Sterling Insurance Cooperative Inc is located in Cobleskill, NY. The organization was established in 2008. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sterling Insurance Cooperative Inc is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2018, Sterling Insurance Cooperative Inc generated $309.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (65.2%) each year. All expenses for the organization totaled $155.7k during the year ending 12/2018. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE LOW COST PROPERTY INSURANCE TO NYS CONSUMERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW COST PROPERTY INSURANCE FOR NYS CONSUMERS
LOW COST PROPERTY INSURANCE FOR NYS CONSUMERS
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Stephen A Harris President | OfficerTrustee | 5 | $0 |
Antonino Cogliandro Vice President | OfficerTrustee | 2 | $0 |
Janette F Rosscoe Secretary | OfficerTrustee | 5 | $0 |
Melissa A Morlang Treasurer | OfficerTrustee | 5 | $0 |
Michael Downie Vp, Claims | OfficerTrustee | 2 | $0 |
Christopher Stauble Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $185 |
Investment income | $5,470 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$5,346 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $309 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $90,624 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $23,072 |
Payroll taxes | $0 |
Fees for services: Management | $1,232 |
Fees for services: Legal | $4,900 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $8,050 |
Advertising and promotion | $0 |
Office expenses | $11,578 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $8,848 |
Insurance | $3,279 |
All other expenses | -$2,963 |
Total functional expenses | $155,736 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $6,854 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $224,502 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $33,790 |
Total assets | $265,146 |
Accounts payable and accrued expenses | $1,388 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $107,882 |
Total liabilities | $109,270 |
Unrestricted restricted net Assets | $155,876 |
Temporarily restricted net Assets | $0 |
Permanently restricted net Assets or current funds | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Total net assets or fund balances | $155,876 |
Organization Name | Assets | Revenue |
---|---|---|
Medical And Dental Benefits Trust For Employees Of Metlife New York, NY | $16,430,630 | $451,557 |
Pennsylvania Association Of Mutual Insurance Companies Mechanicsburg, PA | $1,129,238 | $917,645 |
Welfare Benefits Tr For Collectively Bargained Retired Emp New York, NY | $45,866,049 | $1,142,472 |
West Branch Mutual Insurance Company Muncy, PA | $1,476,469 | $519,174 |
Cherry Valley Cooperative Insurance Company Williamsville, NY | $1,734,430 | $304,985 |
Pymatuning Mutual Insurance Company Mercer, PA | $2,962,321 | $119,719 |
Ever-Greene Mutual Insurance Company Everett, PA | $7,108,025 | $546,482 |
Sterling Insurance Cooperative Inc Cobleskill, NY | $265,146 | $309 |
Seaway Mutual Insurance Company Erie, PA | $2,096,806 | $73,986 |
Cambria County Mutual Ins Co Patton, PA | $345,886 | $71,524 |