American Mutual Share Insurance Corp & Subsidiaries
- Assets
- $356.6m
- Revenue
- $10.4m
- Investments
- $1.3m
- Employees
- 29
- Location
- Dublin, OH
- Founding
- 02/1978
- Data as of
- 12/2021
- EIN
- 23-7376679
Organization Overview
American Mutual Share Insurance Corp & Subsidiaries, operating under the name American Share Insurance, is located in Dublin, OH. The organization was established in 1978. 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 12/2021, American Share Insurance employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Share Insurance is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, American Share Insurance generated $10.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.1% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE PRIMARY AND EXCESS SHARE (DEPOSIT) INSURANCE EXCLUSIVELY TO CREDIT UNIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AMERICAN MUTUAL SHARE INSURANCE CORPORATION (ASI) PROVIDES PRIMARY AND EXCESS SHARE (DEPOSIT) INSURANCE TO CREDIT UNIONS UNDER OHIO REVISED CODE SECTION 1761, AS A MEMBER-OWNED, MUTUALLY ORGANIZED SHARE GUARANTY CORPORATION, AND THE NATION'S LARGEST NON-FEDERAL INSURER OF CONSUMER DEPOSITS. APPROXIMATELY 125 MEMBER CREDIT UNIONS IN 10 STATES WERE SERVED BY ASI IN 2021 AND THE AGGREGATE NUMBER OF INDIVIDUAL MEMBERS IN THOSE CREDIT UNIONS INSURED BY ASI IS ESTIMATED TO BE APPROXIMATELY 1.33 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis R Adams President/ceo | OfficerTrustee | 45 | $1,346,136 |
Curtis L Robson Former Officer | 0 | $504,196 | |
Kurt R Loose VP Examination & Insurance | Officer | 45 | $259,013 |
Peter J Love VP Finance/secretary/treasurer (end 12/21) | Officer | 45 | $238,594 |
Kurt G Kluth VP Information Technology | Officer | 45 | $234,399 |
David W Kettlehake VP Sales & Marketing | Officer | 45 | $201,042 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crowe Llp Internal Audit | 12/30/20 | $172,587 |
Deloitte And Touche Audit And Tax | 12/30/20 | $147,313 |
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 | $2,836,200 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,505,840 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,357,280 |
| 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. | $2,408,979 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,774,772 |
| Pension plan accruals and contributions | $235,791 |
| Other employee benefits | $278,991 |
| Payroll taxes | $258,165 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,504 |
| Fees for services: Accounting | $197,108 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $190,517 |
| Office expenses | $521,572 |
| Information technology | $176,151 |
| Royalties | $0 |
| Occupancy | $105,617 |
| Travel | $92,835 |
| 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 | $155,356 |
| Insurance | $144,242 |
| All other expenses | $0 |
| Total functional expenses | $9,282,695 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,891,793 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,216,848 |
| 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 | $195,216 |
| Net Land, buildings, and equipment | $1,140,642 |
| Investments—publicly traded securities | $259,747,502 |
| Investments—other securities | $1,309,400 |
| Investments—program-related | $25,554,838 |
| Intangible assets | $0 |
| Other assets | $5,585,944 |
| Total assets | $356,642,183 |
| Accounts payable and accrued expenses | $3,212,098 |
| 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 | $19,505,914 |
| Total liabilities | $22,718,012 |
| Net assets without donor restrictions | $0 |
| 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 | $266,601,750 |
| Retained earnings, endowment, accumulated income, or other funds | $67,322,421 |
| Total liabilities and net assets/fund balances | $356,642,183 |
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