Independent Insurance Agents of NJ
Nonprofit profile at a glance
- EIN
- 221151205
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024, Form 990-N 2008
- Location
- Trenton, NJ, USA
- Phone
- 6095874333
- Rating
- 63
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $1,877,877
- Expenses
- $1,529,800
- Assets
- $4,460,816
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- Michael L Razze Jr (President & CEO)
Highest reported compensation
- Michael L Razze Jr (President & CEO): $160,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Independent Insurance Agents of New Jersey was founded to promote and uphold the principles and practices of the American Independent Insurance Agency system and advance the independent insurance agency system through advocacy and professionalism while supporting member success in serving our communities with excellence.
What it reported doing in 2024
Annual Meeting $ 161748Young Agents Committee $ 29183Membership Development $ 7186Scholarship Awards $ 0Women's Conferance $ 21745
Operating model
- Revenue model
- Other-operating. 90% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 32
- Transparency & Controls: 82
- Accountability: 90
- Sustainability: 71
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 40.4%; rating input score 40
- Program expense ratio: 30%; rating input score 30
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 18.5%; rating input score 74; 74th percentile among comparable filings
- Total-asset coverage ratio: 2.92; rating input score 74; 74th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
- Officer compensation ratio: 10.5%; rating input score 35; 35th percentile among comparable filings
Growth
- Program expense growth: 6.3% per year; rating input score 100; 48th percentile among comparable filings
- Revenue growth: 1.7% per year; rating input score 100; 23rd percentile among comparable filings
- Asset growth: -0% per year; rating input score 0; 17th percentile among comparable filings
Details
- Where the money goes: 40.4% of revenue deployed · 30% of spending went to programs
- Governance: 18 of 18 board members independent · 6 of 8 filing controls reported
- Programs: 4 filed program accomplishments · $458K in reported program spending
- Leadership: top reported pay $160K · 19 people listed · 3 of 6 pay-setting controls reported
- Consistency: 19 of 19 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 6 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: 2 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 40/100.
- Moderate — Financial Efficiency: Program expense ratio scored 30/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Officer compensation ratio scored 35/100.