Rice County Mutual Insurance Company
- Assets
- $4.4m
- Revenue
- $320.4k
- Investments
- $0.0
- Employees
- 1
- Location
- Faribault, MN
- Founding
- 08/1987
- Data as of
- 12/2022
- EIN
- 41-0502642
Organization Overview
Rice County Mutual Insurance Company is located in Faribault, MN. The organization was established in 1987. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rice County Mutual Insurance Company 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, Rice County Mutual Insurance Company generated $320.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $244.8k during the year ending 12/2022. 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 WRITES FIRE AND ADDITIONAL LINES INSURANCE COVERAGES AND PAYS CLAIMS ON COVERED POLICYHOLDER LOSSES PER IRC SECTION 501(C)(15)
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE HAVE PROVIDED PROPERTY INSURANCE FOR OUR MEMBERS PER SECTION 501(C)(15)NUMBER OF MEMBERS: 500INSURANCE IN FORCE: 263,403,270
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard Schoenfeld President | OfficerTrustee | 1 | $0 |
Ronald Maas Vice-President | OfficerTrustee | 1 | $0 |
Daniel Pumper Secretary | OfficerTrustee | 1 | $0 |
Lawrence Mcfadden Director | Trustee | 1 | $0 |
Paul Meyer Director | Trustee | 1 | $0 |
Robin Herrley Treasurer | Officer | 40 | $52,896 |
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 | $228,979 |
| Investment income | $92,323 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$895 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $320,407 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $895 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $36,605 |
| Compensation of current officers, directors, key employees. | $61,306 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,600 |
| Payroll taxes | $6,606 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,300 |
| Advertising and promotion | $2,257 |
| Office expenses | $2,940 |
| Information technology | $8,432 |
| Royalties | $0 |
| Occupancy | $9,900 |
| Travel | $1,250 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,957 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,361 |
| All other expenses | $0 |
| Total functional expenses | $244,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,207 |
| Savings and temporary cash investments | $1,364,812 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $34,539 |
| 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 | $0 |
| Investments—publicly traded securities | $2,955,976 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,428,534 |
| Accounts payable and accrued expenses | $24,462 |
| Grants payable | $0 |
| Deferred revenue | $110,716 |
| 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 | $0 |
| Total liabilities | $135,178 |
| 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 | $4,293,356 |
| Total liabilities and net assets/fund balances | $4,428,534 |