First Founders Assurance Company
- Assets
- $7.0m
- Revenue
- $536.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Chester, NJ
- Founding
- 11/2010
- Data as of
- 12/2021
- 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 12/2021, First Founders Assurance Company generated $536.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $315.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 7 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
2021
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 |
|---|---|---|---|
Richard Ramsay Director | Trustee | 1 | $3,375 |
Michael P O'connor Director | Trustee | 1 | $3,375 |
Bruce S Haskell Secretary,treasurer & Dire | OfficerTrustee | 3 | $3,000 |
John K Daily President & Director | OfficerTrustee | 2 | $3,000 |
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 | $357,959 |
| Investment income | $162,166 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,348 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $536,473 |
| 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. | $12,750 |
| 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 | $37,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $36,104 |
| Fees for services: Other | $9,841 |
| Advertising and promotion | $0 |
| Office expenses | $17,249 |
| 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 | $1,000 |
| Total functional expenses | $315,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $772,377 |
| Savings and temporary cash investments | $500,483 |
| 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 | $42,124 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,646,884 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,562 |
| Total assets | $6,996,430 |
| 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 | $1,371,778 |
| Total liabilities | $1,371,778 |
| 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 | $3,224,652 |
| Total liabilities and net assets/fund balances | $6,996,430 |
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