Civic Intelligence

Insurance Federation of Minnesota

EIN 41-0825288 • 501(c)6 • Maple Grove, MN

View Organization Page

Profile

Advocating on behalf of insurers aned consumers to improve business conditions in the insurance industry.

PO Box 1505Maple Grove, MN 55311

www.insurancefederationmn.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

60th percentile

0.10x

Higher debt load relative to assets than 60% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

59th percentile

0.09x

Higher debt load relative to revenue than 59% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Net Margin

68th percentile

11%

Higher net margin than 68% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

99th percentile

$368,786

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 40.5% of source-year revenue.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Asset Growth

76th percentile

16%

Faster asset growth than 76% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

68th percentile

13%

Faster revenue growth than 68% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$746,083

Up $104,498 (+16%) from 2023

Liabilities

Down

$77,813

Down $16,168 (-17%) from 2023

Net Assets

Up

$668,270

Up $120,666 (+22%) from 2023

Operations
Liabilities / Revenue59th percentileNet Margin68th percentile

Revenue

Up

$910,874

Up $106,622 (+13%) from 2023

Expenses

Up

$812,889

Up $62,385 (+8.3%) from 2023

Net Income

Up

$97,985

Up $44,237 (+82%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth76th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800K$600K$400K$200K$0Assets 2011: $507,991Liabilities 2011: $56,430Net Assets 2011: $451,5612011Assets 2012: $495,170Liabilities 2012: $27,834Net Assets 2012: $467,3362012Assets 2013: $506,548Liabilities 2013: $28,934Net Assets 2013: $477,6142013Assets 2014: $480,032Liabilities 2014: $47,901Net Assets 2014: $432,1312014Assets 2015: $458,713Liabilities 2015: $48,474Net Assets 2015: $410,2392015Assets 2016: $477,278Liabilities 2016: $77,582Net Assets 2016: $399,6962016Assets 2017: $460,605Liabilities 2017: $39,728Net Assets 2017: $420,8772017Assets 2018: $538,885Liabilities 2018: $39,944Net Assets 2018: $498,9412018Assets 2019: $511,566Liabilities 2019: $45,547Net Assets 2019: $466,0192019Assets 2020: $422,858Liabilities 2020: $62,564Net Assets 2020: $360,2942020Assets 2021: $530,515Liabilities 2021: $102,174Net Assets 2021: $428,3412021Assets 2022: $507,179Liabilities 2022: $53,669Net Assets 2022: $453,5102022Assets 2023: $641,585Liabilities 2023: $93,981Net Assets 2023: $547,6042023Assets 2024: $746,083Liabilities 2024: $77,813Net Assets 2024: $668,2702024

Highlighted filing

2024

Assets$746,083
Liabilities$77,813
Net Assets$668,270
Open 2024 Filing

Operations Trend

Revenue Growth68th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2011: $704,894Expenses 2011: $683,358Net Income 2011: $21,5362011Expenses 2012: $671,9462012Revenue 2013: $750,238Expenses 2013: $739,960Net Income 2013: $10,2782013Revenue 2014: $756,836Expenses 2014: $802,319Net Income 2014: -$45,4832014Revenue 2015: $790,930Expenses 2015: $812,822Net Income 2015: -$21,8922015Revenue 2016: $853,614Expenses 2016: $864,157Net Income 2016: -$10,5432016Revenue 2017: $665,050Expenses 2017: $643,869Net Income 2017: $21,1812017Revenue 2018: $802,201Expenses 2018: $724,137Net Income 2018: $78,0642018Revenue 2019: $690,275Expenses 2019: $723,197Net Income 2019: -$32,9222019Revenue 2020: $773,141Expenses 2020: $878,866Net Income 2020: -$105,7252020Revenue 2021: $741,101Expenses 2021: $673,054Net Income 2021: $68,0472021Revenue 2022: $792,311Expenses 2022: $744,874Net Income 2022: $47,4372022Revenue 2023: $804,252Expenses 2023: $750,504Net Income 2023: $53,7482023Revenue 2024: $910,874Expenses 2024: $812,889Net Income 2024: $97,9852024

Highlighted filing

2024

Revenue$910,874
Expenses$812,889
Net Income$97,985
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$746,083
Liabilities
$77,813
Net assets
$668,270
Revenue
$910,874
Expenses
$812,889
Net income
$97,985
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.46$0.78$6.68$9.11$8.13$0.98
2023Detailed filing. Detailed filing data is available for this year.$6.42$0.94$5.48$8.04$7.51$0.54
2022Detailed filing. Detailed filing data is available for this year.$5.07$0.54$4.54$7.92$7.45$0.47
2021Detailed filing. Detailed filing data is available for this year.$5.31$1.02$4.28$7.41$6.73$0.68
2020Detailed filing. Detailed filing data is available for this year.$4.23$0.63$3.60$7.73$8.79$1.06
2019Detailed filing. Detailed filing data is available for this year.$5.12$0.46$4.66$6.90$7.23$0.33
2018Detailed filing. Detailed filing data is available for this year.$5.39$0.40$4.99$8.02$7.24$0.78
2017Detailed filing. Detailed filing data is available for this year.$4.61$0.40$4.21$6.65$6.44$0.21
2016Detailed filing. Detailed filing data is available for this year.$4.77$0.78$4.00$8.54$8.64$0.11
2015Detailed filing. Detailed filing data is available for this year.$4.59$0.48$4.10$7.91$8.13$0.22
2014Detailed filing. Detailed filing data is available for this year.$4.80$0.48$4.32$7.57$8.02$0.45
2013Detailed filing. Detailed filing data is available for this year.$5.07$0.29$4.78$7.50$7.40$0.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.95$0.28$4.67$6.72
2011Summary only. Only limited summary data is available for this year.$5.08$0.56$4.52$7.05$6.83$0.22
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 15, 2025
Return Version
2024v5.0
Gross Receipts
$910,874
Mission and Program Overview

Mission

Improving business conditions in the insurance industry

Advocating on behalf of insurers aned consumers to improve business conditions in the insurance industry.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$411,435$447,126▲ $35,691
Cash and Non-Interest-Bearing Accounts$170,007$254,840▲ $84,833
Land, Buildings, and Equipment, Net$3,770$1,024▼ $2,746
Total Assets$641,585$746,083▲ $104,498
Other Assets Total$56,373$43,093▼ $13,280
Liabilities
Other Liabilities$46,777$36,056▼ $10,721
Deferred Revenue$29,854$29,854→ $0
Accounts Payable and Accrued Expenses$17,350$11,903▼ $5,447
Total Liabilities$93,981$77,813▼ $16,168
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$547,604$668,270▲ $120,666
Total Net Assets Fund Balance$547,604$668,270▲ $120,666
Total Liabilities and Net Assets / Fund Balance$641,585$746,083▲ $104,498

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$7,000$7,000
Equipment$1,024$4,330$5,354
Other Assets Org$43,093--
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Aaron CockingPresidentFT$302,677$66,109$368,786

Board Members and Trustees

NameTitle
Paul AblanChair
Terry MillerVice Chair
Adam AxvigDirector
Chris MeridethDirector
Derek WortmanDirector
Doug RarigDirector
Greg SatherDirector
Jeremy KrumwiedeDirector
Jess AlanisDirector
Jody LawnsdailDirector
Keith PetersonDirector
Lance MayberryDirector
Matt SteeleDirector
Pete HellieDirector
Rick LongDirector
Sean PickDirector
Steve KnutsonDirector
Vicky RizzoloDirector
Mike HappeEx-off Sec/t
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$896,800
Investment Income
$14,074
Other Revenue
$0
Change in Net Assets
$97,985
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$427,093
Salaries, Compensation, and Employee Benefits$385,796
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$370,828
Fees for Services Lobbying---$136,500
Fees for Services Other---$62,380
Travel---$54,293
Fees for Services Legal---$51,445
Conferences and Meetings---$30,140
Fees for Services Accounting---$19,828
Insurance---$15,542
Payroll Taxes---$14,968
Information Technology---$7,222
Fees for Service Investment Mgmnt Fees---$5,449
Other Expenses---$4,496
Depreciation Depletion---$2,746
All Other Expenses---$2,400
Office Expenses---$2,341
Total Functional Expenses$0$0$0$812,889
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Current Year Nondeductible Lobbying and Political Cost$344,171
Total Nondeductible Lobbying and Political Cost$-74,374
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lt Lease Liability$24,140
St Lease Liability$11,916
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the president and secretary/treasurer before filing.”

