Is State Risk And Insurance Management Association Legit?

State Risk And Insurance Management Association (SRIMA) demonstrates consistent financial health, with revenues generally exceeding expenses in most recent periods. For example, in 2023, revenue was $347,041 against expenses of $329,642, indicating a surplus. While there was a deficit in 2022 (revenue $298,940 vs. expenses $345,943), the organization maintains a healthy asset base, with assets at $459,354 in 2023, significantly higher than its liabilities of $24,963. This suggests good financial management and reserves. SRIMA's spending efficiency appears strong, particularly given that officer compensation has consistently been reported as 0% across all available filings. This indicates that the organization's leadership is likely volunteer-based or compensated through other means not classified as officer compensation, which can contribute to lower administrative overhead. The organization's NTEE code (W03 - Professional Societies & Associations) suggests its primary activities are likely membership-driven and focused on professional development, which often have different spending profiles than direct service charities. Transparency is high, as evidenced by 13 years of consistent IRS 990 filings and the clear reporting of 0% officer compensation. The consistent reporting of financial data over a long period allows for a thorough analysis of trends and financial stability. The relatively low liabilities compared to assets also points to a well-managed balance sheet, further enhancing confidence in its financial practices.