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Nonprofiteer
← GAMMA IOTA SIGMA

Form 990 for tax year 2023

Filed by GAMMA IOTA SIGMA.

Totals

Total revenue
$1,520,610
Total expenses
$1,456,252
Contributions and grants received
$26,692
Grants paid
$700
Program service revenue
$1,483,965
Investment income
$9,953
Other revenue
$0
Total assets, end of year
$1,431,347
Total liabilities, end of year
$469,869
Net assets or fund balances, end of year
$961,478
Program services expenses (Part IX)
$976,820
Management and general expenses
$321,790
Fundraising expenses
$157,642
Program service expenses (Part III)
$976,820

Program services were 67.1% 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

    $26,692

  • 2a · Program service revenue: PARTNER DUES

    total $1,285,676 · related or exempt $1,285,676

  • 2b · Program service revenue: CONFERENCES & EVENTS

    total $93,675 · related or exempt $93,675

  • 2c · Program service revenue: MEMBERSHIP DUES

    total $83,925 · related or exempt $83,925

  • 2d · Program service revenue: CHARTER DUES

    total $12,500 · related or exempt $12,500

  • 2f · All other program service revenue

    total $8,189 · related or exempt $8,189

  • 3 · Investment income

    total $9,953 · excluded $9,953

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $700 · program services $700

  • 5 · Compensation of officers, directors and key employees

    total $200,625 · program services $60,187 · management and general $80,250 · fundraising $60,188

  • 7 · Other salaries and wages

    total $401,929 · program services $250,778 · management and general $80,386 · fundraising $70,765

  • 8 · Pension plan contributions

    total $41,262 · program services $19,019 · management and general $12,658 · fundraising $9,585

  • 9 · Other employee benefits

    total $1,288 · program services $1,288

  • 10 · Payroll taxes

    total $44,052 · program services $23,172 · management and general $11,316 · fundraising $9,564

  • 11c · Fees: accounting

    total $72,155 · management and general $72,155

  • 11f · Fees: investment management

    total $1,502 · management and general $1,502

  • 11g · Fees: other

    total $15,704 · program services $13,044 · management and general $2,660

  • 12 · Advertising and promotion

    total $20,244 · program services $246 · management and general $19,998

  • 13 · Office expenses

    total $27,663 · program services $17,863 · management and general $8,211 · fundraising $1,589

  • 14 · Information technology

    total $29,035 · program services $2,783 · management and general $24,701 · fundraising $1,551

  • 17 · Travel

    total $35,193 · program services $31,124 · management and general $1,400 · fundraising $2,669

  • 19 · Conferences, conventions and meetings

    total $530,595 · program services $526,203 · management and general $4,392

  • 22 · Depreciation, depletion and amortization

    total $87 · program services $45 · management and general $23 · fundraising $19

  • 23 · Insurance

    total $7,945 · program services $4,095 · management and general $2,138 · fundraising $1,712

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $18,045 · program services $18,045

  • 24b · Other expenses: AWARD PLAQUES

    total $8,228 · program services $8,228

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $157,961 · end of year $538,306

  • 2 · Savings and temporary cash investments

    beginning of year $501,173 · end of year $502,800

  • 3 · Pledges and grants receivable

    beginning of year $175,000 · end of year $10,000

  • 4 · Accounts receivable

    beginning of year $67,270 · end of year $86,385

  • 9 · Prepaid expenses and deferred charges

    beginning of year $57,155 · end of year $88,226

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

    $1,048

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

    $87

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $961

  • 11 · Investments: publicly traded securities

    beginning of year $192,199 · end of year $204,669

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,585 · end of year $15,811

  • 19 · Deferred revenue

    beginning of year $53,880 · end of year $42,125

  • 25 · Other liabilities

    beginning of year $0 · end of year $411,933

  • 27 · Net assets without donor restrictions

    beginning of year $916,293 · end of year $951,478

  • 28 · Net assets with donor restrictions

    beginning of year $175,000 · end of year $10,000

Mission and programs · 2023

Mission

GAMMA IOTA SIGMA SERVES A MISSION OF PROMOTING AND SUSTAINING STUDENT INTEREST IN CAREERS IN INSURANCE, RISK MANAGEMENT, AND ACTUARIAL SCIENCE.

