Form 990 for tax year 2023
Filed by MASSACHUSSETTS ASSOCIATION OF INSURANCE AGENTS INC.
Totals
- Total revenue
- $5,716,141
- Total expenses
- $4,614,820
- Contributions and grants received
- $101,350
- Grants paid
- $0
- Program service revenue
- $3,477,660
- Investment income
- $406,757
- Other revenue
- $1,730,374
- Total assets, end of year
- $15,959,732
- Total liabilities, end of year
- $912,557
- Net assets or fund balances, end of year
- $15,047,175
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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.
-
1f · All other contributions, gifts and grants
$101,350
-
2a · Program service revenue: EDUCATION PROGRAMS
total $1,540,819 · related or exempt $1,540,819
-
2b · Program service revenue: MEMBERSHIP DUES
total $689,811 · related or exempt $689,811
-
2c · Program service revenue: CONVENTION INCOME
total $537,893 · related or exempt $537,893
-
2d · Program service revenue: CONSUMER ADVERTISING CAMPAIGN
total $436,849 · related or exempt $436,849
-
2e · Program service revenue: ASSOCIATION PRODUCTS
total $272,288 · related or exempt $272,288
-
3 · Investment income
total $157,967 · excluded $157,967
-
5 · Royalties
total $679,822 · excluded $679,822
-
7a · Gross sales of assets other than inventory
securities $405,082
-
7b · Less cost or other basis and sales expenses
securities $156,292
-
7c · Gain or loss
securities $248,790
-
7d · Net gain or loss
total $248,790 · excluded $248,790
-
11a · Other revenue: EQUITY IN EARNINGS OF SUBSIDIARY
total $838,235 · excluded $838,235
-
11b · Other revenue: REIMBURSEMENT INCOME
total $212,317 · excluded $212,317
-
11e · Other revenue, total
$1,050,552
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $515,572
-
7 · Other salaries and wages
total $1,312,693
-
8 · Pension plan contributions
total $59,066
-
9 · Other employee benefits
total $79,081
-
10 · Payroll taxes
total $114,554
-
11b · Fees: legal
total $13,353
-
11c · Fees: accounting
total $43,500
-
11f · Fees: investment management
total $40,321
-
11g · Fees: other
total $6,343
-
12 · Advertising and promotion
total $688,794
-
13 · Office expenses
total $209,952
-
16 · Occupancy
total $151,025
-
17 · Travel
total $14,837
-
19 · Conferences, conventions and meetings
total $466,612
-
22 · Depreciation, depletion and amortization
total $65,115
-
23 · Insurance
total $33,653
-
24a · Other expenses: EDUCATIONAL EXPENSES
total $682,726
-
24b · Other expenses: OTHER EXPENSES
total $115,327
-
24c · Other expenses: DUES
total $2,296
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $459,765 · end of year $698,669
-
4 · Accounts receivable
beginning of year $124,180 · end of year $62,198
-
9 · Prepaid expenses and deferred charges
beginning of year $33,475 · end of year $68,465
-
10a · Land, buildings and equipment: cost or other basis
$950,024
-
10b · Land, buildings and equipment: accumulated depreciation
$363,991
-
10c · Land, buildings and equipment, net
beginning of year $275,315 · end of year $586,033
-
11 · Investments: publicly traded securities
beginning of year $5,281,639 · end of year $6,705,841
-
12 · Investments: other securities
beginning of year $6,934,796 · end of year $6,889,031
-
15 · Other assets
beginning of year $1,104,281 · end of year $949,495
-
17 · Accounts payable and accrued expenses
beginning of year $136,244 · end of year $126,170
-
19 · Deferred revenue
beginning of year $882,573 · end of year $786,387
-
27 · Net assets without donor restrictions
beginning of year $13,194,634 · end of year $15,047,175
Mission and programs · 2023
Mission
MAIA IS DEDICATED TO STRENGTHENING AND ELEVATING THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH UNWAVERING ADVOCACY AND PROMOTION, QUALITY EDUCATION, KEY INSIGHTS AND ADVICE, MARKET ACCESS, AND ESSENTIAL PRODUCTS.
