INSURANCE COUNCIL OF TEXAS

EIN: 742662845

Austin, TX

Total Revenue
$2,496,269
Total Expenses
$1,981,992
Total Assets
$32,784,179
Net Assets
$26,535,211
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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
1991
Legal Domicile
TX
Principal Officer
Paula Harmon
Phone
5124449611
Tax Period
2024-01-01 to 2024-12-31

INSURANCE COUNCIL OF TEXAS, founded in 1991, is a community nonprofit that reported $2.5M in total revenue in fiscal year 2024. Revenue grew 20% year-over-year, indicating healthy expansion. The organization ran a surplus of $514K, a strong 21% operating margin.

Mission

The organizations mission is to represent its member companies in the regulatory process stay abreast of the events which affect the Tx property casualty insurance industry. It makes recommendations presents testimony on members behalf with the Tx Dept. of Insurance with respect to rates, forms, rules and other issues facing PC insurers.

Program Service Accomplishments

Program 1

The organizations exempt purpose achievements include representing its members at hearings and in the regulatory process. It compiled data and provided its members with research and technical...

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The organizations exempt purpose achievements include representing its members at hearings and in the regulatory process. It compiled data and provided its members with research and technical support. It served as an information clearinghouse and provided online, live and written education on the subjects of auto and property insurance. It informed consumers of various weather related events and how to connect with their insurance companies when in need after a weather event. The organization served over 400 member companies and numerous non-members and consumers.

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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 (2024)

Revenue Breakdown

Contributions & Grants $1,122,966
Program Service Revenue $395,836
Investment Income $976,463
Other Revenue $1,004
TOTAL REVENUE $2,496,269

Expense Breakdown

Grants Paid $33,000
Salaries & Benefits $1,209,206
Fundraising Expenses $0
Other Expenses $739,786
TOTAL EXPENSES $1,981,992

Year-over-Year Comparison

2024 2023 Change
Revenue $2,496,269 $2,083,189 +0.2%
Expenses $1,981,992 $2,084,608 0.0%
Net Income $514,277 $-1,419 -363.4%
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

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Governance

Voting Members
15
Independent Members
15
Employees
15
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
6
$349,819
Total Directors
16
$525,463
Key Employees
1
$349,819
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Albert Betts Executive Director 055.00
Officer Director Key Emp Highest
$349,819 $0 $349,819
Paula Harmon CFO/COO 040.00
Director Highest
$175,644 $0 $175,644
Rich Johnson Director of Communications 040.00
Highest
$118,169 $0 $118,169
Nedra Francisco Assistant Controller 040.00
Highest
$104,433 $0 $104,433
Angie Cervantes Govt Legislative Affairs Mgr 040.00
Highest
$103,890 $0 $103,890
Michael Gerik Chair 002.00
Officer Director
$0 $0 $0
Thomas Fitzpatrick Director 002.00
Director
$0 $0 $0
John Stuckemeyer Director 002.00
Officer Director
$0 $0 $0
Robert Zeman Director 002.00
Director
$0 $0 $0
Scott Gainey Director 002.00
Director
$0 $0 $0
Chris Meredith Director 002.00
Director
$0 $0 $0
Diane Hirtz Director 002.00
Director
$0 $0 $0
Kari King Dial Director 002.00
Director
$0 $0 $0
Jeffry Junkas Director 002.00
Director
$0 $0 $0
Angela Doss Treasurer 002.00
Officer Director
$0 $0 $0
John Henle Secretary 002.00
Officer Director
$0 $0 $0
James Kincaid Director 002.00
Director
$0 $0 $0
Sabrina Timmins Director 002.00
Director
$0 $0 $0
Kevin Matula Director 002.00
Director
$0 $0 $0
Luke Horton Vice Chair 002.00
Officer
$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 $2,496,269 $1,981,992 $32,784,179 $514,277
2023 $2,083,189 $2,084,608 $29,746,518 $-1,419
2022 $12,401,234 $2,633,523 $28,147,609 $9,767,711
2021 $2,111,004 $1,493,700 $15,660,796 $617,304
2020 $2,022,156 $1,570,256 $13,199,879 $451,900
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