NAIFA Illinois

Nonprofit profile at a glance

EIN
370345280
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Springfield, IL, USA
Phone
2175290126
Rating confidence
Limited

Official website

Reported finances

Revenue
$236,852
Expenses
$222,513
Assets
$498,584
Liabilities
$27,875

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

Leadership & pay

13 people listed

Executive titles in this filing

  • Eric Essex (President)
  • David Kikoen (President Elect)
  • Dennis Dean (Immediate Past President)
  • Sara Decatoire (Executive Director)

People named in this filing

  • Eric Essex (President)
  • David Kikoen (President Elect)
  • Kyler Spencer (Secretary/Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To advocate legislative awareness and involvement, facilitate professional growth, and provide leadership development opportunities to licensed providers of financial products and services.

What it reported doing in 2024

Expenses related to the education and professional development of the Association's members.

Operating model

Revenue model
Membership-supported. 76% of the money available for current operations came from membership dues.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 71
  • Accountability: 88
  • Sustainability: 55
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 6.1%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 2.24; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -5.2% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: 7% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 12 of 12 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $175K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $110K reported
  • Consistency: 9 of 9 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Operating margin scored 53/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.