Security Plus Financial Corp
- Assets
- $760.4k
- Revenue
- $61.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Denver, CO
- Founding
- 01/2003
- Data as of
- 12/2020
- EIN
- 16-1637021
Organization Overview
Security Plus Financial Corp is located in Denver, CO. The organization was established in 2003. 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. Security Plus Financial Corp is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2020, Security Plus Financial Corp generated $61.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.3%) each year. All expenses for the organization totaled $3.2k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (32.6%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDED A FINANCIAL GUARANTEE PROGRAM FOR MEMBERS OF THE ORGANIZATION SUBSTANTIALLY AT COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOLE PURPOSE AND ACTIVITY OF THE ORGANIZATION IS TO PROVIDE A FINANCIAL GUARANTEE PROGRAM FOR MEMBERS OF THE ORGANIZATION SUBSTANTIALLY AT COST. THE PURPOSE IS TO AMASS A POOL OF FUNDS FROM WHICH PARTICIPATING MEMBER COMPANIES MAY BE COMPENSATED FOR MONEY LOST IN HANDLING OF A TRANSACTION FOR OR WITH ANOTHER PARTICIPATING MEMBER COMPANY THAT HAS BECOME INSOLVENT OR HAS DECLARED BANKRUPTCY OR OTHERWISE DISBANDED.
THE SOLE PURPOSE AND ACTIVITY OF THE ORGANIZATION IS TO PROVIDE A FINANCIAL GUARANTEE PROGRAM FOR MEMBERS OF THE ORGANIZATION SUBSTANTIALLY AT COST. THE PURPOSE IS TO AMASS A POOL OF FUNDS FROM WHICH PARTICIPATING MEMBER COMPANIES MAY BE COMPENSATED FOR MONEY LOST IN HANDLING OF A TRANSACTION FOR OR WITH ANOTHER PARTICIPATING MEMBER COMPANY THAT HAS BECOME INSOLVENT OR HAS DECLARED BANKRUPTCY OR OTHERWISE DISBANDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Lucia Chairman | Officer | 1 | $0 |
David Cook Vp/treasurer | Officer | 1 | $0 |
Stuart Gregory Director | Trustee | 1 | $0 |
Jeff Carlson Director | Trustee | 1 | $0 |
Jinsoon Kim Director | Trustee | 1 | $0 |
Ag Carayannis Director | Trustee | 1 | $0 |
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 | $47,135 |
| Investment income | $13,932 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $352 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,419 |
| 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 | $1,121 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $102 |
| Total functional expenses | $3,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $68,796 |
| 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 | $691,566 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $760,362 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $213 |
| Paid-in or capital surplus, or land, building, or equipment fund | $729,345 |
| Retained earnings, endowment, accumulated income, or other funds | $30,804 |
| Total liabilities and net assets/fund balances | $760,362 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
York County Farmers Mutual Insurance Company York, NE | $1,040,452 | $4,898,000 |
Physicians Mutual Insurance Company Foundation Omaha, NE | $5,431,520 | $2,485,558 |
Polk & Butler Mutual Insurance Company Osceola, NE | $1,028,868 | $493,578 |
Mutual Insurance Company Of Saline And Seward Counties Crete, NE | $1,972,418 | $463,258 |
Homestead Water Company Evergreen, CO | $1,526,656 | $677,881 |
Sunrise Christian Hoops Foundation Wichita, KS | $119,159 | $370,527 |
Washington County Mutual Insurance Company Blair, NE | $412,758 | $231,221 |
Advanced Providers Insurance Risk Retention Group Inc Phoenix, AZ | $1,682,938 | $106,563 |
Western Kansas Gas Consortium Inc Lakin, KS | $169,862 | $0 |
Security Plus Financial Corp Denver, CO | $760,362 | $61,419 |
Royal Stewart Water Company Roosevelt, UT | $0 | $0 |