Farmers Mutual Rescue Insurance Company
- Assets
- $3.7m
- Revenue
- $387.4k
- Investments
- $10.4k
- Employees
- 1
- Location
- Lagrange, IN
- Founding
- 11/1949
- Data as of
- 12/2021
- EIN
- 35-1081842
Organization Overview
Farmers Mutual Rescue Insurance Company is located in Lagrange, IN. The organization was established in 1949. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Mutual Rescue 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 12/2021, Farmers Mutual Rescue Insurance Company generated $387.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $234.2k during the year ending 12/2021. While expenses have increased by 1.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
PROVIDE INSURANCE TO LAGRANGE COUNTY, INDIANA AND SURROUNDING AREAS THROUGH A MUTUAL INSURANCE COMPANY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED TO PROVIDE INSURANCE POLICIES TO MEMBERS.
EXPENSES INCURRED TO PROVIDE INSURANCE POLICIES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Hostetler Treasurer | OfficerTrustee | 20 | $21,500 |
Richard Long President | OfficerTrustee | 20 | $13,332 |
David Young Director | Trustee | $5,000 | |
Norman Bovee Director | Trustee | $2,500 | |
Steve Christner Director | Trustee | $2,500 | |
Mark Thompson Director | Trustee | $2,500 |
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 | $306,265 |
| Investment income | $45,288 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $35,808 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $387,361 |
| 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 | $19,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,543 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75 |
| Fees for services: Accounting | $3,854 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,196 |
| Advertising and promotion | $7,345 |
| Office expenses | $310 |
| 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 | $61,149 |
| All other expenses | $2,245 |
| Total functional expenses | $234,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $348,352 |
| Savings and temporary cash investments | $565,506 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,070 |
| 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 | $0 |
| Investments—publicly traded securities | $2,764,133 |
| Investments—other securities | $10,433 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,711,494 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $275,733 |
| 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 | $0 |
| Total liabilities | $275,733 |
| 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 | $3,435,761 |
| Total liabilities and net assets/fund balances | $3,711,494 |
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