Farmers Mutual Rescue Insurance Company
- Assets
- $3.2m
- Revenue
- $282.9k
- Investments
- $11.4k
- Employees
- 1
- Location
- Lagrange, IN
- Founding
- 11/1949
- Data as of
- 12/2022
- 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 12/2022, Farmers Mutual Rescue Insurance Company generated $282.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $246.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.8%) 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
2022
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 | $12,283 |
David Young Director | Trustee | $5,000 | |
Steve Christner Director | Trustee | $2,500 | |
Mark Thompson Director | Trustee | $2,500 | |
Jordan Younce Director | Trustee | $1,000 |
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 | $230,329 |
| Investment income | $43,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,395 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $282,855 |
| 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 | $0 |
| Fees for services: Accounting | $4,184 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $58,007 |
| Advertising and promotion | $9,026 |
| Office expenses | $911 |
| 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 | $7,251 |
| All other expenses | $464 |
| Total functional expenses | $246,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $332,406 |
| Savings and temporary cash investments | $567,341 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,745 |
| 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 | $2,318,569 |
| Investments—other securities | $11,432 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,241,493 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $264,355 |
| 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 | $264,355 |
| 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 | $2,977,138 |
| Total liabilities and net assets/fund balances | $3,241,493 |