Independent Insurance Agents and Brokers of South Carolina

EIN: 570248455

Columbia, SC

Total Revenue
$1,861,534
Total Expenses
$1,880,711
Total Assets
$2,178,563
Net Assets
$1,975,481
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1992
Legal Domicile
SC
Principal Officer
G Frank Sheppard
Phone
8037319460
Tax Period
2023-01-01 to 2023-12-31

Independent Insurance Agents and Brokers of South Carolina, founded in 1992, is a community nonprofit that reported $1.9M in total revenue in fiscal year 2023.

Mission

The fundamental purpose and objective of the filing organization is to promote educate and represent the common business interests of independent insurance agents of SC within the industry public and legislature. Activities sponsored by the organization are intended to educate members and keep them informed on current topics relative to the industry.

Program Service Accomplishments

Program 1
Expenses: $236,016 Revenue: $369,702

The objective of Education is to provide professional development for members continuing education requirements in SC. The following classes sessions were held in 2023: Regular education classes 6...

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The objective of Education is to provide professional development for members continuing education requirements in SC. The following classes sessions were held in 2023: Regular education classes 6 in-person and 30 webcasts with 334 attendees; Agent Broker Education Network ABEN 60 different webcasts with 1367 SC attendees; CISR sessions 6 in-person and 40 webcasts with 353 attendees; and CIC sessions 5 in-person and 8 webcasts sessions with 314 attendees.

Program 2
Expenses: $419,827 Revenue: $613,260

The object of Conferences is to provide education information training and networking opportunities for independent insurance agents. the following conferences were held in 2023: Annual conference...

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The object of Conferences is to provide education information training and networking opportunities for independent insurance agents. the following conferences were held in 2023: Annual conference with approximately 200 attendees; Spring conference with approximately 150 attendees; and Fall conference with approximately 150 attendees.

Program 3
Expenses: $114,243 Revenue: $0

Publications include monthly newsletters to membership about insurance industry practices benefits and services the Association provides along with various local national legislative updates. Monthly...

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Publications include monthly newsletters to membership about insurance industry practices benefits and services the Association provides along with various local national legislative updates. Monthly newsletters = 1455 emails per issue. Quarterly magazines provide the membership focused on feature articles relative to the insurance industry along with local national legislative updates. Quarterly magazines = 2540 emails per issue. Legislative updates during legislative sessions = 1 issue 1455 emails. A Market Guide Publication is provided annually = 650 distributed. Other communications to membership: 7 emails related to benefits and services = 6926 recipients; 17 emails related to events = 37,565 recipients; 11 emails related to education = 21692 recipients; 2 emails related to industry = 2476 recipients; 5 emails related to other items = 11487 recipients.

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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 $326,265
Program Service Revenue $1,287,664
Investment Income $12,690
Other Revenue $234,915
TOTAL REVENUE $1,861,534

Expense Breakdown

Grants Paid $0
Salaries & Benefits $663,297
Fundraising Expenses $0
Program Expenses $802,708
Other Expenses $1,217,414
TOTAL EXPENSES $1,880,711

Year-over-Year Comparison

2023 2022 Change
Revenue $1,861,534 $1,791,575 +0.0%
Expenses $1,880,711 $1,749,485 +0.1%
Net Income $-19,177 $42,090 -1.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
13
Independent Members
13
Employees
8
Volunteers
N/A

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
5
$118,842
Total Directors
14
$0
Key Employees
1
$118,842
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Tonya S Thomason Chair 1.00
Officer Director
$0 $0 $0
Robert E Nalley Chair Elect Treasurer 1.00
Officer Director
$0 $0 $0
Angus M Brabham IV Secretary 1.00
Officer Director
$0 $0 $0
Ashley Brady National Director 1.00
Director
$0 $0 $0
James G Taylor Jr Immediate Past Chair 1.00
Officer Director
$0 $0 $0
l Amber Bryant Director 1.00
Director
$0 $0 $0
Alexander Galloway Director 1.00
Director
$0 $0 $0
William Hamer Director 1.00
Director
$0 $0 $0
Lauren T Huffman Director 1.00
Director
$0 $0 $0
Shane F Lynn Director 1.00
Director
$0 $0 $0
Renado Robinson Director 1.00
Director
$0 $0 $0
John R Spence Director 1.00
Director
$0 $0 $0
Julie B Turner Director 1.00
Director
$0 $0 $0
Richard Walker Jr Director 1.00
Director
$0 $0 $0
G Frank Sheppard President 40.00
Officer Key Emp
$118,842 $0 $118,842
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 $1,861,534 $1,880,711 $2,178,563 $-19,177
2022 $1,791,575 $1,749,485 $2,181,928 $42,090
2021 $1,655,225 $1,686,859 $2,129,520 $-31,634
2020 $1,468,155 $1,332,695 $2,213,960 $135,460
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