Civic Intelligence

Multifamily Insurance Trust

990 • Fiscal year 2021 • EIN 35-7086833

Jun 01, 2020 to May 31, 2021 • Filed on Jan 25, 2022

Organization ProfileN/A

View Organization Page

4 executive blvdsuffern, NY 10901

(845) 368-2400

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

93rd percentile

0.83x

Higher debt load relative to assets than 93% of similar nonprofits.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.08x

Higher debt load relative to revenue than 64% of similar nonprofits.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2021

Net Margin

25th percentile

-5.2%

Higher net margin than 25% of similar nonprofits.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2021

Asset Growth

9th percentile

-21%

Faster asset growth than 9% of similar nonprofits.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

45th percentile

0.3%

Faster revenue growth than 45% of similar nonprofits.

2021 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$708,503

Down $185,076 (-21%) from 2020

Net Assets

Down

$117,334

Down $391,121 (-77%) from 2020

Liabilities

Up

$591,169

Up $206,045 (+54%) from 2020

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin25th percentile

Revenue

Up

$7,578,441

Up $26,350 (+0.3%) from 2020

Expenses

Up

$7,969,562

Up $522,335 (+7.0%) from 2020

Net Income

Down

-$391,121

Down $495,985 (-473%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2019: $488,160Liabilities 2019: $84,569Net Assets 2019: $403,5912019Assets 2020: $893,579Liabilities 2020: $385,124Net Assets 2020: $508,4552020Assets 2021: $708,503Liabilities 2021: $591,169Net Assets 2021: $117,3342021Assets 2022: $791,846Liabilities 2022: $596,615Net Assets 2022: $195,2312022Assets 2023: $1,192,492Liabilities 2023: $207,190Net Assets 2023: $985,3022023Assets 2024: $1,338,481Liabilities 2024: $380,146Net Assets 2024: $958,3352024

Highlighted filing

2021

Assets$708,503
Liabilities$591,169
Net Assets$117,334
Open 2021 Filing

Operations Trend

Revenue Growth45th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2019: $7,180,032Expenses 2019: $6,651,194Net Income 2019: $528,8382019Revenue 2020: $7,552,091Expenses 2020: $7,447,227Net Income 2020: $104,8642020Revenue 2021: $7,578,441Expenses 2021: $7,969,562Net Income 2021: -$391,1212021Revenue 2022: $8,049,430Expenses 2022: $7,971,533Net Income 2022: $77,8972022Revenue 2023: $8,734,887Expenses 2023: $7,959,826Net Income 2023: $775,0612023Revenue 2024: $8,744,630Expenses 2024: $8,827,241Net Income 2024: -$82,6112024

Highlighted filing

2021

Revenue$7,578,441
Expenses$7,969,562
Net Income-$391,121
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Jan 25, 2022
Return Version
2020v4.1
Gross Receipts
$7,578,441
Mission and Program Overview

Mission

This voluntary employee benefit association provides for the payment of certain health and medical benefits to eligible employees, surviving spouses, dependents and beneficiaries.

To provide payments of certain health and medical benefits to eligible employees, surviving spouses, dependents and beneficiaries.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$893,579$708,503▼ $185,076
Rtn Earn Endowment Incm Other Fnds$508,455$117,334▼ $391,121
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$893,579$708,503▼ $185,076
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$304,124$532,419▲ $228,295
Accounts Payable and Accrued Expenses$81,000$58,750▼ $22,250
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$385,124$591,169▲ $206,045
Net Assets / Fund Balance
Total Net Assets Fund Balance$508,455$117,334▼ $391,121
Total Liabilities and Net Assets / Fund Balance$893,579$708,503▼ $185,076
Compensation and Service Providers
Top Officer Pay49th percentile

Board Members and Trustees

NameTitle
Samuel M RotterTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,578,282
Investment Income
$159
Other Revenue
$0
Change in Net Assets
$-391,121

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,578,441
Total Revenue per Audited Statements
$7,578,441
Total Revenue per Form 990
$7,578,441
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,745
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$7,935,817
Fees for Services Accounting---$33,745
Total Functional Expenses$0$0$0$7,969,562

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,969,562
Expenses per Audited Statements$7,790,517
Total Expenses per Audited Statements$7,790,517
Expenses Not Reported on Financial Statements$179,045
Other Expense Adjustments$179,045
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Benefit Claims Payable$483,169
Due to Multifamily Mngmt Services$49,250
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 8B:

“NO committee HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.”

FORM 990, PART VI, SECTION B, LINE 11B:

“The form 990 is provided to and reviewed by the board of trustees before it is filed.”

FORM 990, PART VI, SECTION C, LINE 19:

“The governing documents and financial statements of the plan are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Multifamily Insurance Trust
EIN
35-7086833
In Care Of
% JOHN BRYAN
Phone
8453682400
Address
4 executive blvd, suffern, NY 10901

Signing Officer

Name
John Bryan
Title
CFO
Phone
8453682400
Signed
2022-01-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Bryan
Formed
2017
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“U.S. GAAP REQUIRES Multifamily Insurance Trust'S (THE "PLAN") MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.”

PART XII, LINE 4B:

“Change in benefit claims payable.......$179,045”

Raw XML Appendix361 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0U.S. GAAP REQUIRES Multifamily Insurance Trust'S (THE "PLAN") MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CHANGE IN BENEFIT CLAIMS PAYABLE.......$179,045
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 4B:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO committee HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PROVIDED TO AND REVIEWED BY THE BOARD OF TRUSTEES BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS OF THE PLAN ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19:
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ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$708,503
Liabilities
$591,169
Net assets
$117,334
Revenue
$7,578,441
Expenses
$7,969,562
Net income
-$391,121
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.34$0.38$0.96$8.74$8.83$0.08
2023Detailed filing. Detailed filing data is available for this year.$1.19$0.21$0.99$8.73$7.96$0.78
2022Detailed filing. Detailed filing data is available for this year.$0.79$0.60$0.20$8.05$7.97$0.08
2021Detailed filing. Detailed filing data is available for this year.$0.71$0.59$0.12$7.58$7.97$0.39
2020Detailed filing. Detailed filing data is available for this year.$0.89$0.39$0.51$7.55$7.45$0.10
2019Detailed filing. Detailed filing data is available for this year.$0.49$0.08$0.40$7.18$6.65$0.53