Loran Mutual Insurance Co
- Assets
- $1.2m
- Revenue
- $591.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Pearl City, IL
- Founding
- 06/1931
- Data as of
- 12/2022
- EIN
- 36-2255210
Organization Overview
Loran Mutual Insurance Co is located in Pearl City, IL. The organization was established in 1931. 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. As of 12/2022, Loran Mutual Insurance Co employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loran Mutual Insurance Co 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, Loran Mutual Insurance Co generated $591.5k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $526.4k during the year ending 12/2022. While expenses have increased by 18.3% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LORAN MUTUAL INSURANCE COMPANY IS A FARM MUTUAL INSURANCE COMPANY DEDICATED TO PROVIDING QUALITY INSURANCE AND SUPERIOR SERVICE TO ABOUT 300 POLICYHOLDERS IN 6 COUNTIES IN IL. ALL EXPENSES ARE RELEVANT TO THIS SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LORAN MUTUAL INSURANCE COMPANY IS A FARM MUTUAL INSURANCE COMPANY DEDICATED TO PROVIDING QUALITY INSURANCE PRODUCTS AND SUPERIOR SERVICE TO OUR POLICYHOLDERS, WHILE MAINTAINING FINANCIAL STABILITY. LORAN MUTUAL IS A FARM MUTUAL INSURANCE COMPANY WHICH OPERATES SOLELY FOR THE PURPOSE OF OFFERING FIRE AND WIND INSURANCE COVERAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Brown President | OfficerTrustee | 1 | $1,000 |
William Kuhlemeier Vice Preside | OfficerTrustee | 0.5 | $150 |
Luke Glendenning Secretary/tr | Officer | 40 | $26,400 |
James Heimerdinger Director | Trustee | 0.5 | $300 |
Michael Wampfler Director | Trustee | 0.5 | $225 |
Curtis Derrer Director | Trustee | 0.5 | $300 |
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 | $571,092 |
| Investment income | $18,617 |
| 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 | $591,487 |
| 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. | $29,125 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $69,600 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,743 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,512 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,768 |
| 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 | $2,861 |
| Insurance | $7,720 |
| All other expenses | $13,753 |
| Total functional expenses | $526,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $192,265 |
| Savings and temporary cash investments | $984,437 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $16,988 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,193,690 |
| 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 | $7,718 |
| Total liabilities | $7,718 |
| 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 | $1,185,972 |
| Total liabilities and net assets/fund balances | $1,193,690 |