Spring Grove Mutual Insurance Co
- Assets
- $2.0m
- Revenue
- $596.2k
- Investments
- $364.2k
- Employees
- 4
- Location
- Brodhead, WI
- Founding
- 12/1941
- Data as of
- 12/2021
- EIN
- 39-0273700
Organization Overview
Spring Grove Mutual Insurance Co is located in Brodhead, WI. The organization was established in 1941. 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, Spring Grove Mutual Insurance Co employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spring Grove 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, Spring Grove Mutual Insurance Co generated $596.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $470.5k during the year ending 12/2021. While expenses have increased by 2.3% 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 PROPERTY CASUALTY INSURANCE TO OUR POLICYHOLDERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES OF MUTUAL INSURANCE COMPANY PROVIDING PROPERTY AND CASUALTY BENEFITS TO ITS POLICYHOLDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 0.1 | $150 |
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 | $450,179 |
| Investment income | $52,384 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $77,946 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $596,197 |
| 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. | $72,472 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,572 |
| Pension plan accruals and contributions | $2,133 |
| Other employee benefits | $9,433 |
| Payroll taxes | $8,291 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,879 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,079 |
| Office expenses | $32,503 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,684 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,166 |
| Insurance | $8,391 |
| All other expenses | $26,328 |
| Total functional expenses | $470,534 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $114,114 |
| Savings and temporary cash investments | $346,640 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $39,706 |
| 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 | $65,432 |
| Investments—publicly traded securities | $1,015,080 |
| Investments—other securities | $364,169 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,720 |
| Total assets | $1,959,861 |
| Accounts payable and accrued expenses | $24,227 |
| Grants payable | $0 |
| Deferred revenue | $199,790 |
| 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 | $35,334 |
| Total liabilities | $259,351 |
| 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 | $1,700,510 |
| Total liabilities and net assets/fund balances | $1,959,861 |
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