Georgia School Board Association Risk & Insurance Management System
- Assets
- $52.4m
- Revenue
- $34.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Lawrenceville, GA
- Founding
- 08/1997
- Data as of
- 06/2022
- EIN
- 58-2159813
Organization Overview
Georgia School Board Association Risk & Insurance Management System is located in Lawrenceville, GA. The organization was established in 1997. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Georgia School Board Association Risk & Insurance Management System 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 06/2022, Georgia School Board Association Risk & Insurance Management System generated $34.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $30.5m during the year ending 06/2022. While expenses have increased by 7.3% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O FOR COMPLETE DESCRIPTION.THE MISSION OF THE GSBA RISK MANAGEMENT FUND IS TO PARTNER WITH LOCALSCHOOL SYSTEMS TO PROTECT ASSETS AND MINIMIZE LOSSES THROUGH SUPERIORCUSTOMIZED ALTERNATIVES TO TRADITIONAL INSURANCE WHILE MAINTAININGFINANCIAL INTEGRITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOP, IMPLEMENT, ADMINISTER AND MAINTAIN A PROGRAM OF PROPERTY ANDLIABILITY SELF-INSURANCE FOR ITS MEMBER ORGANIZATIONS.GSBA RISK MANAGEMENT FUND OFFERS PROTECTION THROUGH ITS GROUP-SELF-INSURANCE PLANS FOR PROPERTY AND LIABILITY RISKS. THE ORGANIZATION PARTNERS WITH GEORGIA PUBLIC SCHOOL SYSTEMS AND GOES FAR BEYOND THE NORMAL SERVICE FROM A COMMERCIAL INSURANCE BROKER. THE STAFF BUILDS RELATIONSHIPS WITH ITS MEMBERS AND PROVIDES TRAINING AND INFORMATION TO ASSIST MEMBERS IN SUCCESSFULLY MANAGING THEIR RISKS. THE FUND DELIVERS PERSONAL SUPPORT TO ITS MEMBERS AT THE HIGHEST PROFESSIONAL LEVEL AS NEEDED FOR ALL LIABILITY AND PROPERTY INSURANCE RELATED SERVICES. A TEAM OF RISK MANAGEMENT STAFF AND CONSULTANTS ARE IN PLACE TO ASSIST MEMBERS IN MINIMIZING LOSS EXPOSURES, INJURIES, AND DAMAGES THROUGH RISK IDENTIFICATION, ASSESSMENT, PLANNING, PHYSICAL INSPECTIONS, RESEARCH AND OTHER SPECIAL STATE-WIDE INITIATIVES AND MEETINGS ORIENTED TO PUBLIC SCHOOLS AND EDUCATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sammie Knight Vice Chair | OfficerTrustee | 0.5 | $0 |
Ronald Hopkins Chair | OfficerTrustee | 0.5 | $0 |
Greg Denney Trustee | Trustee | 0.5 | $0 |
Nathan Franklin Trustee | Trustee | 0.5 | $0 |
Noris Price Trustee | Trustee | 0.5 | $0 |
Virgil Cole Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marsh Inc Brokerage Fees | 6/29/22 | $461,385 |
Cbiz Valuation Group Llc Property Appraisals | 6/29/22 | $166,241 |
Georgia School Boards Association Management, Member Services, Underwritin | 6/29/22 | $1,571,808 |
Scenario Learning Training Application | 6/29/22 | $290,397 |
Underwriter's Safety And Claims Claims Management | 6/29/22 | $656,019 |
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 | $33,437,051 |
| Investment income | $515,645 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $833,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,786,604 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $41,006 |
| 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 | $489,706 |
| Fees for services: Legal | $9,917 |
| Fees for services: Accounting | $18,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $112,802 |
| Fees for services: Other | $1,615,298 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $82,725 |
| 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 | $631 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $21,707 |
| All other expenses | $378,873 |
| Total functional expenses | $30,539,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $22,579,327 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $698,005 |
| 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 | $8,675 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $29,072,744 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $63,780 |
| Total assets | $52,422,531 |
| Accounts payable and accrued expenses | $181,960 |
| Grants payable | $0 |
| Deferred revenue | $33,000 |
| 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 | $26,227,489 |
| Total liabilities | $26,442,449 |
| Net assets without donor restrictions | $25,980,082 |
| 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 | $52,422,531 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sonoco Employees Benefit Trust Hartsville, SC | $307,000 | $123,001,000 |
Health First Inc Welfare Benefit Plan Rockledge, FL | $6,596,881 | $76,084,325 |
Southern Mutual Church Insurance Company Columbia, SC | $92,657,119 | $60,236,584 |
Risk Acceptance Management Corporation Winstonsalem, NC | $0 | $4,248,054 |
Georgia School Board Association Risk & Insurance Management System Lawrenceville, GA | $52,422,531 | $34,786,604 |
Mueller Industries Inc Benefits Tr Collierville, TN | $623,819 | $27,509,005 |
The H T Hackney Co Emloyee Benefit Plans Trust Knoxville, TN | $4,355,910 | $23,918,900 |
Flnc Inc Apopka, FL | $48,544,911 | $28,151,992 |
Florida Workers Compensation Insurance Guaranty Association Tallahassee, FL | $160,792,783 | $30,980,706 |
Mount Sinai Hospital Insurance Trust No 1 Miami Beach, FL | $244,139 | $16,605,515 |
Alabama Farmers Cooperative Employees Welfare Benefit Plan Decatur, AL | $562,417 | $15,709,334 |
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |