Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
“Verto SOlutions LLC performs management and other professional services on behalf of the Organization.”
Scores are not available for this record yet.
Assets
Flat$1,539,121
Flat from 2017
Net Assets
Flat$1,332,990
Flat from 2017
Liabilities
Flat$206,131
Flat from 2017
Revenue
Flat$2,105,333
Flat from 2017
Expenses
Flat$1,889,747
Flat from 2017
Net Income
Flat$215,586
Flat from 2017
Representing and advancing the interests of the United States mortgage insurance industry and promoting a well-functioning housing finance system.
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | $1,138,524 | $1,521,584 | ▲ $383,060 |
| Accounts Receivable | $109,684 | $0 | ▼ $109,684 |
| Intangible Assets | $26,869 | $17,537 | ▼ $9,332 |
| Prepaid Expenses and Deferred Charges | $12,273 | $0 | ▼ $12,273 |
| Savings and Temporary Cash Investments | - | $0 | - |
| Other Notes and Loans Receivable, Net | - | $0 | - |
| Pledges and Grants Receivable | - | $0 | - |
| Receivable From Disqualified Prsn | - | $0 | - |
| Receivables From Officers Etc | - | $0 | - |
| Investments Other Securities | - | $0 | - |
| Investments Program Related | - | $0 | - |
| Investments in Publicly Traded Securities | - | $0 | - |
| Land, Buildings, and Equipment, Net | - | $0 | - |
| Inventories for Sale or Use | - | $0 | - |
| Total Assets | $1,287,350 | $1,539,121 | ▲ $251,771 |
| Other Assets Total | - | $0 | - |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $169,946 | $191,931 | ▲ $21,985 |
| Deferred Revenue | - | $14,200 | - |
| Total Liabilities | $169,946 | $206,131 | ▲ $36,185 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $1,117,404 | $1,332,990 | ▲ $215,586 |
| Total Net Assets Fund Balance | $1,117,404 | $1,332,990 | ▲ $215,586 |
| Total Liabilities and Net Assets / Fund Balance | $1,287,350 | $1,539,121 | ▲ $251,771 |
| Name | Title |
|---|---|
| Patrick Sinks | Chairman |
| Lindsey Johnson | President & ED |
| Brad Shuster | Vice Chair |
| Mark Casale | Director |
| Rohit Gupta | Director |
| Richard Thornberry | Secretary |
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| CLS Strategies | Business Strategies | 1850 M Street NW Suite 900, Washington, DC 20036 | $331,585 |
| Verto Solutions LLC | Management Services | 1101 17th Street NW Ste 700, Washington, DC 20036 | $204,300 |
| The Urban Institute | Professional Service | 2100 M Street NW, Washington, DC 20037 | $165,000 |
| Eris Group | Government Relations | 439 New Jersey Ave SE, Washington, DC 20036 | $120,013 |
| Line Item | Amount |
|---|---|
| Other Expenses | $1,889,747 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Fees for Services Management | - | - | - | $1,172,320 |
| Fees for Services Lobbying | - | - | - | $319,432 |
| Fees for Services Legal | - | - | - | $87,777 |
| Travel | - | - | - | $33,448 |
| Fees for Services Accounting | - | - | - | $11,845 |
| Depreciation Depletion | - | - | - | $9,332 |
| All Other Expenses | - | - | - | $8,398 |
| Other Expenses | - | - | - | $6,048 |
| Insurance | - | - | - | $3,141 |
| Office Expenses | - | - | - | $2,379 |
| Total Functional Expenses | $0 | $0 | $0 | $1,889,747 |
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $1,889,747 |
| Total Expenses per Audited Statements | $1,889,747 |
| Total Expenses per Form 990 | $1,889,747 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
| Line Item | Amount |
|---|---|
| Current Year Nondeductible Lobbying and Political Cost | $319,432 |
| Total Nondeductible Lobbying and Political Cost | $319,432 |
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Receivables from Disqualified Persons | - | $0 | - |
| Receivables from Officers, Directors, Trustees, and Key Employees | - | $0 | - |
“Verto SOlutions LLC performs management and other professional services on behalf of the Organization.”
“Six U.S. mortgage insurance companies Arch MI, Essent, Genworth, MGIC, National MI, and Radian are members of USMI. The organization is open to all active U.S. mortgage insurance companies.”
“The organization's independent public accountants prepare a draft of Form 990 and review it with the Director of Finance. Then the Director of Finance, President & Executive Director, and the Chairman of the Board review Form 990 and give the final approval prior to filing with the IRS.”
“USMI HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL MEMBERS, OFFICERS, DIRECTORS, AND STAFF. ALL ARE REQUIRED TO DISCLOSE ANY CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST TO THE USMI CHAIR. Decisions with respect to any conflict or potential conflict shall be made by the Executive Committee and Board of directors by majority vote.”
“Other Documents Available upon request from the public.”
“This question does not apply to the organization. If it would apply, the organization would comply with the backup withholding rules.”