Form 990, Page 6, Part VI, Line 12C

“Anti-trust guidelines policy is distributed and acknowledged at every meeting of the insurance federation of minnesota.”

Form 990, Page 6, Part VI, Line 15A

“The president/ceos compensation and bonus is subject to review and approval by the executive committee. The president/ceo has a bonus scorecard created by the executive committee when the president/ceo was hired. The annual bonus is based on that scorecard. At the end of each year, the president/ceo is also given a performance evaluation. The current chair or vice-chair of the organization consults with other members of the executive committee and determines the appropriate salary increase. That number is then given to the president/ceo where it is reflected in the next years budget which is then approved by the executive committee.”

Form 990, Page 6, Part VI, Line 19

“Not available to the public”

Filing and Contact Details

Filer

Filer Name
Insurance Federation of Minnesota
EIN
41-0825288
Phone
7636578690
Address
PO BOX 1505, MAPLE GROVE, MN 55311

Signing Officer

Name
Aaron Cocking
Title
President
Phone
6512921099
Signed
2025-05-15

Organization Details

Principal Officer
Aaron Cocking
Voting Board Members
16
Independent Board Members
16
Employees
1
Volunteers
20

Preparer

Firm
Boyum & Barenscheer Pllp
Address
3050 METRO DR STE 200, MINNEAPOLIS, MN 55425-1547
Preparer
Anna Lovegren
Phone
9528544244
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The federation's filings with the internal revenue service are subject to audit. The information returns for the past three years are open to examination. Management has evaluated its tax positions and has concluded that they do not result in anything that would require either recording or disclosure in the financial statements based on the criteria set forth in asc 740.”

Raw XML AppendixShowing 400 of 424 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/TitleTxt2VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3EX-OFF SEC/T
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LT LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ST LEASE LIABILITY
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FEDERATION'S FILINGS WITH THE INTERNAL REVENUE SERVICE ARE SUBJECT TO AUDIT. THE INFORMATION RETURNS FOR THE PAST THREE YEARS ARE OPEN TO EXAMINATION. MANAGEMENT HAS EVALUATED ITS TAX POSITIONS AND HAS CONCLUDED THAT THEY DO NOT RESULT IN ANYTHING THAT WOULD REQUIRE EITHER RECORDING OR DISCLOSURE IN THE FINANCIAL STATEMENTS BASED ON THE CRITERIA SET FORTH IN ASC 740.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0AARON COCKING
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE PRESIDENT AND SECRETARY/TREASURER BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANTI-TRUST GUIDELINES POLICY IS DISTRIBUTED AND ACKNOWLEDGED AT EVERY MEETING OF THE INSURANCE FEDERATION OF MINNESOTA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRESIDENT/CEOS COMPENSATION AND BONUS IS SUBJECT TO REVIEW AND APPROVAL BY THE EXECUTIVE COMMITTEE. THE PRESIDENT/CEO HAS A BONUS SCORECARD CREATED BY THE EXECUTIVE COMMITTEE WHEN THE PRESIDENT/CEO WAS HIRED. THE ANNUAL BONUS IS BASED ON THAT SCORECARD. AT THE END OF EACH YEAR, THE PRESIDENT/CEO IS ALSO GIVEN A PERFORMANCE EVALUATION. THE CURRENT CHAIR OR VICE-CHAIR OF THE ORGANIZATION CONSULTS WITH OTHER MEMBERS OF THE EXECUTIVE COMMITTEE AND DETERMINES THE APPROPRIATE SALARY INCREASE. THAT NUMBER IS THEN GIVEN TO THE PRESIDENT/CEO WHERE IT IS REFLECTED IN THE NEXT YEARS BUDGET WHICH IS THEN APPROVED BY THE EXECUTIVE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NOT AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0AARON COCKING
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06512921099

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