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← INSURANCE RESEARCH COUNCIL

Form 990 for tax year 2024

Filed by INSURANCE RESEARCH COUNCIL.

Totals

Total revenue
$572,405
Total expenses
$1,161,862
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$572,405
Investment income
$0
Other revenue
$0
Total assets, end of year
$6,978
Total liabilities, end of year
$596,435
Net assets or fund balances, end of year
-$589,457
Program services expenses (Part IX)
$1,161,862
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: MEMBERSHIP DUES

    total $572,405 · related or exempt $572,405

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $21,380 · program services $21,380

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: SHARED RESOURCE SERVICES

    total $1,140,482 · program services $1,140,482

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $6,978

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $596,435

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year -$589,457

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

IRC is organized and shall be operated exclusively for not-for-profit educational and informational purposes for the benefit of its members and those involved or interested in the risk management and insurance industry.

Activities or mission (Part I)

Insurance Research Council (IRC) is organized and shall be operated exclusively for not-for-profit and informational purposes for the benefit of its members and those involved or interested in the risk management and insurance industry.

  • IRC primarily conducts three types of research to suit the needs of the insurance industry and the general public. Public Opinion Surveys: IRC regularly conducts nationwide probability sample surveys, both in-home and telephone, to obtain timely public opinion information on critical issues that affect insurance companies, their policyholders, and the society at large. For example, the Council has conducted Public Attitude Monitor (PAM) surveys, measuring public attitudes and beliefs on a wide range of topics related to risk and insurance. Topics vary but the report surveys public attitudes on issues such as insurance fraud, earthquake insurance, the cost of auto insurance, drinking and driving, speed limits, traffic safety, workers' compensation, attorney advertising, and auto insurance rating systems. Analysis of Insurance Statistical Experience: IRC performs analysis on data compiled by licensed statistical agents (ISO, National Association of Independent Insurers, NISS) to examine the statistical experience of property-casualty insurers and to reveal patterns in insurance claims. For example, the Council undertook a study to examine the latest trends in injury and property damage claims associated with auto accidents. It analyzed claim frequency, severity and average loss cost for each state over time, as well as comparative data on every rating territory in the U.S. It also utilized new means of comparing the costs associated with the various automobile insurance compensation systems in place in the states and demonstrated the connection between cost increases and premium increases. Close Claim Studies: IRC conducts a national closed claim study on auto injuries. It investigates major changes in the number and kinds of injuries being reported in automobile crashes in the U.S., the kinds and amounts of medical treatment obtained by injured persons, the insurance payments received, and the cost of providing auto insurance to vehicle owners.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Peter L Miller

    CEO

    Total calculated
    $3,209,292
    From this org
    $0
    From related orgs
    $2,965,200
    Other
    $244,092
    Hours/week
    2 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,372,352 related
    Bonus
    not reported + $1,200,000 related
    Other
    not reported + $392,848 related
    Deferred
    not reported + $230,199 related
    Nontaxable benefits
    not reported + $13,893 related
    Filer's total
    $0 + $3,209,292 related

  • Katherine E Horowitz

    SECRETARY

    Total calculated
    $1,070,919
    From this org
    $0
    From related orgs
    $1,005,941
    Other
    $64,978
    Hours/week
    2 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $605,581 related
    Bonus
    not reported + $400,000 related
    Other
    not reported + $360 related
    Deferred
    not reported + $49,833 related
    Nontaxable benefits
    not reported + $15,145 related
    Filer's total
    $0 + $1,070,919 related

  • Jeffrey A Scheidt

    TREASURER

    Total calculated
    $602,545
    From this org
    $0
    From related orgs
    $533,367
    Other
    $69,178
    Hours/week
    2 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $404,806 related
    Bonus
    not reported + $125,000 related
    Other
    not reported + $3,561 related
    Deferred
    not reported + $55,199 related
    Nontaxable benefits
    not reported + $13,979 related
    Filer's total
    $0 + $602,545 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 3
AS PROVIDED IN THE FORM 990, SCHEDULE J INSTRUCTIONS, SINCE THE ORGANIZATION RELIES ON A RELATED ORGANIZATION, WHICH USES ONE OR MORE OF THE METHODS DESCRIBED ON LINE 3 TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION, THIS QUESTION HAS BEEN LEFT UNANSWERED. REFER TO SCHEDULE O FOR A DESCRIPTION OF THE COMPENSATION REVIEW AND APPROVAL PROCESS.
FORM 990, SCHEDULE J, PART I, LINE 4B
A RELATED ORGANIZATION, THE AMERICAN INSTITUTE FOR CHARTERED PROPERTY CASUALTY UNDERWRITERS, MAINTAINS A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (THE "PLAN") SUBJECT TO INTERNAL REVENUE CODE SECTION 457(F). UNDER THE PLAN, THE ENTIRE ACCRUED BENEFIT BECOMES 100% VESTED AFTER 3 YEARS OF SERVICE. PARTICIPANTS MUST REMAIN IN CONTINUOUS EMPLOYMENT FOR TWELVE (12) CONSECUTIVE MONTHS TO RECEIVE CREDIT FOR ONE (1) YEAR OF SERVICE. AN ACCRUED BENEFIT UNDER THE PLAN SHALL BE DISTRIBUTED ON THE DATE OR DATES ON WHICH THE ACCRUED BENEFIT BECOMES VESTED. TERMINATION OF SERVICES WILL RESULT IN FORFEITURE. PETER MILLER ACCRUED A BENEFIT OF $175,000 UNDER THE PLAN DURING CALENDAR YEAR 2024 AND THIS AMOUNT IS INCLUDED ON SCHEDULE J, PART II. ADDITIONALLY, MR. MILLER RECEIVED A DISTRIBUTION FROM THE PLAN IN THE AMOUNT OF $390,472, WHICH REPRESENTS THE AMOUNT THAT BECAME VESTED IN 2024. THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • EOS VP I GP LIMITED

    N/A · INVST IN ENTITIES · GK

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • RISK KNOWLEDGE GROUP

    C CORP · EDUCATION · DE

    Directly controlled by AICPCU

  • IIS LONDON LTD

    C CORP · EDUCATIONAL · UK

    Directly controlled by IIS

  • IIS GLOBAL INSURANCE LTD

    C CORP · EDUCATIONAL · SN

    Directly controlled by IIS

  • RISKSTREAM GLOBAL INITIATIVES

    C CORP · INSURANCE · DE

    Directly controlled by AICPCU

  • RISKSTREAM LABS

    C CORP · INSURANCE · DE

    Directly controlled by AICPCU

  • TI TRAVEL INC

    C CORP · INSURANCE · DE

    Directly controlled by AICPCU

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202543179349312559

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