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Nonprofiteer
← THE WSIA EDUCATION FOUNDATION

Form 990 for tax year 2022

Filed by THE WSIA EDUCATION FOUNDATION.

Totals

Total revenue
$1,180,085
Total expenses
$763,925
Contributions and grants received
$587,034
Grants paid
$104,375
Program service revenue
$212,655
Investment income
$407,439
Other revenue
-$27,043
Total assets, end of year
$13,384,853
Total liabilities, end of year
$946,546
Net assets or fund balances, end of year
$12,438,307
Program services expenses (Part IX)
$675,106
Management and general expenses
$88,819
Fundraising expenses
$0
Program service expenses (Part III)
$675,106

Program services were 88.4% 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.

  • 1c · Fundraising events

    $70,548

  • 1f · All other contributions, gifts and grants

    $516,486

  • 2a · Program service revenue: EDUCATION PROGRAMS

    total $187,280 · related or exempt $187,280

  • 2b · Program service revenue: SYMPOSIUMS

    total $25,375 · related or exempt $25,375

  • 3 · Investment income

    total $413,883 · excluded $413,883

  • 7a · Gross sales of assets other than inventory

    securities $647,187

  • 7b · Less cost or other basis and sales expenses

    securities $653,631

  • 7c · Gain or loss

    securities -$6,444

  • 7d · Net gain or loss

    total -$6,444 · excluded -$6,444

  • 8a · Fundraising events: gross income

    $32,202

  • 8a · Fundraising events: contributions included on line 1c

    $70,548

  • 8b · Fundraising events: direct expenses

    $60,557

  • 8c · Net income from fundraising events

    total -$28,355 · excluded -$28,355

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $1,312 · related or exempt $1,312

  • 11e · Other revenue, total

    $1,312

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $104,375 · program services $104,375

  • 11c · Fees: accounting

    total $22,746 · management and general $22,746

  • 11f · Fees: investment management

    total $47,727 · management and general $47,727

  • 19 · Conferences, conventions and meetings

    total $4,705 · management and general $4,705

  • 23 · Insurance

    total $12,687 · management and general $12,687

  • 24a · Other expenses: EDUCATION PROGRAMS

    total $302,233 · program services $302,233

  • 24b · Other expenses: SYMPOSIUMS

    total $221,252 · program services $221,252

  • 24c · Other expenses: SOLVENCY STUDY

    total $47,246 · program services $47,246

  • 24d · Other expenses: BANK SERVICE FEES

    total $954 · management and general $954

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $83,959 · end of year $109,800

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,968 · end of year $37,759

  • 11 · Investments: publicly traded securities

    beginning of year $14,775,419 · end of year $13,237,294

  • 17 · Accounts payable and accrued expenses

    beginning of year $53,530 · end of year $113,546

  • 19 · Deferred revenue

    beginning of year $8,000 · end of year $8,000

  • 25 · Other liabilities

    beginning of year $850,000 · end of year $825,000

  • 27 · Net assets without donor restrictions

    beginning of year $11,887,304 · end of year $10,402,435

  • 28 · Net assets with donor restrictions

    beginning of year $2,085,512 · end of year $2,035,872

Mission and programs · 2022

Mission

SEE SCHEDULE O.THE WSIA EDUCATION FOUNDATION IS DEDICATED TO ENCOURAGING THE EDUCATIONAL DEVELOPMENT OF ALL THOSE INTERESTED IN THE EXCESS AND SURPLUS LINES BUSINESS, TO CREATING AN UNDERSTANDING, AND OVERCOMING THE MISPERCEPTIONS OF THE EXCESS AND SURPLUS LINES MARKET. THE FOUNDATION'S WORK INCLUDES THE FINANCIAL SUPPORT OF THE EDUCATION PROGRAMS FOR WSIA MEMBERS; MAINTAINING AND IMPROVING THE ASSOCIATE IN SURPLUS LINES INSURANCE (ASLI) DESIGNATION PROGRAM, WHICH FURTHERS THE EDUCATIONAL OPPORTUNITIES FOR MEMBERS INDUSTRY PROFESSIONALS; SUPPORTING OF THE AM BEST COMPANY'S ANNUAL REVIEW OF THE SURPLUS LINES SEGMENT, WHICH IS A VALUABLE TOOL FOR THE INDUSTRY; ADMINISTERING STUDENT-FOCUSED EDUCATIONAL PROGRAMS, SYMPOSIUMS AND SCHOLARSHIP TO ENCOURAGE, SUPPORT AND REWARD EXCEPTIONAL STUDENTS INTERESTED IN AN INSURANCE CAREER; AND SIGNIFICANT UNIVERSITY OUTREACH TO ATTRACT BRIGHT NEW TALENT TO THE INDUSTRY.

Activities or mission (Part I)

SEE SCHEDULE O.THE WSIA EDUCATION FOUNDATION SUPPORTS THE WSIA EDUCATION PROGRAMS; CHAMPIONS THE ASSOCIATE IN SURPLUS LINES INSURANCE (ASLI) DESIGNATION PROGRAM; SUPPORTS THE AM BEST COMPANY'S ANNUAL REVIEW OF THE SURPLUS LINES SEGMENT; ADMINISTERS STUDENT-FOCUSED EDUCATIONAL PROGRAMS, SYMPOSIUMS, AND SCHOLARSHIPS; AND ATTRACTS NEW TALENT TO THE INDUSTRY THROUGH UNIVERSITY OUTREACH IN COLLABORATION WITH WSIA.

