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Nonprofiteer
← THE COUNCIL FOUNDATION

Form 990 for tax year 2023

Filed by THE COUNCIL FOUNDATION.

Totals

Total revenue
$734,858
Total expenses
$607,950
Contributions and grants received
$558,387
Grants paid
$503,333
Program service revenue
$0
Investment income
$176,471
Other revenue
$0
Total assets, end of year
$3,402,310
Total liabilities, end of year
$46,232
Net assets or fund balances, end of year
$3,356,078
Program services expenses (Part IX)
$522,767
Management and general expenses
$85,183
Fundraising expenses
$0
Program service expenses (Part III)
$522,767

Program services were 86.0% 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.

  • 1f · All other contributions, gifts and grants

    $558,387

  • 3 · Investment income

    total $60,982 · excluded $60,982

  • 7a · Gross sales of assets other than inventory

    securities $2,420,735

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

    securities $2,305,246

  • 7c · Gain or loss

    securities $115,489

  • 7d · Net gain or loss

    total $115,489 · excluded $115,489

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $108,333 · program services $108,333

  • 2 · Grants to domestic individuals

    total $395,000 · program services $395,000

  • 11c · Fees: accounting

    total $17,679 · management and general $17,679

  • 11f · Fees: investment management

    total $20,268 · management and general $20,268

  • 13 · Office expenses

    total $968 · management and general $968

  • 24a · Other expenses: TAXES, LICENSES, & FEES

    total $46,268 · management and general $46,268

  • 24b · Other expenses: PROGRAMS/GRANTS/RESEARC

    total $19,434 · program services $19,434

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $502,486 · end of year $432,132

  • 2 · Savings and temporary cash investments

    beginning of year $5,193 · end of year $42,753

  • 4 · Accounts receivable

    end of year $11,075

  • 11 · Investments: publicly traded securities

    beginning of year $2,110,310 · end of year $1,569,694

  • 12 · Investments: other securities

    beginning of year $369,247 · end of year $1,210,430

  • 15 · Other assets

    beginning of year $57,036 · end of year $136,226

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,027 · end of year $46,232

  • 27 · Net assets without donor restrictions

    beginning of year $2,404,135 · end of year $2,615,217

  • 28 · Net assets with donor restrictions

    beginning of year $638,110 · end of year $740,861

Mission and programs · 2023

Mission

THE FOUNDATION'S MISSION IS TO SECURE THE FUTURE OF THE COMMERCIAL INSURANCE BROKERAGE BUSINESS BY ATTRACTING AND DEVELOPING TOMORROW'S TALENT AND SUPPORTING FORWARD-THINKING RESEARCH.

  • THE FOUNDATIONS AWARDS SCHOLARSHIPS TO SUPPORT SELECT COLLEGE AND UNIVERSITY STUDENTS CURRENTLY INTERNING AT COUNCIL MEMBER FIRMS THAT ALSO MAJOR IN BUSINESS, RISK MANAGEMENT AND INSURANCE.

    Expenses $522,767 · Grants $503,333

As filed on the 2023 return.

Listed in Part VII

  • MARKHAM MCKNIGHT

    CHAIR

    Total calculated
    $0
    Hours/week
    0.1

  • ROBERT COHEN

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.1

  • GEORGE STEADMAN

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1

  • DAVID BECKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • HYATT BROWN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • STEVE DECARLO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • DAVID ESLICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • KEN EWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • BOB HARRISON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • BILL HENRY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • TOM HUGHSTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • NANCY MELLARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • JOHN TALLARIDA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • ROBERT CAWLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • TARUN CHOPRA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • LORI GOLTERMANN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • JOHN HOWARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • JEFFREY RODRIGUEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • BUMPY TRICHE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • MICHAEL VICTORSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • JOEL R WOOD

    DIRECTOR & PRESIDENT OF CIAB

    Total calculated
    $1,040,058
    From this org
    $0
    From related orgs
    $951,199
    Other
    $88,859
    Hours/week
    0 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $862,969 related
    Bonus
    $0 + $50,000 related
    Other
    $0 + $38,230 related
    Deferred
    $0 + $43,500 related
    Nontaxable benefits
    $0 + $45,359 related
    Filer's total
    $0 + $1,040,058 related

