Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ANNUAL MARKETPLACE

  total $7,452,150 · related or exempt $7,452,150

• 2b · Program service revenue: MEMBERSHIP DUES

  total $2,681,199 · related or exempt $2,681,199

• 2c · Program service revenue: UNDERWRITING SUMMIT

  total $1,574,425 · related or exempt $1,574,425

• 2d · Program service revenue: U40 & INSURTECH CONFERENCE

  total $643,000 · related or exempt $643,000

• 2e · Program service revenue: EDUCATION PROGRAMS

  total $598,001 · related or exempt $598,001

• 3 · Investment income

  total $611,432 · excluded $611,432

• 7a · Gross sales of assets other than inventory

  securities $380,564

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

  securities $346,685

• 7c · Gain or loss

  securities $33,879

• 7d · Net gain or loss

  total $33,879 · excluded $33,879

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $37,403

• 2 · Grants to domestic individuals

  total $12,300

• 5 · Compensation of officers, directors and key employees

  total $745,847

• 7 · Other salaries and wages

  total $2,642,329

• 8 · Pension plan contributions

  total $195,256

• 9 · Other employee benefits

  total $246,119

• 10 · Payroll taxes

  total $182,387

• 11b · Fees: legal

  total $1,418

• 11c · Fees: accounting

  total $15,143

• 11d · Fees: lobbying

  total $525,024

• 11f · Fees: investment management

  total $70,408

• 11g · Fees: other

  total $35,979

• 12 · Advertising and promotion

  total $233,727

• 13 · Office expenses

  total $489,901

• 14 · Information technology

  total $147,884

• 16 · Occupancy

  total $204,421

• 17 · Travel

  total $1,119,107

• 19 · Conferences, conventions and meetings

  total $5,114,900

• 22 · Depreciation, depletion and amortization

  total $38,468

• 23 · Insurance

  total $206,703

• 24a · Other expenses: BAD DEBT EXPENSE

  total $1,037

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $302 · end of year $317,944

• 2 · Savings and temporary cash investments

  beginning of year $4,062,315 · end of year $568,202

• 4 · Accounts receivable

  beginning of year $226,125 · end of year $215,429

• 9 · Prepaid expenses and deferred charges

  beginning of year $657,187 · end of year $1,009,626

• 10a · Land, buildings and equipment: cost or other basis

  $340,581

• 10b · Land, buildings and equipment: accumulated depreciation

  $276,773

• 10c · Land, buildings and equipment, net

  beginning of year $84,634 · end of year $63,808

• 11 · Investments: publicly traded securities

  beginning of year $11,719,616 · end of year $16,134,597

• 12 · Investments: other securities

  beginning of year $838,347 · end of year $1,184,594

• 15 · Other assets

  beginning of year $845,957 · end of year $870,976

• 17 · Accounts payable and accrued expenses

  beginning of year $703,592 · end of year $577,254

• 19 · Deferred revenue

  beginning of year $2,406,212 · end of year $1,956,518

• 25 · Other liabilities

  beginning of year $900,852 · end of year $915,958

• 27 · Net assets without donor restrictions

  beginning of year $14,423,827 · end of year $16,915,446

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS PROVIDED TO THE EXECUTIVE DIRECTOR FOR A TRIP TO THE ORGANIZATION'S UNDERWRITING SUMMIT, SUMMER BOARD MEETING, AND ANNUAL MARKETPLACE. COMPANION TRAVEL FOR THE EXECUTIVE DIRECTOR IS NOT TREATED AS TAXABLE COMPENSATION TO THE EXECUTIVE DIRECTOR. THIS IS BECAUSE STAFF TRAVEL, INCLUDING COMPANION TRAVEL, IS ONLY REIMBURSED WHEN TRAVEL EXPENSES REPRESENT A BUSINESS EXPENSE. COMPANION TRAVEL IS CONSIDERED TO BE A BUSINESS EXPENSE WHEN THERE IS AN EXPECTATION OF THE BOARD OF DIRECTORS THAT THE EXECUTIVE DIRECTOR'S SPOUSE ALSO ATTEND A WSIA EVENT OR MEETING.

PART I, LINE 4B

DURING THE YEAR ENDED DECEMBER 31, 2021, WSIA ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER THE PROVISIONS OF THE INTERNAL REVENUE SERVICE ("IRS") CODE ("IRC") 457(F). BRADY KELLEY, EXECUTIVE DIRECTOR, IS THE SOLE PARTICIPANT OF THE PLAN. ANNUAL CONTRIBUTIONS TO THE PLAN ARE MADE AT THE DISCRETION OF THE COMPENSATION COMMITTEE AND EXECUTIVE COMMITTEE. WSIA MADE CONTRIBUTIONS TO THE PLAN IN THE AMOUNTS OF $92,250 AND $99,450 IN 2021 AND 2022 RESPECTIVELY THAT WERE REPORTABLE ON SCHEDULE J, PART II, COL (C) AND PART VII, SECTION A, COL (F). THE PLAN PROVIDES FOR THE EMPLOYEE TO BE FULLY VESTED ON JANUARY 1, 2027, OR TERMINATION DUE TO DEATH. IF THE EMPLOYEE HAS A SEPARATION FROM SERVICE OTHER THAN DEATH PRIOR TO JANUARY 1, 2027, THE EMPLOYEE WILL NOT BE ENTITLED TO ANY BENEFIT AND THE AMOUNT WILL BE FORFEITED. DURING THE YEAR ENDED DECEMBER 31, 2023, CONTRIBUTIONS MADE BY WSIA TOTALED $103,428.