Kentucky Automobile Insurance Plan
- Assets
- $1.3m
- Revenue
- $247.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 07/1952
- Data as of
- 12/2022
- EIN
- 61-0408077
Organization Overview
Kentucky Automobile Insurance Plan is located in Louisville, KY. The organization was established in 1952. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, 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. Kentucky Automobile Insurance Plan 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 12/2022, Kentucky Automobile Insurance Plan generated $247.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $585.4k during the year ending 12/2022. 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
TO ASSIST HIGH-RISK MOTORISTS IN OBTAINING AUTO INSURANCE AND DISTRIBUTE THE RISK TO KY INSURERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RESIDUAL MARKET MECHANISMS FOR PERSONAL AND COMMERCIAL VEHICLE COVERAGE IN KENTUCKY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Hillis Secretary-Treasurer/executive Director | OfficerTrustee | 6 | $42,666 |
Rodney Shockley Vice-Chairperson | OfficerTrustee | 1 | $0 |
George Moore Chairperson | OfficerTrustee | 1 | $0 |
Angie Haston Director | Trustee | 1 | $0 |
Rudy Schlich Director | Trustee | 1 | $0 |
Christopher Migliozzi Director | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $238,511 |
| Investment income | $7,209 |
| 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 | $247,624 |
| 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. | $49,538 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,190 |
| Pension plan accruals and contributions | $7,563 |
| Other employee benefits | $21,559 |
| Payroll taxes | $5,126 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $112 |
| Fees for services: Accounting | $13,696 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,099 |
| Advertising and promotion | $0 |
| Office expenses | $4,062 |
| Information technology | $13,636 |
| Royalties | $0 |
| Occupancy | $6,400 |
| Travel | $4,925 |
| 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 | $2,791 |
| All other expenses | $0 |
| Total functional expenses | $585,418 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $220,038 |
| Savings and temporary cash investments | $981,988 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,294 |
| 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 | $67,663 |
| Total assets | $1,272,983 |
| Accounts payable and accrued expenses | $152,657 |
| 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 | $210,634 |
| Total liabilities | $363,291 |
| Net assets without donor restrictions | $0 |
| 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 | $909,692 |
| Total liabilities and net assets/fund balances | $1,272,983 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Independent Insurance Agents And Brokers Of America Inc Alexandria, VA | $30,236,166 | $12,870,454 |
National Association Of Insurance And Financial Advisors Falls Church, VA | $8,421,667 | $10,756,132 |
Kentucky Insurance Guaranty Association Louisville, KY | $55,743,367 | $1,377,031 |
Ohio Insurance Institute Columbus, OH | $705,390 | $1,790,344 |
Insurance Guaranty Associations Dublin, OH | $24,219,360 | $919,382 |
Ypo Inc Buffalo Grove, IL | $741,684 | $584,357 |
Kentucky Automobile Insurance Plan Louisville, KY | $1,272,983 | $247,624 |