  • KEN A CRERAR

    SECRETARY & CEO OF CIAB

    Total calculated
    $1,827,855
    From this org
    $88,626
    From related orgs
    $1,683,895
    Other
    $55,334
    Hours/week
    1.87 + 35.63 related

    Schedule J breakdown matched by us

    Base
    $57,518 + $1,092,851 related
    Bonus
    $27,500 + $522,500 related
    Other
    $3,608 + $68,544 related
    Deferred
    $2,175 + $41,325 related
    Nontaxable benefits
    $592 + $11,242 related
    Filer's total
    $91,393 + $1,736,462 related

  • BENITA HARRISON-WICKLINE

    CFO

    Total calculated
    $471,537
    From this org
    $19,823
    From related orgs
    $376,630
    Other
    $75,084
    Hours/week
    1.87 + 35.63 related

    Schedule J breakdown matched by us

    Base
    $17,100 + $324,895 related
    Bonus
    $850 + $16,150 related
    Other
    $1,873 + $35,585 related
    Deferred
    $132 + $46,967 related
    Nontaxable benefits
    $78 + $27,906 related
    Filer's total
    $20,033 + $451,503 related

  • ELIZABETH MCDAID

    SVP, MKTG & COMM

    Total calculated
    $431,920
    From this org
    $18,080
    From related orgs
    $343,505
    Other
    $70,335
    Hours/week
    1.13 + 36.37 related

    Schedule J breakdown matched by us

    Base
    $16,260 + $308,931 related
    Bonus
    $750 + $14,250 related
    Other
    $1,070 + $20,324 related
    Deferred
    $2,715 + $41,325 related
    Nontaxable benefits
    $1,342 + $25,493 related
    Filer's total
    $22,137 + $410,323 related

  • SUSAN RUSHFORD

    SVP, LEADERSHIP & MGMT

    Total calculated
    $433,775
    From this org
    $11,043
    From related orgs
    $357,072
    Other
    $65,660
    Hours/week
    1.87 + 35.63 related

    Schedule J breakdown matched by us

    Base
    $10,506 + $339,715 related
    Bonus
    $510 + $16,490 related
    Other
    $27 + $867 related
    Deferred
    $1,305 + $42,195 related
    Nontaxable benefits
    $665 + $21,495 related
    Filer's total
    $13,013 + $420,762 related

  • NICOLE VASILE

    VP, MARKETING & COMMUNICATIONS

    Total calculated
    $241,865
    From this org
    $9,412
    From related orgs
    $178,821
    Other
    $53,632
    Hours/week
    1.87 + 35.63 related

    Schedule J breakdown matched by us

    Base
    $8,046 + $152,876 related
    Bonus
    $1,362 + $25,878 related
    Other
    $4 + $67 related
    Deferred
    $1,167 + $22,164 related
    Nontaxable benefits
    $1,515 + $28,786 related
    Filer's total
    $12,094 + $229,771 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
  • 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 3
THE COUNCIL FOUNDATION, INC. DOES NOT COMPENSATE ANY EMPLOYEES DIRECTLY. ALL COMPENSATION SHOWN IN PART VII AND SCHEDULE J, PART II, IS PAID BY ITS RELATED ORGANIZATION, COUNCIL OF INSURANCE AGENTS AND BROKERS. THE COMPENSATION POLICY FO THE RELATED ORGANIZATION IS AS FOLLOWS: THE COMPENSATION COMMITTEE REVIEWS AND APPROVES COMPENSATION BASED ON CURRENT ENVIRONMENT, COMPETITIVE MARKET, AND THE REPORTS OF COMPENSATION SURVEYS, STUDIES AND OTHER MARKET DATA.
PART I, LINE 4B
EFFECTIVE JANUARY 1, 2013, THE COUNCIL (A RELATED ORGANIZATION) ESTABLISHED A DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. KEN CRERAR, 457(F): NO CONTRIBUTION DURING CALENDAR YEAR 2023.

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

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 corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202423169349305187

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