INDEPENDENT INSURANCE AGENTS OF NORTH CAROLINA INC (EIN 560340370) - 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

1938

Legal Domicile

Phone

9198284371

Tax Period

2023-09-01 to 2024-08-31

INDEPENDENT INSURANCE AGENTS OF NORTH CAROLINA INC, founded in 1938, is a community nonprofit that reported $4.9M in total revenue in fiscal year 2023. The organization ran a surplus of $942K, a strong 19% operating margin.

Mission

THE ASSOCIATION'S PURPOSE IS TO BE AN ADVOCATE FOR INDEPENDENT INSURANCE AGENTS IN NORTH CAROLINA AND TO SATISFY THE BUSINESS AND PROFESSIONAL NEEDS OF ITS MEMBERS BY PROVIDING EDUCATION AND INSURANCE PROGRAMS, INDUSTRY REPRESENTATION AND MEMBER SERVICES.

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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 $0

Program Service Revenue $4,506,902

Investment Income $163,345

Other Revenue $266,781

TOTAL REVENUE $4,937,028

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,077,441

Fundraising Expenses $0

Other Expenses $2,917,768

TOTAL EXPENSES $3,995,209

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,937,028	$4,716,113	+0.0%
Expenses	$3,995,209	$4,083,977	0.0%
Net Income	$941,819	$632,136	+0.5%

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

$1,011,749

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KARL SHERRILL	CHAIRMAN	5.00	Officer Director	$0	$0	$0
WORTHAM BOYLE	CHAIRMAN ELECT	5.00	Officer Director	$0	$0	$0
DON STROUD JR	TREASURER / SECRETARY	5.00	Officer Director	$0	$0	$0
DANIEL COOK	NATIONAL DIRECTOR	5.00	Director	$0	$0	$0
MICHELLE O'CONNER	IMMEDIATE PAST CHAIR	5.00	Officer Director	$0	$0	$0
THOMAS RHODES	DIRECTOR - DISTRICT ONE	1.00	Director	$0	$0	$0
DARRIN RANKIN	DIRECTOR - DISTRICT TWO	1.00	Director	$0	$0	$0
KAREN FENTRESS	DIRECTOR - DISTRICT THREE	1.00	Director	$0	$0	$0
DEIDRE RUSHIN	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
LANDON BENTHAM	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
JACK WINGATE	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
CHRISTOPHER COOK	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
OLIVER CONNER	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
RICHARD L GARNER III	DIRECTOR - AT LARGE	1.00	Director	$0	$0	$0
DANIEL ROHRBAUGH	ILEAD COMMITTEE CHAIR	1.00	Director	$0	$0	$0
AUBIE KNIGHT	CHIEF EXECUTIVE OFFICER	40.00	Officer	$0	$53,567	$576,264
BRAD FAULKNER	CHIEF FINANCIAL OFFICER	40.00	Officer	$0	$26,465	$180,391
REBECCA SHIGLEY	CHIEF OPERATING OFFICER	40.00	Officer	$0	$34,283	$255,094
JOE STEWART	VICE PRESIDENT, GOVERNMENT	40.00	Highest	$0	$29,222	$208,972
LISA WEATHERLY	VICE PRESIDENT OF AGENCY OPERATIONS	40.00	Highest	$0	$23,203	$158,137
JASON SABO	DIRECTOR OF AGENCY DEVELOPMENT	40.00	Highest	$0	$22,270	$143,648
PAT CLINE	MANAGING DIRECTOR, 101 WESTON LABS	40.00	Highest	$0	$16,147	$189,762

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	$4,937,028	$3,995,209	$13,679,530	$941,819
2023	$4,716,113	$4,083,977	$12,276,601	$632,136
2022	$4,078,379	$3,353,133	$11,020,341	$725,246
2021	$3,545,920	$2,989,651	$10,313,889	$556,269
2020	$3,752,408	$2,939,113	$8,968,836	$813,295
2019	$3,996,687	$3,307,790	$7,909,472	$688,897
2018	$3,603,030	$3,321,623	$7,033,163	$281,407

INDEPENDENT INSURANCE AGENTS OF NORTH CAROLINA INC