRAY OF FINANCIAL SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL MEETINGS - THE CONVENTION OFFERS AMPLE NETWORKING OPPORTUNITIES AS WELL AS CAREFULLY CURATED EDUCATION. IN ADDITION TO THESE CAPTIVATING KEYNOTES, ATTENDEES HAVE THE CHANCE TO ATTEND SEVERAL CONCURRENT SESSIONS AS WELL AS A SELECTION OF FOCUSED PEER GROUP SESSIONS.
MEMBERSHIP SERVICES - PROGRAM DESIGNED TO HELP SUPPORT AND FACILITATE MEMBERSHIP BENEFITS.
BISA MAGAZINE - BISA PORTFOLIO PROVIDES INDUSTRY NEWS, INSIGHTS, RESEARCH AND FEATURES THROUGH AN ONLINE DIGITAL HUB, WEEKLY ENEWSLETTER AND ANNUAL PRINT PUBLICATION.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank A Consalo Past President | OfficerTrustee | 5 | $0 |
Michael Miroballi President | OfficerTrustee | 5 | $0 |
Jane-Ellen Porter Secretary | OfficerTrustee | 5 | $0 |
Richard Koll Vice President Until February | OfficerTrustee | 5 | $0 |
John Olerio Vice President Until February, Then President Elect | OfficerTrustee | 5 | $0 |
Kevin Mccarthy Vice President | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smithbucklin Corp Mgt. Services & Exe. Dir. Comp | 12/30/23 | $1,762,958 |
Fontainebleau Florida Hotel Llc Conference Services | 12/30/23 | $473,185 |
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 | $2,993,931 |
| Investment income | $88,546 |
| 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 | $3,082,477 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $152,750 |
| 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. | $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 | $1,608,010 |
| Fees for services: Legal | $13,500 |
| Fees for services: Accounting | $15,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $175 |
| Fees for services: Other | $140,714 |
| Advertising and promotion | $0 |
| Office expenses | $37,285 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $70,056 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $904,529 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $16,782 |
| All other expenses | $0 |
| Total functional expenses | $2,965,469 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,322,493 |
| Savings and temporary cash investments | $2,018,102 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,464 |
| 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 | $181,712 |
| 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 | $3,539,771 |
| Accounts payable and accrued expenses | $42,368 |
| Grants payable | $0 |
| Deferred revenue | $1,304,790 |
| 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 | $1,347,158 |
| Net assets without donor restrictions | $2,192,613 |
| 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 | $3,539,771 |
Grants Awarded
Over the last fiscal year, Bank Insurance & Securities Association has awarded $80,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
KEHRER BIELAN RESEARCH & CONSULTING LLC PURPOSE: TO CONDUCT A SURVEY TO INFORM THE ANALYSIS OF THE SCOPE OF THE INVESTMENT SERVICES BUSINESS OF BISA'S BANK AND CREDIT UNION MEMBERS. | $15,000 |
CERULLI ASSOCIATES INC PURPOSE: RESEARCH SPONSORSHIP TO GAIN POST-PANDEMIC INSIGHTS INTO THE FINANCIAL ADVISORS ATTITUDES AND PREFERENCES AS WELL AS AN UNDERSTANDING OF IMPORTANT FACTORS RELATED TO THE MANAGEMENT OF FINANCIAL ADVISORS. | $65,000 |