“The Organization is exempt from federal income tax under Section 501(c)(6) of the Internal Revenue Code. However, income from activities not directly related to the Organizations tax-exempt purpose is subject to taxation as unrelated business income. The Organization did not engage in any unrelated business activities during the year ended December 31, 2017.The Organization has adopted the authoritative guidance relating to accounting for uncertainty in income taxes included in ASC Topic Income Taxes. These provisions provide consistent guidance for the accounting for uncertainty in income taxes recognized in an entitys financial statements and prescribe a threshold of more likely than not for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. The Organization performed an evaluation of uncertain tax positions for the year ended December 31, 2017, and determined that there were no material matters that would require recognition in the financial statements or that may have an effect on its tax-exempt status. As of December 31, 2017 that statute of limitations for the 2014, 2015, and 2016 tax years remain open with the Internal Revenue Service. It is the Organizations policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense.”
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/Desc | 0 | As policymakers focus on the need to create a strong, stable housing finance system, todays mortgage insurance (MI) industry is well positioned to ensure access to home ownership while protecting taxpayers. MI enables broader access to homeownership, including for first time homebuyers, by protecting against credit losses.U.S. Mortgage Insurers (USMI) put a renewed focus on the benefits of MI, ensuring that creditworthy borrowers continue to have access to affordable and sustainable mortgages within a well-functioning U.S. housing finance system. |
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| IRS990ScheduleD/FootnoteTextInd | 0 | X |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | The Organization is exempt from federal income tax under Section 501(c)(6) of the Internal Revenue Code. However, income from activities not directly related to the Organizations tax-exempt purpose is subject to taxation as unrelated business income. The Organization did not engage in any unrelated business activities during the year ended December 31, 2017.The Organization has adopted the authoritative guidance relating to accounting for uncertainty in income taxes included in ASC Topic Income Taxes. These provisions provide consistent guidance for the accounting for uncertainty in income taxes recognized in an entitys financial statements and prescribe a threshold of more likely than not for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. The Organization performed an evaluation of uncertain tax positions for the year ended December 31, 2017, and determined that there were no material matters that would require recognition in the financial statements or that may have an effect on its tax-exempt status. As of December 31, 2017 that statute of limitations for the 2014, 2015, and 2016 tax years remain open with the Internal Revenue Service. It is the Organizations policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Part X : FIN48 Footnote |
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| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | Verto SOlutions LLC performs management and other professional services on behalf of the Organization. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Six U.S. mortgage insurance companies Arch MI, Essent, Genworth, MGIC, National MI, and Radian are members of USMI. The organization is open to all active U.S. mortgage insurance companies. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | The organization's independent public accountants prepare a draft of Form 990 and review it with the Director of Finance. Then the Director of Finance, President & Executive Director, and the Chairman of the Board review Form 990 and give the final approval prior to filing with the IRS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | USMI HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL MEMBERS, OFFICERS, DIRECTORS, AND STAFF. ALL ARE REQUIRED TO DISCLOSE ANY CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST TO THE USMI CHAIR. Decisions with respect to any conflict or potential conflict shall be made by the Executive Committee and Board of directors by majority vote. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | Other Documents Available upon request from the public. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THIS QUESTION DOES NOT APPLY TO THE ORGANIZATION. IF IT WOULD APPLY, THE ORGANIZATION WOULD COMPLY WITH THE BACKUP WITHHOLDING RULES. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Form 990, Part VI, Line 11b: Form 990 Review Process |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART V, LINE C - BACKUP WITHHOLDING RULES |
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| IRS990/TotalGrossUBIAmt | 0 | 0 |
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| IRS990/TotalLiabilitiesEOYAmt | 0 | 206131 |
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| IRS990/TotalVolunteersCnt | 0 | 6 |
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| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1Txt | 0 | 1101 17th Street NW Ste 700 |
| IRS990/USAddress/CityNm | 0 | Washington |
| IRS990/USAddress/StateAbbreviationCd | 0 | DC |
| IRS990/USAddress/ZIPCd | 0 | 20036 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 5 |
| IRS990/VotingMembersIndependentCnt | 0 | 5 |
| IRS990/WebsiteAddressTxt | 0 | www.usmi.org |
| IRS990/WhistleblowerPolicyInd | 0 | true |
| ReturnHeader/BuildTS | 0 | 2018-06-14 16:35:46Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | true |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | Lindsey Johnson |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | President & ED |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2018-05-10 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | US Mortgage Insurers |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | USMO |
| ReturnHeader/Filer/EIN | 0 | 464272890 |
| ReturnHeader/Filer/PhoneNum | 0 | 2022801820 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 1101 17th Street NW Suite 700 |
| ReturnHeader/Filer/USAddress/CityNm | 0 | Washington |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | DC |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 20036 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 521185156 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | Lydon Fetterolf Corydon PA |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 9401 Key West Avenue |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | Rockville |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | MD |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 20850 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 3019484400 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Jeff Corydon IV CPA CFP |
| ReturnHeader/ReturnTs | 0 | 2018-05-10T11:21:21-07:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2017-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2017-12-31 |
| ReturnHeader/TaxYr | 0 | 2017 |
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Displayed year
2017 • Form 990Detailed filing. Detailed filing data is available for this year.