Insurance Library Association

Analysis

Insurance Library Association is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in April 1994, 32 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Insurance Library Association reported income of $613k and spending of $691k, spending 113% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $538k to $613k (+14%), an average of +3.3% a year. The sharpest change came in the year to June 2020, when income rose by 24%. Over the whole period it spent 111% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Insurance Library Association sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 73rd percentile within MA. Charities of a similar size with the same main cause include Homegrown National Park Inc ($613k), Archangel School ($613k) and Secure Benefit Services Inc ($613k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 63% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $222k (32% of expenses). Other salaries and wages came to $78k. At year end it held assets of $2.3m against liabilities of $138k, net assets of $2.1m. It reported 4 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.