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Nonprofiteer
← IIAO INSURANCE FOUNDATION

Form 990 for tax year 2023

Filed by IIAO INSURANCE FOUNDATION.

Totals

Total revenue
$35,696
Total expenses
$34,823
Contributions and grants received
$6,456
Grants paid
$0
Program service revenue
$0
Investment income
$12,329
Other revenue
$16,911
Total assets, end of year
$1,568,440
Total liabilities, end of year
$8,465
Net assets or fund balances, end of year
$1,559,975
Program services expenses (Part IX)
$31,275
Management and general expenses
$3,548
Fundraising expenses
$0
Program service expenses (Part III)
$31,275

Program services were 89.8% 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.

  • 1f · All other contributions, gifts and grants

    $6,456

  • 3 · Investment income

    total $12,329 · excluded $12,329

  • 6a · Gross rents

    real property $115,000

  • 6b · Less rental expenses

    real property $98,089

  • 6c · Rental income or loss

    real property $16,911

  • 6d · Net rental income or loss

    total $16,911 · excluded $16,911

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $28,000 · program services $25,200 · management and general $2,800

  • 11c · Fees: accounting

    total $6,750 · program services $6,075 · management and general $675

  • 13 · Office expenses

    total $73 · management and general $73

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $255,284 · end of year $278,385

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

    $1,651,219

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

    $581,360

  • 10c · Land, buildings and equipment, net

    beginning of year $1,095,702 · end of year $1,069,859

  • 15 · Other assets

    beginning of year $209,369 · end of year $220,196

  • 17 · Accounts payable and accrued expenses

    end of year $1,635

  • 25 · Other liabilities

    beginning of year $1,253 · end of year $6,830

  • 27 · Net assets without donor restrictions

    beginning of year $1,525,299 · end of year $1,519,716

  • 28 · Net assets with donor restrictions

    beginning of year $33,803 · end of year $40,259

Mission and programs · 2023

Mission

PROVIDE EDUCATIONAL AND CHARITABLE SERVICES TO PROFESSIONAL INSURANCE AGENTS IN THE INSURANCE INDUSTRY.

  • TO PROVIDE SCHOLARSHIPS FOR CONTINUING EDUCATION IN THE FIELD OF INSURANCE

    Expenses $31,275

As filed on the 2023 return.

Listed in Part VII

  • Denise Johnson

    CEO

    Total calculated
    $236,759
    From this org
    $0
    From related orgs
    $215,297
    Other
    $21,462
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported + $196,906 related
    Bonus
    not reported + $18,391 related
    Other
    not reported
    Deferred
    not reported + $8,331 related
    Nontaxable benefits
    not reported + $13,131 related
    Filer's total
    not reported + $236,759 related

  • Jerod Coots

    PAST CHAIRMA

    Total calculated
    $0
    Hours/week
    2

  • Vicky Courtney

    CHAIR ELECT

    Total calculated
    $0
    Hours/week
    2

  • Scott Dull

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Chris S Floyd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Guy Griggs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Vaughn Graham Jr

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Krista Kautz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Rob Piearcy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kathy Reeser

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Trent Willis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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
  • 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)

SCHEDULE J, PART III
THE CHIEF EXECUTIVE OFFICER IS PAID BY A RELATED ENTITY (INDEPENDENT INSURANCE AGENTS OF OKLAHOMA).

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
2023
Filed
22 November 2024
IRS schema version
2023v5.0
Source object
202403409349300010

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