MICHIGAN ASSOCIATION OF INSURANCE AGENTS (EIN 383008528) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1992

Legal Domicile

Principal Officer

JARED BURKHART

Phone

5173239473

Tax Period

2023-09-01 to 2024-08-31

MICHIGAN ASSOCIATION OF INSURANCE AGENTS, founded in 1992, is a community nonprofit that reported $2.2M in total revenue in fiscal year 2023. Revenue decreased 9% compared to the prior year. Expenses of $2.6M exceeded revenue, resulting in a 20% operating deficit.

Mission

TO ADVANCE AND SUPPORT THE INDEPENDENT INSURANCE AGENCY SYSTEM THROUGH ADVOCACY, PROFESSIONALISM, AND SERVICE.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $53,289

Program Service Revenue $1,906,003

Investment Income $64,560

Other Revenue $137,844

TOTAL REVENUE $2,161,696

Expense Breakdown

Grants Paid $14,285

Salaries & Benefits $975,209

Fundraising Expenses $0

Other Expenses $1,614,741

TOTAL EXPENSES $2,604,235

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,161,696	$2,388,481	-0.1%
Expenses	$2,604,235	$2,546,426	+0.0%
Net Income	$-442,539	$-157,945	+1.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$312,404

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE BROUWERS	BOARD MEMBER	1.00	Director	$0	$0	$0
LISA LEMANSKI	BOARD MEMBER	1.00	Director	$0	$0	$0
TIM FEKETE	BOARD MEMBER	1.00	Director	$0	$0	$0
TRACY MAGNUSON	BOARD MEMBER	1.00	Director	$0	$0	$0
TOM SOKOL	BOARD MEMBER	1.00	Director	$0	$0	$0
TIMOTHY CRAWFORD	BOARD MEMBER	1.00	Director	$0	$0	$0
JERRY WHITAKER	BOARD MEMBER	1.00	Director	$0	$0	$0
ERINN SWAN	MEMBER AT LARGE	1.00	Director	$0	$0	$0
RUDY MAYAN	MEMBER AT LARGE	1.00	Director	$0	$0	$0
LARRY MICHAEL	MEMBER AT LARGE	1.00	Director	$0	$0	$0
DANIEL M MERCURE	SECRETARY	1.00	Officer Director	$0	$0	$0
ADAM JACKSON	TREASURER	1.00	Officer Director	$0	$0	$0
BARBARA WALKER	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JOHN OLSON	PRESIDENT	1.00	Officer Director	$0	$0	$0
MARK ELLIOTT	IMMEDIATE PAST PRESIDENT	1.00	Officer Director	$0	$0	$0
SCOTT P MCBRIDE	IIABA DIRECTOR	1.00	Officer Director	$0	$0	$0
MATTHEW C WESOLEK	COO	39.00	Officer	$129,204	$3,835	$137,737
JARED V BURKHART	CEO	39.00	Officer	$163,443	$5,212	$174,667
JOSEPH S SOMMERDYKE	MEMBERSHIP & SALES DIRECTOR	20.00	Highest	$68,972	$3,148	$141,092

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	$2,161,696	$2,604,235	$5,727,226	$-442,539
2023	$2,388,481	$2,546,426	$5,895,677	$-157,945
2022	$2,345,887	$2,705,006	$6,121,259	$-359,119
2021	$2,183,577	$2,507,968	$6,976,281	$-324,391
2020	$2,207,891	$2,515,186	$6,634,657	$-307,295
2019	$2,718,979	$3,102,168	$6,842,054	$-383,189
2018	$2,875,043	$3,128,229	$7,161,912	$-253,186

MICHIGAN ASSOCIATION OF INSURANCE AGENTS