Garfield Farmers Mutual Fire Insurance Company
- Assets
- $891.4k
- Revenue
- $260.6k
- Investments
- $21.5k
- Employees
- 3
- Location
- Fertile, MN
- Founding
- 02/1988
- Data as of
- 12/2022
- EIN
- 41-0271805
Organization Overview
Garfield Farmers Mutual Fire Insurance Company, operating under the name Garfield Farmers Mutual Fire I, is located in Fertile, MN. The organization was established in 1988. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Garfield Farmers Mutual Fire I employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Garfield Farmers Mutual Fire I 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, Garfield Farmers Mutual Fire I generated $260.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $255.4k during the year ending 12/2022. While expenses have increased by 4.7% 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
THE ORGANIZATION PROVIDES PROPERTY CASUALTY INSURANCE COVERAGE FOR FARMERS AND HOMEOWNERS IN RURAL MINNESOTA UNDER IRC SECTION 501(C)(15) AND MINNESOTA STATUTE 67A.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE HAVE PROVIDED PROPERTY INSURANCE FOR 384 MEMBERS, WITH $164,410,069 OF INSURANCE IN FORCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jackie K Sirjord Treasurer | Officer | 40 | $35,795 |
Greg Webster President | OfficerTrustee | 5 | $1,100 |
Penny Aanden Secretary | OfficerTrustee | 2 | $600 |
Phillip Swenson Vice President | OfficerTrustee | 2 | $300 |
Jean Bakke Director | Trustee | 2 | $300 |
Bruce Jallo Director | Trustee | 2 | $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 | $242,502 |
| Investment income | $14,219 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,900 |
| 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 | $260,621 |
| 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 | $71,642 |
| Compensation of current officers, directors, key employees. | $38,695 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,496 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,328 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,210 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,563 |
| Office expenses | $8,926 |
| Information technology | $5,917 |
| Royalties | $0 |
| Occupancy | $5,427 |
| Travel | $187 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,644 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,023 |
| Insurance | $4,371 |
| All other expenses | $2,345 |
| Total functional expenses | $255,371 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $88,384 |
| Savings and temporary cash investments | $572,016 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,507 |
| 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 | $16,641 |
| Investments—publicly traded securities | $187,063 |
| Investments—other securities | $21,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,290 |
| Total assets | $891,401 |
| Accounts payable and accrued expenses | $4,660 |
| 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 | $108,703 |
| Total liabilities | $113,363 |
| 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 | $778,038 |
| Total liabilities and net assets/fund balances | $891,401 |
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