Activities or mission (Part I)

PROMOTE & SUSTAIN COLLEGIATE STUDENT INTEREST IN INSURANCE, RISK MANAGEMENT & ACTUARIAL SCIENCE.

  • CONFERENCES:GAMMA IOTA SIGMA (GIS) CORE PROGRAMMING INCLUDES THE REGIONAL CONFERENCE SERIES, ALLIES IN INSURANCE EVENT, LEADERSHIP SYMPOSIUM, AND THE ANNUAL INTERNATIONAL CONFERENCE. DURING 2023, THESE CONFERENCES AND EVENTS REACHED OVER 1,300 STUDENTS FROM OVER 100 COLLEGES AND UNIVERSITIES ACROSS THE COUNTRY.(CONTINUED ON SCHEDULE O)THE REGIONAL CONFERENCE SERIES PROVIDES AN UNPARALLELED PLATFORM FOR BOTH STUDENTS AND INDUSTRY PROFESSIONALS TO CONNECT. STUDENTS FROM ALL 110 GAMMA IOTA SIGMA CHAPTERS, AT-LARGE MEMBERS, AND APPLICANT SCHOOL STUDENTS INTERESTED IN RISK MANAGEMENT, INSURANCE, AND ACTUARIAL SCIENCE GAIN VALUABLE INSIGHTS INTO THE INDUSTRY AND EXPLORE CAREER OPPORTUNITIES THROUGH CAREER FAIRS, NETWORKING, AND EDUCATIONAL SESSIONS. DURING 2023, THE SERIES REACHED 275 STUDENTS FROM 44 COLLEGES AND UNIVERSITIES AND INCLUDED 43 PARTICIPATING COMPANIES.ALLIES IN INSURANCE BRINGS LEADING INDUSTRY ORGANIZATIONS TOGETHER TO COHESIVELY AND MEANINGFULLY ENGAGE WITH COLLEGIATE TALENT IN AN INTERACTIVE FORUM FOR CONVERSATIONS ON DIVERSITY, EQUITY, INCLUSION, ACCESSIBILITY, MENTAL WELLNESS, BELONGING, RESOURCE SHARING, AND NETWORKING. DURING 2023, THIS EVENT BROUGHT IN 34 PARTICIPATING COMPANIES AND REACHED 450 STUDENTS.LEADERSHIP SYMPOSIUM IS THE KICKOFF TO THE ACADEMIC YEAR CONVENING AN ELITE GROUP OF CHAPTER OFFICERS FOR FOCUSED LEADERSHIP TRAINING, PEER NETWORKING, AND EXCLUSIVE ENGAGEMENT WITH SUSTAINING PARTNERS. A VARIETY OF WORKSHOPS AND INTERACTIVE SESSIONS ALLOW STUDENTS TO GAIN VALUABLE INSIGHTS, KNOWLEDGE, AND TOOLS TO SUCCEED IN THEIR ROLES AS LEADERS WITHIN GIS. THE 2023 SYMPOSIUM BROUGHT IN 34 SUSTAINING PARTNERS AND 104 CHAPTER OFFICERS FROM 67 COLLEGES AND UNIVERSITIES.THE ANNUAL INTERNATIONAL CONFERENCE IS THE HALLMARK TALENT EVENT AND CENTRALIZED CONNECTION POINT FOR TOP COLLEGIATE TALENT AND INSURANCE, RISK MANAGEMENT, AND ACTUARIAL SCIENCE ORGANIZATIONS. DURING 2023, 520 STUDENTS FROM 69 COLLEGES AND UNIVERSITIES AND 90 PARTICIPATING COMPANIES CONVENED FOR A ONE-OF-ITS-KIND CAREER FAIR, DYNAMIC KEYNOTE SPEAKERS, DEI FORUMS, EDUCATIONAL SESSIONS, PROFESSIONAL DEVELOPMENT WORKSHOPS, INDUSTRY ROUNDTABLES, NETWORKING OPPORTUNITIES, AND MORE.

