Seaway Mutual Insurance Company
- Assets
- $2.1m
- Revenue
- $74.0k
- Investments
- $1.4m
- Employees
- 0
- Location
- Erie, PA
- Founding
- 12/1976
- Data as of
- 12/2018
- EIN
- 25-1261621
Organization Overview
Seaway Mutual Insurance Company is located in Erie, PA. The organization was established in 1976. 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. Seaway Mutual 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 12/2018, Seaway Mutual Insurance Company generated $74.0k 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 (7.8%) each year. All expenses for the organization totaled $106.0k during the year ending 12/2018. As we would expect to see with falling revenues, expenses have declined by (0.3%) 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
INSURANCE COVERAGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF INSURANCE COVERAGE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew J Baldwin President | Officer | 0 | $0 |
Christopher S Baldwin Secretary | Officer | 0 | $0 |
Gregory G Baldwin Vice-President | Officer | 0 | $0 |
Brian T Ferraro Treasurer | Officer | 0 | $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 | $35,565 |
| Investment income | $38,421 |
| 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 | $73,986 |
| 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. | $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 | $650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,646 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,180 |
| 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 | $500 |
| All other expenses | $0 |
| Total functional expenses | $105,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $622,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,726 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $103,837 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,367,503 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $817 |
| Total assets | $2,096,806 |
| 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 | $30,904 |
| Total liabilities | $30,904 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,065,902 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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West Branch Mutual Insurance Company Muncy, PA | $1,340,448 | $567,998 |
Cherry Valley Cooperative Insurance Company Williamsville, NY | $1,734,430 | $304,985 |
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Sterling Insurance Cooperative Inc Cobleskill, NY | $265,146 | $309 |
Ever-Greene Mutual Insurance Company Everett, PA | $7,499,473 | $556,068 |
Seaway Mutual Insurance Company Erie, PA | $2,096,806 | $73,986 |
Cambria County Mutual Ins Co Patton, PA | $309,976 | $33,813 |
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