The mission of Finseca is to advocate for the financial security profession, develop and grow its leaders, and promote the noble and necessary work of its members to provide financial and retirement security for the individuals, families, and businesses served.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Run by 27 volunteers and 61 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $370K a year · 3% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.8M
to officers and key staff · 21% of spending
Worth a look: pay to officers and key staff is 21% of spending; over 20%.
Pt VII · Sec A
1 mo
of spending, in cash
Plus $2.2M in investments, Pt X · Ln 11–13
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5.7M
96% of total assets
Concern: liabilities are 96% of assets; over 80%.
Pt X · Ln 26
Independent board members
28
of 28 voting members
Looks good: 28 of 28 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$20.2M
+7% vs prior year
Spent
$17.9M
Net assets
$255K
By yearFY2020–FY2024
Revenue
$20.2M
FY2024▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$4.0M
FY2021$13.2M
FY2022$16.7M
FY2023$18.9M
FY2024$20.2M
Expenses
$17.9M
FY2024▼ -12%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.2M
FY2021$12.6M
FY2022$18.8M
FY2023$20.3M
FY2024$17.9M
Net assets
$255K
FY2024▲ +116%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.2M
FY2021$3.2M
FY2022$639K
FY2023−$1.6M
FY2024$255K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

46 people listed on the 990; $3.8M paid to officers and key staff.

Part VII, Section A · reportable compensation
$991,460Pt VII · Sec A
$553,697Pt VII · Sec A
Former Senior Executive Advisor
$500,000Pt VII · Sec A
Chief Advocacy Officer - Until 11/24
$423,918Pt VII · Sec A
Pres, Brokerage & EVP Mbr Exp
$336,120Pt VII · Sec A
EVP, Ext. Affairs and Chief of Staff
$333,773Pt VII · Sec A
VP, Federal Affairs
$230,629Pt VII · Sec A
SVP, State and Public Affairs
$228,631Pt VII · Sec A

Marc Cadin’s $991K as CEO is at the 96th percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Marc Cadin$991,460$980,932$922,566$879,776$179,090
Bonnie Godsman$553,697$600,284$665,237$726,852$144,396
David Stertzer$500,000$500,000$354,167$501,823$143,856
Armstrong Robinson$423,918$374,017$372,702$341,588$82,447
Suzanne Jacobs—$399,341$399,889$380,024$79,158
Daniel Labert$336,120$383,377$100,795——
Marguerite Seidel$333,773$279,746$267,991$178,220—
Judith Durham—$209,747$235,613$172,884—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Advocates for financial security professionals, developing leaders and promoting their work.

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3 programs · in their own filed words · FY2024
01

Advocacy

The mission of finseca efforts in the legislative and regulatory affairs arena is to promote and advocate for our members, their clients, and the broader insurance community on public policy issues associated with the use of life insurance to provide long-term savings, protection, and financial and retirement security, in the individual…

Pt IX · col B
02

Member Learning and Experience

Finseca provides meetings to keep insurance professionals on the leading edge of trends and skills by providing them with an education and networking for participants. Finseca provides a forum for members to exchange information and an opportunity for members to participate in professional development activities.

Pt IX · col B
03

Public Affairs and Marketing

Finseca's communication efforts help raise industry awareness of the organization's efforts.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $600K · 2024–2024

