American Mutual Life Association
- Assets
- $47.9m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Cleveland, OH
- Founding
- 08/1940
- Data as of
- 12/2023
- EIN
- 34-6577472
Organization Overview
American Mutual Life Association is located in Cleveland, OH. The organization was established in 1940. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, American Mutual Life Association employed 6 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. American Mutual Life Association is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2023, American Mutual Life Association generated $3.2m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $3.4m 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
TO PROVIDE MUTUAL AID, PROTECTION AND SECURITY FOR MEMBERS THROUGH AFFORDABLE INSURANCE AND STABLE FINANCIAL PRODUCTS. TO PROMOTE, PRESERVE THE BENEFIT OF THE MEMBERS. TO SUPPORT THE COMMUNITIES WHEREIN OUR MEMBERSHIP RESIDES THROUGH ACTS OF BENEVOLENCE AND VOLUNTEERISM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FRATERNAL LIFE INSURANCE BENEFITS PROGRAMS CONSISTING OF OVER 10,000 POLICIES FOR OVER 7,500 MEMBERS; OFFERED NON-QUALIFIED ANNUITIES AND QUALIFIED RETIREMENT ANNUITIES. CONTINUED THE SICK BENEFIT PROGRAM TO PROVIDE SOME ASSISTANCE WITH MEDICAL EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy J Percic CEO | OfficerTrustee | 40 | $141,601 |
Andrew Hanigosky CFO | OfficerTrustee | 40 | $119,337 |
Joseph G Zab First Vice President | Trustee | 4 | $7,325 |
James Czeck Second Vice President | Trustee | 1 | $5,725 |
Kenneth Shine Internal Audit Chair | Trustee | 2 | $4,250 |
Ronald Zab Finance Committee Chair | Trustee | 4 | $4,495 |
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 | $924,958 |
| Investment income | $2,271,024 |
| 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 | $3,229,798 |
| 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 | $2,334,968 |
| Compensation of current officers, directors, key employees. | $316,518 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $124,462 |
| Pension plan accruals and contributions | $15,652 |
| Other employee benefits | $60,488 |
| Payroll taxes | $35,217 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,000 |
| Fees for services: Accounting | $90,095 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $21,288 |
| Office expenses | $24,455 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $56,425 |
| Travel | $6,458 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,284 |
| Insurance | $23,340 |
| All other expenses | $0 |
| Total functional expenses | $3,367,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $190 |
| Savings and temporary cash investments | $598,589 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,862 |
| 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 | $152,734 |
| Investments—publicly traded securities | $46,488,833 |
| Investments—other securities | $0 |
| Investments—program-related | $62,833 |
| Intangible assets | $0 |
| Other assets | $635,122 |
| Total assets | $47,940,163 |
| Accounts payable and accrued expenses | $477,435 |
| 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 | $35,382,757 |
| Total liabilities | $35,860,192 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $12,079,971 |
| Total liabilities and net assets/fund balances | $47,940,163 |