First Founders Assurance Company
- Assets
- $7.9m
- Revenue
- $562.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Chester, NJ
- Founding
- 11/2010
- Data as of
- 12/2023
- EIN
- 20-1384826
Organization Overview
First Founders Assurance Company is located in Chester, NJ. The organization was established in 2010. According to its NTEE Classification (G81) the organization is classified as: AIDS, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Founders Assurance 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 12/2023, First Founders Assurance Company generated $562.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $292.6k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE COMPANY'S PRIMARY BUSINESS IS SURETY WITH SPECIALIZATION IN PROVIDING UNITED STATES CUSTOMS BONDS AND OTHER FEDERAL BONDS RELATED TO THE IMPORT AND EXPORT INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPECIALIZES IN PROVIDING UNITED STATES CUSTOMS BONDS AND OTHER FEDERAL BONDS RELATED TO THE IMPORT AND EXPORT INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce S Haskell Secretary,treasurer & Dir | OfficerTrustee | 3 | $4,000 |
John K Daily President & Director | OfficerTrustee | 2 | $4,000 |
Richard Ramsay Director | Trustee | 1 | $4,500 |
Michael P O'connor Director | Trustee | 1 | $4,500 |
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 | $369,078 |
| Investment income | $194,124 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $562,255 |
| 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. | $17,000 |
| 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 | $44,537 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,260 |
| Fees for services: Other | $1,444 |
| Advertising and promotion | $0 |
| Office expenses | $11,787 |
| 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 | $11,798 |
| Total functional expenses | $292,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,757,279 |
| 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 | $34,761 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,070,475 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,105 |
| Total assets | $7,897,620 |
| 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 | $1,747,737 |
| Total liabilities | $1,747,737 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,000,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,400,000 |
| Retained earnings, endowment, accumulated income, or other funds | $3,749,883 |
| Total liabilities and net assets/fund balances | $7,897,620 |