Insurance Society of Philadelphia

Nonprofit profile at a glance

EIN
230724010
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Mt Laurel, NJ, USA
Phone
2158678102
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Insurance Providers

Official website

Reported finances

Revenue
$520,715
Expenses
$456,341
Assets
$1,729,611
Liabilities
$82,582

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

40 people listed

Executive titles in this filing

  • JOSEPH P MAHER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JOSEPH P MAHER (EXECUTIVE DIRECTOR): $49,956 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To educate and promote professionalism, talent development, scholarship and networking in the insurance, legal and financial services industries.

What it reported doing in 2024

Further the insurance society's mission to educate by providing scholarships to students engaged in the study of risk management, insurance or insurance related industries along with engaging them in networking events.

Operating model

Revenue model
Donor-supported. 89% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.

The verdict

MIXED - 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: 22
  • Transparency & Controls: 94
  • Accountability: 84
  • Sustainability: 65
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22.8%; rating input score 23
  • Program expense ratio: 19.8%; rating input score 20
  • Fundraising efficiency: $7.15 raised per $1 spent on fundraising; rating input score 27; 27th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 12.4%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 3.79; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: -6.5% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -8.9% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 0.9% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 22.8% of revenue deployed · 19.8% of spending went to programs
  • Governance: 36 of 36 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $90K in reported program spending
  • Leadership: top reported pay $50K · 40 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 11 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 23/100.
  • High — Financial Efficiency: Program expense ratio scored 20/100.
  • High — Financial Efficiency: Fundraising efficiency scored 27/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.