Sumter Mutual Insurance Company
- Assets
- $3.1m
- Revenue
- $594.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Silver Lake, MN
- Founding
- 04/1988
- Data as of
- 12/2018
- EIN
- 41-0566023
Organization Overview
Sumter Mutual Insurance Company is located in Silver Lake, MN. The organization was established in 1988. 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 12/2018, Sumter Mutual Insurance Company employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sumter 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 12/2018, Sumter Mutual Insurance Company generated $594.4k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $610.8k during the year ending 12/2018. While expenses have increased by 4.0% per year over the past 3 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
THE COMPANY PROVIDES FIRE AND ADDITIONAL LINES INSURANCE COVERAGES TO POLICYHOLDERS/MEMBERS AND PAYS CLAIMS ON COVERED POLICYHOLDER LOSSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY PROVIDES PROPERTY INSURANCE FOR OUR MEMBERS PER SECTION 501(C)(15).NUMBER OF MEMBERS: 897INSURANCE IN FORCE: 397,052,209
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Schauer President | OfficerTrustee | 1 | $3,100 |
Larry Doerr Vice-President | OfficerTrustee | 40 | $1,000 |
Deann Fiecke Secretary | OfficerTrustee | 1 | $1,900 |
Linda L Jaskowiak Treasurer | OfficerTrustee | 40 | $50,600 |
Jennifer Luthens Director | Trustee | 1 | $1,400 |
Jeff Nohner Director | Trustee | 1 | $1,300 |
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 | $467,451 |
| Investment income | $116,164 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,195 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $594,410 |
| 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 | $167,153 |
| Compensation of current officers, directors, key employees. | $9,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $90,688 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,418 |
| Payroll taxes | $6,582 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,800 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $50 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,411 |
| Office expenses | $6,061 |
| Information technology | $11,630 |
| Royalties | $0 |
| Occupancy | $10,267 |
| Travel | $4,842 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,419 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,437 |
| Insurance | $8,382 |
| All other expenses | $12,716 |
| Total functional expenses | $610,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,686 |
| Savings and temporary cash investments | $591,981 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,472 |
| 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 | $226,689 |
| Investments—publicly traded securities | $2,220,917 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,106,745 |
| Accounts payable and accrued expenses | $44,730 |
| Grants payable | $0 |
| Deferred revenue | $169,469 |
| 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 | $214,199 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,892,546 |