INSURANCE FEDERATION OF MINNESOTA

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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

Principal Officer

AARON COCKING

Phone

7636578690

Tax Period

2024-01-01 to 2024-12-31

INSURANCE FEDERATION OF MINNESOTA is a small nonprofit that reported $911K in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $813K left a modest 11% surplus.

Mission

ADVOCATING ON BEHALF OF INSURERS ANED CONSUMERS TO IMPROVE BUSINESS CONDITIONS IN THE INSURANCE INDUSTRY.

Program Service Accomplishments

Program 1

PROVIDES VARIOUS SERVICES ON BEHALF OF ITS MEMBERS TO IMPROVE THE INSURANCE INDUSTRY IN THE STATE OF MINNESOTA.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $896,800

Investment Income $14,074

Other Revenue $0

TOTAL REVENUE $910,874

Expense Breakdown

Grants Paid $0

Salaries & Benefits $385,796

Fundraising Expenses $0

Other Expenses $427,093

TOTAL EXPENSES $812,889

Year-over-Year Comparison

	2024	2023	Change
Revenue	$910,874	$804,252	+0.1%
Expenses	$812,889	$750,504	+0.1%
Net Income	$97,985	$53,748	+0.8%

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

$368,786

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AARON COCKING	PRESIDENT	40.00	Officer	$302,677	$66,109	$368,786
PAUL ABLAN	CHAIR	1.00	Officer Director	$0	$0	$0
TERRY MILLER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MIKE HAPPE	EX-OFF SEC/T	1.00	Officer	$0	$0	$0
CHRIS MERIDETH	DIRECTOR	1.00	Director	$0	$0	$0
DOUG RARIG	DIRECTOR	1.00	Director	$0	$0	$0
PETE HELLIE	DIRECTOR	1.00	Director	$0	$0	$0
JESS ALANIS	DIRECTOR	1.00	Director	$0	$0	$0
JODY LAWNSDAIL	DIRECTOR	1.00	Director	$0	$0	$0
ADAM AXVIG	DIRECTOR	1.00	Director	$0	$0	$0
KEITH PETERSON	DIRECTOR	1.00	Director	$0	$0	$0
MATT STEELE	DIRECTOR	1.00	Director	$0	$0	$0
RICK LONG	DIRECTOR	1.00	Director	$0	$0	$0
STEVE KNUTSON	DIRECTOR	1.00	Director	$0	$0	$0
VICKY RIZZOLO	DIRECTOR	1.00	Director	$0	$0	$0
SEAN PICK	DIRECTOR	1.00	Director	$0	$0	$0
GREG SATHER	DIRECTOR	1.00	Director	$0	$0	$0
JEREMY KRUMWIEDE	DIRECTOR	1.00	Director	$0	$0	$0
DEREK WORTMAN	DIRECTOR	1.00	Director	$0	$0	$0
LANCE MAYBERRY	DIRECTOR	1.00	Director	$0	$0	$0

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	$910,874	$812,889	$746,083	$97,985
2023	$804,252	$750,504	$641,585	$53,748
2022	$792,311	$744,874	$507,179	$47,437
2021	$741,101	$673,054	$530,515	$68,047
2020	$773,141	$878,866	$422,858	$-105,725
2019	$690,275	$723,197	$511,566	$-32,922
2018	$802,201	$724,137	$538,885	$78,064