SURPLUS LINE ASSOCIATION OF WASHIN… - Form 990 Financial Data

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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

1976

Legal Domicile

Principal Officer

JOY ERVEN

Phone

2066823409

Tax Period

2024-01-01 to 2024-12-31

SURPLUS LINE ASSOCIATION OF WASHINGTON, founded in 1976, is a community nonprofit that reported $2.9M in total revenue in fiscal year 2024. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $3.2M exceeded revenue, resulting in a 10% operating deficit.

Mission

ASSOCIATION OF SURPLUS LINE INSURANCE BROKERS

Program Service Accomplishments

Program 1

PROMOTE A STABLE NON-ADMITTED INSURANCE MARKET IN WASHINGTON STATE IN ORDER TO OFFER VIABLE OPTIONS TO THE INSURANCE BUYING PUBLIC.ENCOURAGE AND FACILITATE COMPLIANCE BY ITS MEMBERS WITH THE LAWS OF WASHINGTON STATE AND THE U.S. RELATIVE TO SURPLUS LINE INSURANCE COVERAGE, AND WITH THE LAWS, RULES & REGULATIONS OF THE INSURANCE COMMISSIONER OF WASHINGTON STATE. SEE CONTINUATION ON SCHEDULE O.PROVIDE MEANS FOR THE EXAMINATION OF SURPLUS LINE POLICIES PLACED BY MEMBERS ON WASHINGTON RISKS IN ACCORDANCE WITH RULES AS ESTABLISHED BY THE ASSOCIATION, AND PROVIDE ASSISTANCE TO MEMBERS IN FILING AND COMPLIANCE. SUPPLY EDUCATIONAL SUPPORT TO THE MEMBERS OF THE ASSOCIATION INCLUDING DISSEMINATION OF INFORMATION REGARDING LAWS, RULES AND REGULATIONS RELEVANT TO SURPLUS LINE INSURANCE.SUPPORT INSURANCE EDUCATION RELATIVE TO SURPLUS LINE INSURANCE IN WASHINGTON STATE THROUGH SPONSORSHIP OF TRAINING CLASSES AND SEMINARS, OR GRANTS OF MONEY OR EXPERTISE TO EDUCATIONAL INSTITUTIONS. COMMUNICATE WITH THE LEGISLATURE AND OFFICE OF THE INSURANCE COMMISSIONER IN SUPPORT OF OUR MEMBERS AND THE NON-ADMITTED MARKETPLACE.

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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 $2,712,049

Investment Income $193,842

Other Revenue $0

TOTAL REVENUE $2,905,891

Expense Breakdown

Grants Paid $19,678

Salaries & Benefits $2,073,546

Fundraising Expenses $0

Other Expenses $1,111,413

TOTAL EXPENSES $3,204,637

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,905,891	$2,448,046	+0.2%
Expenses	$3,204,637	$2,979,546	+0.1%
Net Income	$-298,746	$-531,500	-0.4%

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

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

$363,456

Total Directors

$7,455

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD BUKOVINSKY	DIRECTOR	0.50	Director	$781	$0	$781
LINDA MUSSELMAN-GALANTI	DIRECTOR	0.50	Director	$2,640	$0	$2,640
JEFFREY ABRAM	PAST PRESIDENT	0.50	Director	$0	$0	$0
GRETCHEN ECHELBARGER	SECRETARY-TREASURER	0.50	Officer Director	$2,240	$0	$2,240
CRISTI CARRINGTON	VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
CONNIE DIVELBISS	PRESIDENT	0.50	Officer Director	$0	$0	$0
ANNE LUND	DIRECTOR	0.50	Director	$0	$0	$0
ROY RANKIN	DIRECTOR	0.50	Director	$0	$0	$0
KATY PETERSON	DIRECTOR	0.50	Director	$0	$0	$0
RICHARD WHITE	DIRECTOR	0.50	Director	$1,794	$0	$1,794
JOY ERVEN	EXECUTIVE DIRECTOR	40.00	Officer	$297,247	$63,969	$361,216
AREZOO JANGI	ACCOUNTING/OFFICE MANAGER	40.00	Highest	$166,750	$42,261	$209,011
ARIELLE ONEIL	AVP EXAMINER	40.00	Highest	$100,243	$28,991	$129,234
JACQUELINE VASSALLO	AVP MEMBERSHIP	40.00	Highest	$110,987	$31,243	$142,230
ROBERT HOPE	FORMER EXECUTIVE DIRECTOR	40.00		$162,408	$37,197	$199,605

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
2025	No data	No data	No data	No data
2024	$2,905,891	$3,204,637	$6,321,810	$-298,746
2023	$2,448,046	$2,979,546	$6,833,850	$-531,500
2022	$2,233,532	$2,247,799	$7,637,163	$-14,267
2021	$1,817,824	$2,146,692	$8,316,069	$-328,868
2020	$1,638,678	$1,999,954	$8,112,091	$-361,276
2019	$1,412,512	$2,141,574	$8,309,625	$-729,062
2018	$1,330,880	$2,015,758	$8,881,059	$-684,878

SURPLUS LINE ASSOCIATION OF WASHINGTON