  • THE ORGANIZATION UNDERWRITES THE RESEARCH AND PUBLICATION OF THE ANNUAL REVIEW ON THE SURPLUS LINES INDUSTRY. THE FIRST EDITION WAS RELEASED IN THE FALL OF 1994 AND A NEW EDITION IS RELEASED EACH YEAR. THIS PUBLICATION HAS BECOME THE MOST QUOTED SOURCE ON SURPLUS LINES INSURANCE AND PROVIDES A GREAT DEAL OF POSITIVE INSIGHTFUL INFORMATION ABOUT THIS SEGMENT OF THE INSURANCE INDUSTRY. IN ADDITION, THE ORGANIZATION PROVIDES A GRANT FOR THE ANNUAL AM BEST WEBINAR THAT IS CONDUCTED EACH FALL WHICH INCLUDES A PANEL OF INDUSTRY LEADERS IN THE SURPLUS LINES SECTOR OF THE U.S. INSURANCE MARKET. THE PANEL REVIEWS THE MARKET AND PROVIDES A HIGHLIGHT OF THE NEWEST EDITION OF THE REPORT.

    Expenses $47,246

  • THE ORGANIZATION SPONSORS 5 COLLEGE EXTREME RISK TAKERS SYMPOSIUMS EACH YEAR AT VARIOUS GEOGRAPHICAL LOCATIONS. THE ORGANIZATION IS ALSO A SUSTAINING PARTNER FOR THE GAMMA IOTA SIGMA, AN INTERNATIONAL RISK MANAGEMENT INSURANCE AND ACTUARIAL SCIENCE COLLEGIATE FRATERNITY, THAT SERVES OVER 4,000 STUDENT MEMBERS AND FACULTY FROM 76 CHAPTERS BY PROVIDING PROFESSIONAL DEVELOPMENT AND EDUCATIONAL OPPORTUNITIES. THE ORGANIZATION HAS ALSO PLEDGED $1 MILLION TO THE WSIA DIVERSITY FOUNDATION, THE CHARITABLE FOUNDATION FOR THE WHOLESALE, SPECIALTY, AND SURPLUS LINES INDUSTRY WHOSE SOLE PURPOSE IS TO PROMOTE DIVERSITY IN THE AREAS OF RACE, GENDER, SEXUAL ORIENTATION, DISABILITY, ETC., ATTRACT DIVERSE TALENT, AND INFLUENCE MEANINGFUL PROGRESS IN THE DIVERSITY OF THE WSIA MEMBERSHIP AND ITS TALENT PIPELINE.

    Expenses $221,252 · Revenue $25,375

  • THE ORGANIZATION SUPPORTS THE ASSOCIATE IN SURPLUS LINES (ASLI) DESIGNATION PROGRAM THAT WAS DEVELOPED IN CONJUNCTION WITH THE INSTITUTES AND PROVIDES A PROFESSIONAL DESIGNATION FOR INSURANCE PROFESSIONALS IN THE WHOLESALE, SPECIALTY AND SURPLUS LINES INDUSTRY. ADDITIONALLY, THE ORGANIZATION SUPPORTS THE UNDERWRITING BOOT CAMP AND WSIA UNIVERSITY EDUCATION PROGRAMS THAT PROVIDE WSIA MEMBERS AN OPPORTUNITY TO CONTINUE THEIR EDUCATION AND EXPAND THEIR KNOWLEDGE OF THE WHOLESALE, SPECIALTY AND SURPLUS LINES MARKET.

    Expenses $302,233 · Revenue $188,592

  • THE ORGANIZATION PROVIDES 39 SCHOLARSHIPS FOR COLLEGE AND UNIVERSITY STUDENTS TO ENCOURAGE, SUPPORT AND REWARD EXCEPTIONAL STUDENTS WHO ARE STUDYING RISK MANAGEMENT AND INSURANCE AND EXPRESS AN INTEREST IN THE SURPLUS LINES INDUSTRY.

    Expenses $104,375 · Grants $104,375

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRADY R KELLEY

    SECRETARY

    Total calculated
    $703,715
    From this org
    $0
    From related orgs
    $663,000
    Other
    $40,715
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $510,000 related
    Bonus
    $0 + $153,000 related
    Other
    $0
    Deferred
    $0 + $20,500 related
    Nontaxable benefits
    $0 + $20,215 related
    Filer's total
    $0 + $703,715 related

  • BRIAN VAN CLEAVE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • NICK ABRAHAM

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • MICHAEL D MILLER

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • SCOTT ANDERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MAUREEN CAVISTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TRIPP DUSENBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SARAH GAVLICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HANK HALDEMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JANET JORDAN-FOSTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • REGINA KIRWAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER LARSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MATT LYNCH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TERRANCE MEADE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID NELSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CLINT NOKES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KRISTEN SKENDER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIELLE WADE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4
BRADY R. KELLEY'S COMPENSATION IS PAID BY THE WHOLESALE & SPECIALTY INSURANCE ASSOCIATION (WSIA), A RELATED ORGANIZATION. WSIA USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: WRITTEN EMPLOYMENT AGREEMENT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE COMPENSATION COMMITTEE AND EXECUTIVE COMMITTEE.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
29 August 2023
IRS schema version
2022v5.0
Source object
202342429349300609

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