Franklin Fire Insurance Company
- Assets
- $1.2m
- Revenue
- $64.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Oneonta, NY
- Founding
- 05/1946
- Data as of
- 12/2022
- EIN
- 15-0311350
Organization Overview
Franklin Fire Insurance Company is located in Oneonta, NY. The organization was established in 1946. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Franklin Fire Insurance Company employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Fire Insurance Company is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2022, Franklin Fire Insurance Company generated $64.3k 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 (4.1%) each year. All expenses for the organization totaled $82.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 4 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
INSURE POLICYHOLDERS ANDCOVER LOSSES AS THEY OCCUR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE INSURANCE COVERAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heather Ross Secretary And Director | OfficerTrustee | 30 | $18,820 |
Burton Barnes Treasurer And Director | OfficerTrustee | 10 | $7,236 |
Thomas Barnes President And Director | OfficerTrustee | $4,016 | |
James Carey Vice President And Director | OfficerTrustee | $3,510 | |
Donald T Smith Director | Trustee | $2,200 | |
Richard Yarnes Director | Trustee | $2,619 |
Financial Statements
| 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 | $0 |
| Investment income | $16,595 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,295 |
| 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. | $49,361 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,114 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,673 |
| Fees for services: Other | $0 |
| Advertising and promotion | $33 |
| Office expenses | $1,153 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,000 |
| Travel | $967 |
| 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 | $0 |
| Insurance | $1,211 |
| All other expenses | $902 |
| Total functional expenses | $82,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,983 |
| Savings and temporary cash investments | $272,786 |
| 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 | $898,589 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,179,358 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,000 |
| Total liabilities | $1,000 |
| Net assets without donor restrictions | $1,154,945 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,179,358 |