Loran Mutual Insurance Co
- Assets
- $1.1m
- Revenue
- $479.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Pearl City, IL
- Founding
- 06/1931
- Data as of
- 12/2021
- 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 12/2021, Loran Mutual Insurance Co employed 4 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 12/2021, Loran Mutual Insurance Co generated $479.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $477.6k during the year ending 12/2021. While expenses have increased by 18.1% 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
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 POLICYHOLEDERS, WHILE MAINTAINING FINANCIAL STABILITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathaniel Schexnayder Operations Manager | Officer | 40 | $62,400 |
Luke Glendenning Secretary/treasurer | Officer | 30 | $26,400 |
Ronald R Brown President | OfficerTrustee | 1 | $700 |
Michael Wampfler Director | Trustee | 0 | $380 |
Kenneth Baldauf Director | Trustee | 0 | $318 |
James Musser Director | Trustee | 0 | $318 |
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 | $455,624 |
| Investment income | $20,775 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,500 |
| 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 | $479,949 |
| 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 | $135,200 |
| Compensation of current officers, directors, key employees. | $97,377 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,800 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,543 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,008 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $500 |
| Fees for services: Other | $4,137 |
| Advertising and promotion | $2,238 |
| Office expenses | $4,726 |
| Information technology | $1,515 |
| Royalties | $0 |
| Occupancy | $5,136 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,208 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,770 |
| Insurance | $107,047 |
| All other expenses | $0 |
| Total functional expenses | $477,554 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,122 |
| Savings and temporary cash investments | $555,108 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,248 |
| 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 | $19,849 |
| Investments—publicly traded securities | $448,838 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,134,165 |
| 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 | $264,748 |
| Total liabilities | $264,748 |
| Net assets without donor restrictions | $869,417 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,134,165 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wisconsin Compensation Rating Bureau As Trustees For Claimants Waukesha, WI | $302,790,843 | $83,757,741 |
National Association Of Mutual Insurance Companies Indianapolis, IN | $18,221,842 | $18,221,926 |
Illinois Fair Plan Association Chicago, IL | $9,317,772 | $3,165,384 |
Wisconsin Assoc Of Mutual Insurance Companies Deforest, WI | $455,411 | $632,080 |
Sigel Mutual Insurance Co Sigel, IL | $1,478,683 | $588,471 |
Martinsburg Mutual Insurance Co Martinsburg, MO | $1,475,708 | $577,216 |
Forest Green Farmers Mutual Insurance Company Salisbury, MO | $2,139,952 | $586,732 |
Liberty Fire Benevolent Society Jefferson City, MO | $1,956,881 | $440,864 |
Thompson And Guilford Mutual Insurance Company Scales Mound, IL | $1,339,348 | $554,823 |
Stephenson County Mutual Insurance Company Rock City, IL | $1,401,000 | $373,897 |
Loran Mutual Insurance Co Pearl City, IL | $1,134,165 | $479,949 |
Farmers Mutual Insurance Company Chillicothe, MO | $1,718,338 | $462,121 |