Gleaner Life Insurance Society
- Assets
- $1.3b
- Revenue
- $121.1m
- Investments
- $103.8m
- Employees
- 78
- Location
- Adrian, MI
- Founding
- 03/1967
- Data as of
- 12/2022
- EIN
- 38-0580730
Organization Overview
Gleaner Life Insurance Society is located in Adrian, MI. The organization was established in 1967. 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 12/2022, Gleaner Life Insurance Society employed 78 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Gleaner Life Insurance Society 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 12/2022, Gleaner Life Insurance Society generated $121.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $122.9m during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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
GLEANER LIFE INSURANCE SOCIETY ("GLEANER") IS A FRATERNAL BENEFIT SOCIETY. ITS MISSION IS TO BE A FRIEND OF THE FAMILY THAT PROVIDES ITS MEMBERS WITH FINANCIAL SECURITY, FRATERNAL BENEFITS, AND VOLUNTEER OPPORTUNITIES SERVED WITH INTEGRITY, RESPECT, AND ACCOUNTABILITY. THE PURPOSE OF THE BOARD OF DIRECTORS OF GLEANER LIFE INSURANCE SOCIETY (ON BEHALF OF OUR MEMBERS) IS TO PROVIDE LEADERSHIP AND MAINTAIN A SYSTEM OF GOVERNANCE SO THAT THE SOCIETY ACHIEVES ITS MISSION AND AVOIDS UNACCEPTABLE ACTIONS AND SITUATIONS. THE "CORE BOARD VALUES" ARE: - GOOD PEOPLE DOING GOOD THINGS - LEADERSHIP - ETHICAL WITH INTEGRITY - ACCOUNTABLE TO OUR MEMBERS - NOW AND FOR THE FUTURE - EQUALITY OF ALL MEMBERS - RESPECT AND VALUE RELATIONSHIPS - SERVE AND CARE FOR OUR MEMBERS GLEANER PROVIDES LIFE, SICKNESS, ACCIDENT, AND OTHER BENEFITS TO ITS MEMBERS. THROUGH 73 ACTIVE ARBORS AND 6 STATE ASSOCIATIONS, BENEVOLENT AND FRATERNAL ACTS ARE PERFORMED. COORDINATION OF MEMBERS, ORPHAN BENEFITS, SCHOLARSHIPS (THROU
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FOR LIFE, SICKNESS, ACCIDENT, OR OTHER BENEFITS TO HOLDERS OF 57,462 CERTIFICATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin A Marti Former Pres. | Officer | 40 | $715,617 |
Deborah Elliott SVP Chief Hr | Officer | 40 | $243,780 |
Anthony Golden SVP Sales & | Officer | 40 | $242,925 |
Todd M Warner SVP Chief Fi | Officer | 40 | $239,887 |
Barbara Janowski Chf Undr/vp | Officer | 40 | $206,371 |
Jaime Reynolds VP Mbr & Ce | Officer | 40 | $148,536 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Software Information Systems Llc It Service Mgnt | 12/30/22 | $191,019 |
Robert P Black It Consulting | 12/30/22 | $147,520 |
Asset Allocation Management Invest Advisor | 12/30/22 | $823,731 |
Gary Black Legal Services | 12/30/22 | $123,471 |
Strohm Ballweg Llp Audit Services | 12/30/22 | $110,275 |
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 | $122,315,884 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,189,606 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $121,126,278 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $601,931 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $80,323,865 |
| Compensation of current officers, directors, key employees. | $3,227,425 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,659,414 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,679,710 |
| Payroll taxes | $415,145 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $203,006 |
| Fees for services: Accounting | $440,951 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $897,877 |
| Fees for services: Other | $331,513 |
| Advertising and promotion | $31,414 |
| Office expenses | $376,100 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $286,268 |
| Travel | $190,744 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $624,114 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,263,485 |
| Insurance | $0 |
| All other expenses | $1,507,019 |
| Total functional expenses | $122,948,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,544,589 |
| Savings and temporary cash investments | $11,688,093 |
| 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 | $1,266,258 |
| Investments—publicly traded securities | $1,181,919,200 |
| Investments—other securities | $103,782,283 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,539,127 |
| Total assets | $1,340,739,550 |
| Accounts payable and accrued expenses | $646,546,628 |
| 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 | $574,850,913 |
| Total liabilities | $1,221,397,541 |
| 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 | $119,342,009 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,340,739,550 |
Grants Awarded
Over the last fiscal year, Gleaner Life Insurance Society has awarded $172,103 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GLEANER SCHOLARSHIP FOUNDATION PURPOSE: SCHOLARSHIPS | $80,000 |
VARIOUS ARBORS OF GLEANER PURPOSE: MBR DUES/OTHER PRGMS | $92,103 |