Activities or mission (Part I)
MAIA IS DEDICATED TO STRENGTHENING AND ELEVATING THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH UNWAVERING ADVOCACY AND PROMOTION, QUALITY EDUCATION, KEY INSIGHTS AND ADVICE, MARKET ACCESS, AND ESSENTIAL PRODUCTS. THE MASSACHUSETTS ASSOCIATION OF INSURANCE AGENTS IS THE LEADING TRADE ASSOCIATION FOR NEARLY 1,000 MASSACHUSETTS INDEPENDENT INSURANCE AGENCIES AND THEIR ESTIMATED 9,000+ EMPLOYEES.
-
ACTIVITIES TO PROMOTE INDUSTRY AND GOVERNMENT RELATIONS AS WELL AS TO SUPPORT AND PROMOTE SOUND PRINCIPLES, FAIR COMPETITION, AND ETHICAL PRACTICES WITHIN THE INSURANCE AGENCY.
-
EDUCATIONAL SEMINARS AND PROGRAMS TO PROVIDE PROFESSIONAL TRAINING FOR ASSOCIATION MEMBERS AND INFORM MEMBERS OF THE LATEST TRENDS AND ISSUES IMPACTING THE INSURANCE INDUSTRY.
As filed on the 2023 return.
Listed in Part VII
-
Lisa M HirbourLISA M HIRBOUR
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
Patrick DempseyPATRICK DEMPSEY
CHAIR ELECT
- Total calculated
- $0
- Hours/week
- 2
-
Chris FittsCHRIS FITTS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Christopher R Russo JrCHRISTOPHER R RUSSO JR
SECRETARY-TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Glen DavisGLEN DAVIS
NATIONAL DIR. IIABA
- Total calculated
- $0
- Hours/week
- 2
-
Benjamin CavalloBENJAMIN CAVALLO
IMMEDIATE PAST CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Justin FlynnJUSTIN FLYNN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Greg PorziellaGREG PORZIELLA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Gregory KnightGREGORY KNIGHT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
John MalleyJOHN MALLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
John J Fallon IIIJOHN J FALLON III
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Kyle AustinKYLE AUSTIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Paul OstranderPAUL OSTRANDER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Richard GreenRICHARD GREEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Henry RismanHENRY RISMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Steven CohenSTEVEN COHEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Shawn McLaughlinSHAWN MCLAUGHLIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Tricia SabullisTRICIA SABULLIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Ted HughesTED HUGHES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Ted GibsonTED GIBSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Bill BurbineBILL BURBINE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Greg SuscoGREG SUSCO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Nicholas FyntrikisNICHOLAS FYNTRIKIS
PRESIDENT & CEO
- Total calculated
- $510,571
- From this org
- $463,899
- From related orgs
- $0
- Other
- $46,672
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $463,899
- Bonus
- $0
- Other
- $0
- Deferred
- $23,935
- Nontaxable benefits
- $22,737
- Filer's total
- $510,571
-
Heather KramerHEATHER KRAMER
COO/VICE PRESIDENT
- Total calculated
- $233,194
- From this org
- $218,920
- From related orgs
- $0
- Other
- $14,274
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $218,920
- Bonus
- $0
- Other
- $0
- Deferred
- $10,965
- Nontaxable benefits
- $3,309
- Filer's total
- $233,194
-
Irene MorrillIRENE MORRILL
VP OF TECHNICAL AFFAIRS
- Total calculated
- $201,969
- From this org
- $173,834
- From related orgs
- $0
- Other
- $28,135
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $173,834
- Bonus
- $0
- Other
- $0
- Deferred
- $9,332
- Nontaxable benefits
- $18,803
- Filer's total
- $201,969
-
Patricia LooniePATRICIA LOONIE
VP FINANCE
- Total calculated
- $125,176
- From this org
- $0
- From related orgs
- $102,909
- Other
- $22,267
- Hours/week
- 18 + 17 related
-
Ann TobinANN TOBIN
VP OF AGENCY SERVICES
- Total calculated
- $181,236
- From this org
- $0
- From related orgs
- $171,100
- Other
- $10,136
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $0 + $171,100 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $8,555 related
- Nontaxable benefits
- $0 + $1,581 related
- Filer's total
- $0 + $181,236 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
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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.
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 corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
NUMBER ONE INSURANCE AGENCY INC
C · INSURANCE · MA · 100% owned · share of income $4,106,809 · share of assets $8,524,052 · controlled entity
Directly controlled by MAIA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 2 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202432199349300333
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