Overview
What is Illinois Fair Plan Association?
The Illinois Fair Plan Association is a nonprofit organization located in Chicago, Illinois. Its primary mission, as outlined by Illinois state law, is to offer essential property insurance coverage, including fire, homeowners, extended coverage, vandalism, and malicious mischief, to state residents who have been unable to secure these types of insurance in the voluntary market. The association aims to provide basic and affordable property insurance to applicants in Illinois who encounter difficulties purchasing coverage through the standard insurance market due to circumstances beyond their control. The organization, with a workforce of nine individuals, operates under this mandate to ensure that residents have access to necessary insurance coverage.
Official website here: www.illinoisfairplan.com
Is Illinois Fair Plan Association legitimate?
Illinois Fair Plan Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Illinois Fair Plan Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $366,135
Professional Fundraising Fees: $0
Other Salaries and Wages: $318,879
For more financial information, click here
Official website here: www.illinoisfairplan.com
What is the mission statement of Illinois Fair Plan Association?
The Illinois Fair Plan Association's mission is to offer basic and affordable property insurance to individuals in Illinois who are unable to procure coverage through the standard insurance market due to circumstances beyond their control. Operating under Illinois state statute, the association provides fire, homeowners, extended coverage, vandalism, and malicious mischief insurance to state residents who have been unable to obtain these types of insurance in the voluntary market. The association aims to ensure that these individuals are not left unprotected in the event of property damage or loss.
Official website here: www.illinoisfairplan.com
What is the revenue of Illinois Fair Plan Association?
Illinois Fair Plan Association's revenue in 2024 was $4,154,341.
Official website here: www.illinoisfairplan.com
Who are the executives of Illinois Fair Plan Association and what are their salaries?
The average compensation at Illinois Fair Plan Association during 2024 was $114,169. There are 6 employees at Illinois Fair Plan Association.
Here are 13 key members and their salaries:
- Compensation: $8,800
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $7,200
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $8,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $8,000
- Related: $0
- Other: $0
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $3,200
- Related: $0
- Other: $0
- Compensation: $223,589
- Related: $0
- Other: $144,689
- Compensation: $102,934
- Related: $0
- Other: $82,844
Official website here: www.illinoisfairplan.com
Where can I find the form 990 for Illinois Fair Plan Association?
Illinois Fair Plan Association's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.illinoisfairplan.com
Learn more at the official website: www.illinoisfairplan.com
Mission Statement of Illinois Fair Plan Association
The Illinois Fair Plan Association, in its mission, aims to provide essential and reasonably priced property insurance to applicants residing in Illinois who face challenges in procuring coverage through the conventional insurance market. This nonprofit organization operates under the Illinois state statute, offering fire, homeowners, extended coverage, vandalism, and malicious mischief insurance to state residents who have been denied these types of insurance in the voluntary market due to circumstances beyond their control. By providing this critical service, the Illinois Fair Plan Association serves as a safety net for individuals who might otherwise be left unprotected in the event of property damage.
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Impact
October, 2024
The Illinois Fair Plan Association plays a crucial role in providing essential and affordable property insurance to individuals in Illinois who face difficulties obtaining coverage through the traditional insurance market. By offering policies that include fire, homeowners, extended coverage, vandalism, and malicious mischief insurance, the Association addresses the needs of residents who have been denied access to these vital protections for reasons beyond their control.
Located in Chicago, the Association operates under Illinois state statute, ensuring that residents have a safety net that allows them to safeguard their homes and property. This access to insurance not only supports individual policyholders but also contributes to the overall stability of communities by mitigating the financial risks associated with property damage. In essence, the Illinois Fair Plan Association serves as a critical resource for vulnerable individuals, promoting mutual benefit and enhancing the resilience of the housing market in the state.
This information is meant to be a general summary of Illinois Fair Plan Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $204,621
- Program Service Revenue: $3,921,612
- Gross Receipts: $4,154,341
Assets and Liabilities:
- Total Assets: $9,317,772
- Total Liabilities: $2,289,391
- Net Assets: $7,028,381
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSURANCE PREMIUMS
Revenue
$3,912,395
INSTALLMENT PLAN CHARG
Revenue
$9,217
Organization Details
Founding Year
1968
Principal Officer
Joseph A Hathaway
Website
www.illinoisfairplan.comNTEE Category
Code: Y20 - Mutual benefit
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