Society Of Insurance Financial Management

Society Of Insurance Financial Management operates with fluctuating revenues and declining assets, consistently reporting no officer compensation.

EIN: 116037615 · Caldwell, NJ · Updated: 2026-03-28

$216KRevenue

$60KAssets

75/100Mission Score (Good)

About Society Of Insurance Financial Management

Society Of Insurance Financial Management (EIN: 116037615) is a nonprofit organization based in Caldwell, NJ. The organization reported total revenue of $216K and total assets of $60K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Society Of Insurance Financial Management's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Society Of Insurance Financial Management demonstrates consistent financial activity, with revenues fluctuating but generally in the range of $180,000-$200,000 in recent years, such as $202,669 in 2023 and $181,896 in 2022. The organization's assets have seen a decline from a high of $176,256 in 2016 to $70,855 in 2023, indicating a reduction in its financial reserves. Expenses have often exceeded revenue, as seen in 2023 where expenses were $207,899 against $202,669 in revenue, and in 2021 where expenses were $76,121 against $67,371 in revenue, suggesting a pattern of operating at a slight deficit in some periods.

The organization appears to maintain good transparency regarding executive compensation, reporting 0% officer compensation across all available filings, which is a positive indicator for donor trust. However, without a detailed breakdown of program, administrative, and fundraising expenses, it's challenging to fully assess spending efficiency. The consistent reporting of liabilities, which have generally remained low relative to assets, suggests responsible financial management in that area.

Overall, while the organization's revenue and asset base have shown some volatility and a recent downward trend in assets, the absence of officer compensation and consistent filing history are positive aspects. A more granular view of expense allocation would further clarify its operational efficiency and program focus.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Society Of Insurance Financial Management with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 20%
programs: 70%
fundraising: 10%

According to IRS 990 filings, Society Of Insurance Financial Management allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is not drawing a salary from the nonprofit, which is highly favorable for a small organization with revenues around $200,000.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Society Of Insurance Financial Management's IRS 990 filings:

Consistent operating deficits in multiple years (e.g., 2023, 2021, 2020) where expenses exceeded revenue.
Significant decline in total assets from $176,256 in 2016 to $70,855 in 2023, indicating reduced financial reserves.

Strengths

The following positive indicators were identified for Society Of Insurance Financial Management:

Zero officer compensation reported across all filings, indicating strong commitment to mission over executive pay.
Consistent IRS 990 filing history (13 filings), demonstrating good transparency and compliance.
Relatively low liabilities compared to assets, suggesting responsible debt management.

Frequently Asked Questions about Society Of Insurance Financial Management

Is Society Of Insurance Financial Management a good charity?

Based on the available data, the organization exhibits good financial transparency regarding executive compensation (0% officer compensation). However, without detailed program spending breakdowns, it's difficult to fully assess its programmatic impact and efficiency. Its consistent filing history and relatively low liabilities are positive.

Why are assets declining?

The organization's assets have declined from a high of $176,256 in 2016 to $70,855 in 2023. This could be due to operating deficits in several years (e.g., 2023, 2021, 2020) where expenses exceeded revenue, or strategic decisions to utilize reserves.

Does the organization spend efficiently?

While the organization reports 0% officer compensation, a full assessment of spending efficiency requires a detailed breakdown of program, administrative, and fundraising expenses, which is not provided in the summary data. Operating at a deficit in some years (e.g., 2023, 2021) suggests potential challenges in matching expenses with revenue.

Filing History

IRS 990 filing history for Society Of Insurance Financial Management showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Society Of Insurance Financial Management's revenue has grown by 23.7%, moving from $164K to $203K. Total assets decreased by 35.8% over the same period, from $110K to $71K. Total functional expenses rose by 40%, from $148K to $208K. In its most recent filing year (2023), Society Of Insurance Financial Management reported a deficit of $5K, with expenses exceeding revenue. The organization holds $8K in liabilities against $71K in assets (debt-to-asset ratio: 10.7%), resulting in net assets of $63K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$203K	$208K	$71K	$8K	—	—
2022	$182K	$169K	$75K	$6K	—	—
2021	$67K	$76K	$62K	$6K	—	View 990
2020	$24K	$71K	$75K	$11K	—	—
2019	$186K	$189K	$131K	$19K	—	—
2018	$122K	$146K	$139K	$24K	—	View 990
2017	$167K	$179K	$164K	$25K	—	View 990
2016	$192K	$161K	$176K	$26K	—	View 990
2015	$180K	$165K	$131K	$11K	—	View 990
2014	$178K	$181K	$134K	$30K	—	View 990
2013	$188K	$180K	$111K	$5K	—	View 990
2012	$163K	$170K	$122K	$23K	—	View 990
2011	$164K	$148K	$110K	$5K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $203K, expenses of $208K, and assets of $71K (revenue +11.4% year-over-year).
2022: Revenue of $182K, expenses of $169K, and assets of $75K (revenue +170.0% year-over-year).
2021: Revenue of $67K, expenses of $76K, and assets of $62K (revenue +185.4% year-over-year).
2020: Revenue of $24K, expenses of $71K, and assets of $75K (revenue -87.3% year-over-year).
2019: Revenue of $186K, expenses of $189K, and assets of $131K (revenue +51.9% year-over-year).
2018: Revenue of $122K, expenses of $146K, and assets of $139K (revenue -26.9% year-over-year).
2017: Revenue of $167K, expenses of $179K, and assets of $164K (revenue -12.9% year-over-year).
2016: Revenue of $192K, expenses of $161K, and assets of $176K (revenue +6.5% year-over-year).
2015: Revenue of $180K, expenses of $165K, and assets of $131K (revenue +1.1% year-over-year).
2014: Revenue of $178K, expenses of $181K, and assets of $134K (revenue -5.1% year-over-year).
2013: Revenue of $188K, expenses of $180K, and assets of $111K (revenue +15.5% year-over-year).
2012: Revenue of $163K, expenses of $170K, and assets of $122K (revenue -0.6% year-over-year).
2011: Revenue of $164K, expenses of $148K, and assets of $110K.

Data Sources and Methodology

This transparency report for Society Of Insurance Financial Management is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.