Civic Intelligence

Multifamily Insurance Trust

990 • Fiscal year 2022 • EIN 35-7086833

Jun 01, 2021 to May 31, 2022 • Filed on Apr 07, 2023

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

91st percentile

0.75x

Higher debt load relative to assets than 91% of similar nonprofits.

2022 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

61st percentile

0.07x

Higher debt load relative to revenue than 61% of similar nonprofits.

2022 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2022

Net Margin

47th percentile

1.0%

Higher net margin than 47% of similar nonprofits.

2022 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

48th percentile

$0

Higher top officer pay than 48% of similar nonprofits.

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

2022 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2022

Asset Growth

83rd percentile

12%

Faster asset growth than 83% of similar nonprofits.

2022 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

65th percentile

6.2%

Faster revenue growth than 65% of similar nonprofits.

2022 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$791,846

Up $83,343 (+12%) from 2021

Net Assets

Up

$195,231

Up $77,897 (+66%) from 2021

Liabilities

Up

$596,615

Up $5,446 (+0.9%) from 2021

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin47th percentile

Revenue

Up

$8,049,430

Up $470,989 (+6.2%) from 2021

Expenses

Up

$7,971,533

Up $1,971 (+0.0%) from 2021

Net Income

Up

$77,897

Up $469,018 (+120%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth83rd 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

2022

Assets$791,846
Liabilities$596,615
Net Assets$195,231
Open 2022 Filing

Operations Trend

Revenue Growth65th 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

2022

Revenue$8,049,430
Expenses$7,971,533
Net Income$77,897
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 7, 2023
Return Version
2021v4.2
Gross Receipts
$8,049,430
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$708,503$791,846▲ $83,343
Rtn Earn Endowment Incm Other Fnds$117,334$195,231▲ $77,897
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$708,503$791,846▲ $83,343
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$532,419$496,451▼ $35,968
Accounts Payable and Accrued Expenses$58,750$100,164▲ $41,414
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$591,169$596,615▲ $5,446
Net Assets / Fund Balance
Total Net Assets Fund Balance$117,334$195,231▲ $77,897
Total Liabilities and Net Assets / Fund Balance$708,503$791,846▲ $83,343
Compensation and Service Providers
Top Officer Pay48th percentile

Board Members and Trustees

NameTitle
Jeffrey GoldsteinTRUSTEE, eff. 10/21/2021
Samuel M RotterTRUSTEE, thru 10/21/2021
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,049,373
Investment Income
$57
Other Revenue
$0
Change in Net Assets
$77,897

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,049,430
Total Revenue per Audited Statements
$8,049,430
Total Revenue per Form 990
$8,049,430
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$110,398
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---$7,861,135
Fees for Services Accounting---$110,398
Total Functional Expenses$0$0$0$7,971,533

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,034,501
Expenses per Audited Statements$7,971,533
Total Expenses per Form 990$7,971,533
Expenses Not Reported on Form 990$62,968
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$420,201
Due to Multifamily Mngmt Servi$76,250
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
2023-04-07
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

SCHEDULE D, 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.”

SCHEDULE D, PART XII, LINE 2D:

“Change in benefit claims payable.......$62,968”

Raw XML Appendix381 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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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
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IRS990/Form990ProvidedToGvrnBodyInd0true
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IRS990/GamingActivitiesInd0false
IRS990/GamingDirectExpensesAmt00
IRS990/GamingGrossIncomeAmt00
IRS990/GoverningBodyVotingMembersCnt01
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IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt08049430
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IRS990/IncludeFIN48FootnoteInd0true
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IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt01
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/TotalAmt00
IRS990/InsuranceGrp/TotalAmt00
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IRS990/InterestGrp/TotalAmt00
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IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt00
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MissionDesc0THIS VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION PROVIDES FOR THE PAYMENT OF CERTAIN HEALTH AND MEDICAL BENEFITS TO ELIGIBLE EMPLOYEES, SURVIVING SPOUSES, DEPENDENTS AND BENEFICIARIES.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
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IRS990/NondeductibleContributionsInd0false
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0BENEFIT CLAIMS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO MULTIFAMILY MNGMT SERVI
IRS990ScheduleD/RevenueSubtotalAmt08049430
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.......$62,968
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PART XII, LINE 2d:
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IRS990ScheduleD/TotalLiabilityAmt0496451
IRS990ScheduleD/TotalRevenuePerForm990Amt08049430
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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/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$791,846
Liabilities
$596,615
Net assets
$195,231
Revenue
$8,049,430
Expenses
$7,971,533
Net income
$77,897
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