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$20.2M
Ln 12
Fees for servicesLn 2g$13.5M
Gifts and grantsLn 1h$5.8M
Investment incomeLn 3$651K
Money outPt IX
$17.9M
Ln 25
Owns and owesPt X
$255K
net assets · Ln 32
Cash and savingsLn 1–2$2.0M
Total assetsLn 16$5.9M
LiabilitiesLn 26$5.7M
PeoplePt VI, VII
46
listed · VII A
PaidVII A10
Voting boardVI 1a28
IndependentVI 1b28
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.8M
Fees for servicesLn 2g$13.5M
Investment incomeLn 3$651K
Other incomeLn 4–11$182K
Gains on assetsLn 7$549K
Total revenueLn 12$20.2M
Assets in detailPt X, end of year
CashLn 1$378K
SavingsLn 2$1.7M
Cash and savings togetherLn 1–2$2.0M
InvestmentsLn 11–13$2.2M
Land, buildings, equipmentLn 10c$443
Other assetsLn 15$1.0M
Total assetsLn 16$5.9M
LiabilitiesLn 26$5.7M
Net assetsLn 32$255K
OperationsPt I, VI
EmployeesI 561
VolunteersI 627
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.8M$2.0M
InvestmentsLn 11–13$2.4M$2.2M
Land, buildings, equipmentLn 10c$29K$443
Total assetsLn 16$6.6M$5.9M
LiabilitiesLn 26$8.2M$5.7M
Net assetsLn 32−$1.6M$255K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$600K
Pay of current officers, directors and key staffLn 5$2.1M
Other salaries and wagesLn 7$5.3M
Pension plan contributionsLn 8$160K
Other employee benefitsLn 9$605K
Payroll taxesLn 10$434K
Legal feesLn 11b$80K
Accounting feesLn 11c$240K
Lobbying feesLn 11d$371K
Investment management feesLn 11f$16K
Other fees for servicesLn 11g$1.8M
Advertising and promotionLn 12$98K
Office expensesLn 13$373K
Information technologyLn 14$665K
RoyaltiesLn 15$933K
OccupancyLn 16$459K
TravelLn 17$672K
Conferences, conventions and meetingsLn 19$2.7M
InterestLn 20$4K
Depreciation, depletion and amortizationLn 22$22K
InsuranceLn 23$68K
Other expenses (24a–d)Ln 24$138K
All other expensesLn 24e$5K
Total functional expensesLn 25$17.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $20.2M$17.9M$2.3M$255K 990 PDF
FY2023 $18.9M$20.3M−$1.5M−$1.6M 990 PDF
FY2022 $16.7M$18.8M−$2.1M$639K 990 PDF
FY2021 $13.2M$12.6M$674K$3.2M 990 PDF
FY2020 $4.0M$5.2M−$1.2M$3.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $20,164,644 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $4,678,833$5,840,950
I-9 Program service revenuePrior year $13,291,293$13,490,272
I-10 Investment incomePrior year $779,600$651,151
I-11 Other revenuePrior year $122,591$182,271
I-12 Total revenuePrior year $18,872,317$20,164,644
I-13 Grants and similar amounts paidPrior year $0$600,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $8,590,795$8,656,001
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $11,737,293$8,643,037
I-18 Total expensesPrior year $20,328,088$17,899,038
I-19 Revenue less expensesPrior year −$1,455,771$2,265,606
Part VI · Governance 28 of 28 board members independent, no flags
VI-1a Voting members of the governing body28
VI-1b Independent voting members28
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $20,164,644 across 9 lines filed
Lines not itemized here account for $399,391 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$5,840,950
VIII-1h Total contributions, gifts and grants$5,840,950
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $13,090,881$13,090,881
VIII-3 Investment incomeExcluded from tax $101,809$101,809
VIII-5 RoyaltiesExcluded from tax $300$300
VIII-6 Net rental income or lossExcluded from tax $181,961$181,961
VIII-7 Net gain or loss on sales of assetsExcluded from tax $549,342$549,342
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $10$10
VIII-12 Total revenueRelated to mission $13,490,272 · Unrelated business $0 · Excluded from tax $833,422$20,164,644
Part IX · Statement of functional expenses $17,899,038 across 23 lines filed
IX-1 Grants to domestic organizations$600,000
IX-5 Pay of current officers, directors and key staff$2,136,861
IX-7 Other salaries and wages$5,319,977
IX-8 Pension plan contributions$159,910
IX-9 Other employee benefits$605,094
IX-10 Payroll taxes$434,159
IX-11b Legal fees$79,539
IX-11c Accounting fees$240,046
IX-11d Lobbying fees$371,289
IX-11f Investment management fees$15,966
IX-11g Other fees for services$1,757,891
IX-12 Advertising and promotion$98,182
IX-13 Office expenses$372,629
IX-14 Information technology$665,144
IX-15 Royalties$933,352
IX-16 Occupancy$459,037
IX-17 Travel$671,897
IX-19 Conferences, conventions and meetings$2,741,035
IX-20 Interest$4,108
IX-22 Depreciation, depletion and amortization$21,713
IX-23 Insurance$68,290
IX-24 Other expenses (24a–d)$137,919
IX-24e All other expenses$5,000
IX-25 Total functional expenses$17,899,038
Part X · Balance sheet $5,942,880 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $465,454$378,455
X-2 Savings and temporary cash investmentsStart of year $1,301,513$1,652,723
X-3 Pledges and grants receivableStart of year $278,075$35,500
X-4 Accounts receivableStart of year $138,677$265,963
X-9 Prepaid expenses and deferred chargesStart of year $456,377$372,823
X-10c Land, buildings and equipment, netStart of year $28,936$443
X-11 Publicly traded securitiesStart of year $2,406,357$2,219,652
X-15 Other assetsStart of year $1,492,292$1,017,321
X-16 Total assetsStart of year $6,567,681$5,942,880
X-17 Accounts payable and accrued expensesStart of year $2,420,048$2,687,430
X-19 Deferred revenueStart of year $3,459,501$1,500,200
X-25 Other liabilitiesStart of year $1,710,002$1,500,719
X-26 Total liabilitiesStart of year $8,193,155$5,688,349
X-27 Net assets without donor restrictionsStart of year −$1,799,969$219,031
X-28 Net assets with donor restrictionsStart of year $174,495$35,500
X-32 Total net assets or fund balancesStart of year −$1,625,474$254,531
X-33 Total liabilities and net assetsStart of year $6,567,681$5,942,880
Part XI · Reconciliation of net assets $254,531 net assets at year end
XI-1 Total revenue$20,164,644
XI-2 Total expenses$17,899,038
XI-3 Revenue less expenses$2,265,606
XI-4 Net assets at start of year−$1,625,474
XI-5 Net unrealized gains (losses) on investments−$385,601
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$254,531

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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