Independent Insurance Agents Of Virginia Inc
- Assets
- $2.8m
- Revenue
- $1.4m
- Investments
- $894.6k
- Employees
- 8
- Location
- Richmond, VA
- Founding
- 08/1943
- Data as of
- 06/2022
- EIN
- 54-0417627
Organization Overview
Independent Insurance Agents Of Virginia Inc is located in Richmond, VA. The organization was established in 1943. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2022, Independent Insurance Agents Of Virginia Inc employed 8 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Independent Insurance Agents Of Virginia 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 06/2022, Independent Insurance Agents Of Virginia Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. 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
IIAV IS THE UNRELENTING ADVOCATE OF INDEPENDENT INSURANCE AGENTS IN VIRGINIA - QUALITY EDUCATION, INFORMATION RESOURCES, LEGISLATIVE ADVOCACY AND AGENCY PROTECTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PLAN, HOST, AND SUPERVISE EDUCATIONAL SEMINARS AND ANNUAL CONVENTION. TO EFFECTIVELY LOBBY THE LEGISLATURE ON BEHALF OF THE MEMBERSHIP. TO PROVIDE HIGH QUALITY CONTINUING PROFESSIONAL EDUCATION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert N Bradshaw Jr Mam President & | Officer | 1 | $176,207 |
Ryan M Andrew Chair-Elect | OfficerTrustee | 1 | $0 |
Priscilla G Hottle Immediate Pa | OfficerTrustee | 1 | $0 |
Forest A Wagner Vice Chair | OfficerTrustee | 1 | $0 |
Michael F Funkhouser State Nation | OfficerTrustee | 1 | $0 |
Douglas M Palais Esg JD Council | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $801,655 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $50 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $801,705 |
| Total Program Service Revenue | $410,873 |
| Investment income | $7,745 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $104,369 |
| Net Rental Income | $16,881 |
| 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 | $1,432,441 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $217,467 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $242,674 |
| Pension plan accruals and contributions | $12,207 |
| Other employee benefits | $19,529 |
| Payroll taxes | $31,274 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,310 |
| Fees for services: Accounting | $25,012 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,620 |
| Advertising and promotion | $4,452 |
| Office expenses | $27,368 |
| Information technology | $4,191 |
| Royalties | $0 |
| Occupancy | $30,666 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $50,675 |
| Interest | $10,056 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,548 |
| Insurance | $7,006 |
| All other expenses | $73,606 |
| Total functional expenses | $1,121,978 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,853 |
| Savings and temporary cash investments | $247,720 |
| 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 | $447,024 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $933,573 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $894,601 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,800,771 |
| Accounts payable and accrued expenses | $2,332 |
| 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 | $331,513 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $149,265 |
| Total liabilities | $483,110 |
| Net assets without donor restrictions | $2,297,161 |
| Net assets with donor restrictions | $20,500 |
| 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 | $2,800,771 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Independent Insurance Agents Of Virginia Inc has recieved totaling $35,001.
| Awarding Organization | Amount |
|---|---|
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $11,667 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $11,667 |
Trusted Choice Inc Alexandria, VA PURPOSE: ADVERTISING & RECRUITING | $11,667 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Carolina Rate Bureau Raleigh, NC | $4,029,837 | $15,641,391 |
Council Of Insurance Agents & Brokers Washington, DC | $31,053,898 | $21,421,690 |
Insured Retirement Institute Inc Washington, DC | $7,466,571 | $6,870,255 |
Virginia Life Accident & Sickness Insurance Guaranty Association Henrico, VA | $10,714,403 | $9,945,534 |
National Association Of Professional Insurance Agents Alexandria, VA | $8,921,886 | $2,394,030 |
Insurance Accounting & Systems Association Inc Durham, NC | $1,485,537 | $2,339,018 |
Electronic Payments Coalition Inc Washington, DC | $385,901 | $2,551,420 |
National Association Of Credit Management Inc Columbia, MD | $9,729,944 | $2,084,765 |
Independent Insurance Agents Of Virginia Inc Richmond, VA | $2,800,771 | $1,432,441 |
Association Of Insurance Compliance Professionals Reston, VA | $1,396,557 | $539,000 |
Cal-Lab Association Elkin, NC | $370,744 | $288,572 |
American Insurance Marketing And Sales Society Richmond, VA | $438,192 | $339,133 |