RISK AND INSURANCE MANAGEMENT SOCIETY INC

EIN: 131860397

NEW YORK, NY

Total Revenue
$18,564,344
Total Expenses
$19,010,375
Total Assets
$21,948,496
Net Assets
$5,213,336
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
IL
Phone
2122869292
Tax Period
2023-01-01 to 2023-12-31

RISK AND INSURANCE MANAGEMENT SOCIETY INC, founded in 1978, is a mid-sized nonprofit that reported $18.6M in total revenue in fiscal year 2023. Revenue surged 23% from the prior year, signaling strong growth momentum.

Mission

The Risk and Insurance Management Society, Inc. empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. The strategic goals of the organization are: 1) Ensure a sustainable and adaptable organizational structure; 2) Equip risk professionals to succeed in an evolving environment; 3) Enhance engagement with members and the broader risk management community; 4) Expand RIMS influence worldwide.

Program Service Accomplishments

Program 1

Events - RIMS' conferences continue to be the risk management profession's leading events that offer valuable interaction with experienced speakers, relevant and practical presentations, and peer...

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Events - RIMS' conferences continue to be the risk management profession's leading events that offer valuable interaction with experienced speakers, relevant and practical presentations, and peer knowledge sharing opportunities. This program is responsible for the planning and production of RIMS Annual Conference & Exhibition known as RISKWORLD, RIMS ERM Conference, and RIMS Canada Conference. RIISKWORLD is the definitive event for risk professionals, which attracted approximately 8,000 risk professionals (member, nonmembers and exhibitors) worldwide in 2022 when RIMS was able to return to an in-person event post-COVID and increased to nearly 9,000 in 2023. This prestigious event offers its attendees in-depth education for all career levels, a dynamic marketplace featuring 400+ state of the art solutions, and multiple peer networking opportunities. In 2023, RISKWORLD offered focused tracks on claims management, career development, ESG, risk mitigation, strategic and enterprise risk management and insurance topics.

Program 2

Membership and Member Services - The Membership program serves RIMS population of approximately 9,000 members and 80 chapters. This program reviews and monitors goals for member recruitment and...

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Membership and Member Services - The Membership program serves RIMS population of approximately 9,000 members and 80 chapters. This program reviews and monitors goals for member recruitment and retention and includes all member marketing, recruiting, retention expenses, student initiatives and competitions, and chapter-related expenses including RIMS Canada Council. Other activities include the career center and benchmark and compensation surveys. RIMS is dedicated to the development of tomorrow's risk management leaders through various initiatives, including the Rising Risk Professional Community, the RIMS Anita Benedetti Student Involvement Program, and the annual Risk Management Challenge. In 2023, RIMS launched an updated virtual membership engagement resource, ENGAGE, which improved the process of researching risk management issues and building professional relationships through networking opportunities. RIMS also launched an updated chapter management platform to assist chapters with numerous administrative processes including enhanced internal controls.

Program 3

Knowledge and Learning - The Society offers a robust group of educational programs through in-person, on demand and online instructor-led courses, workshops, webinars, Chapter events and corporate...

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Knowledge and Learning - The Society offers a robust group of educational programs through in-person, on demand and online instructor-led courses, workshops, webinars, Chapter events and corporate training programs. Workshops focus on key educational needs for the risk management profession including Applying & Integrating ERM, Fundamentals of Insurance, Fundamentals of Risk Management, and preparatory courses for the RIMS-CRMP certification. Online courses are also offered through partnerships with vendors. Workshops focus on key educational needs for the risk management profession including Applying & Integrating ERM, Fundamentals of Insurance, Fundamentals of Risk Management, and preparatory courses for the RIMS-CRMP certification.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $17,665,956
Investment Income $294,719
Other Revenue $603,669
TOTAL REVENUE $18,564,344

Expense Breakdown

Grants Paid $254,502
Salaries & Benefits $8,264,638
Fundraising Expenses $0
Program Expenses $0
Other Expenses $10,491,235
TOTAL EXPENSES $19,010,375

Year-over-Year Comparison

2023 2022 Change
Revenue $18,564,344 $15,141,629 +0.2%
Expenses $19,010,375 $16,811,932 +0.1%
Net Income $-446,031 $-1,670,303 -0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
12
Independent Members
12
Employees
52
Volunteers
145

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$815,188
Total Directors
12
$0
Key Employees
5
$1,243,725
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
N/A VICE PRESIDENT 5.0
Officer Director
$0 $0 $0
N/A PRESIDENT 5.0
Officer Director
$0 $0 $0
N/A SECRETARY 5.0
Officer Director
$0 $0 $0
N/A TREASURER 5.0
Officer Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A Director 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A DIRECTOR 3.0
Director
$0 $0 $0
N/A CHIEF EXECUTIVE OFFICER 34.8
Officer
$508,394 $76,312 $584,706
N/A CHIEF FINANCIAL OFFICER 34.8
Officer
$217,126 $13,356 $230,482
N/A CHIEF OPERATING OFFICER 34.8
Key Emp
$237,853 $42,653 $280,506
N/A CHIEF MEMBER EXPERIENCE OFFICER 35.0
Key Emp
$171,245 $20,190 $191,435
N/A GENERAL COUNSEL 34.8
Key Emp
$238,377 $29,185 $267,562
N/A CHIEF TECHNOLOGY OFFICER 35.0
Key Emp
$216,851 $53,626 $270,477
N/A CHIEF SALES & EVENTS OFFICER 35.0
Key Emp
$205,341 $28,404 $233,745
N/A VP-PROFESSIONAL DEVELOPMENT 35.0
Highest
$179,372 $10,351 $189,723
N/A DIRECTOR OF SALES 35.0
Highest
$156,904 $48,022 $204,926
N/A LEAD NET DEVELOPER 35.0
Highest
$144,427 $21,722 $166,149
N/A DIRECTOR OF MARKETING 35.0
Highest
$160,900 $8,928 $169,828
N/A SYSTEMS ENGINEER MANAGER 35.0
Highest
$135,298 $33,401 $168,699
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $18,564,344 $19,010,375 $21,948,496 $-446,031
2023 $18,564,344 $19,010,375 $21,948,496 $-446,031
2022 $15,141,629 $16,811,932 $20,248,710 $-1,670,303
2021 $12,268,578 $13,297,467 $15,569,864 $-1,028,889
2020 $13,849,943 $13,462,192 $16,803,263 $387,751
2019 $16,802,601 $19,277,162 $17,165,187 $-2,474,561
2018 $15,800,469 $16,879,941 $18,005,361 $-1,079,472
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