    Expenses $584,516 · Revenue $1,379,351

  • MEMBERSHIP AND CHAPTER OPERATIONS:GAMMA IOTA SIGMA PRODUCES STUDENT NEWSLETTERS, INDUSTRY NEWSLETTERS AND OTHER PUBLICATIONS. GIS PROVIDES CAREER GUIDANCE OFFICE HOURS AS A RESOURCE ALLOWING BOARD OF TRUSTEES AND ADVISORY COUNCIL MEMBERS THE OPPORTUNITY TO MENTOR STUDENTS ON THEIR CAREER JOURNEYS. THE SPEAKERS BUREAU IS A RESOURCE FOR CHAPTERS LOOKING FOR INDUSTRY SPEAKERS AND SUBJECT MATTER EXPERTS TO PRESENT TO THEIR CHAPTERS. MINORITY SERVING INSTITUTION ROUNDTABLES REACHED UPWARDS OF 25 HBCU'S, HISPANIC SERVING INSTITUTIONS AND COMMUNITY COLLEGES. DEI OFFICERS CONTINUE TO LEAD GIS CHAPTERS, PRIORITIZING DIVERSITY, EQUITY, AND INCLUSION WITH STUDENT LEADERS THROUGH INCREASED AWARENESS, TRAINING, AND EXPOSURE.

    Expenses $392,304 · Grants $700 · Revenue $104,614

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • GRACE GRANT

    EXECUTIVE DIRECTOR

    Total calculated
    $200,625
    From this org
    $196,165
    From related orgs
    $0
    Other
    $4,460
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $145,125
    Bonus
    $47,500
    Other
    $3,540
    Deferred
    $4,460
    Nontaxable benefits
    $0
    Filer's total
    $200,625

  • MICHAEL KLEIN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • CARRIE BUSIC LOWE

    IMMEDIATE PAST PRESIDENT

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • BRADY KELLEY

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • KELLY HENNIGAN

    TREASURER (AS OF 10/5/23)

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • MATT HEIMSTEAD

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • JILL BISCO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • BARBARA BUFKIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • STEPHANIE DUNSTAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • WILL GILCHRIST

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • MICHAEL HAWKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • FLORENT NDINDJOCK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • JOHN SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • ZANE SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • NICK ABRAHAM

    TREASURER (THRU 10/5/23)

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • STEPHEN MAROHN THRU 92023

    IMMEDIATE PAST PRESIDENT

    Total calculated
    $0
    Hours/week
    0.9 + 0.1 related

  • ALYSSA BOUCHARD

    VICE PRESIDENT, INDUSTRY ENGAGEMENT

    Total calculated
    $115,899
    From this org
    $104,567
    From related orgs
    $0
    Other
    $11,332
    Hours/week
    35 + 5 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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings
  • 7 · Other non-fixed payments

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
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 6
THE EXECUTIVE DIRECTOR'S ANNUAL BONUS IS CONTINGENT UPON MEETING PRESCRIBED FUNDRAISING TARGETS. IF THOSE TARGETS ARE NOT MET, NO BONUS IS PAID.
PART I, LINE 7
THE EXECUTIVE DIRECTOR IS ELIGIBLE TO RECEIVE AN ANNUAL MERIT-BASED BONUS AS DETERMINED BY THE COMPENSATION COMMITTEE AND REVIEWED/APPROVED BY THE 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.

  • GAMMA IOTA SIGMA FOUNDATION

    501(C)(3) · STUDENT/CHAPTER RESOURCES AND SUPPORT · OH · controlled entity

    Directly controlled by GAMMA IOTA SIGMA

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202403149349301100

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