Wanamingo Mutual Insurance Company
- Assets
- $3.1m
- Revenue
- $477.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Wanamingo, MN
- Founding
- 02/1988
- Data as of
- 12/2021
- EIN
- 41-0598930
Organization Overview
Wanamingo Mutual Insurance Company is located in Wanamingo, 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 12/2021, Wanamingo Mutual Insurance Company employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wanamingo 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 12/2021, Wanamingo Mutual Insurance Company generated $477.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $418.5k during the year ending 12/2021. While expenses have increased by 2.9% 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
PROVIDING FIRE, AUTO, FARM, HOMEOWNERS, AND OTHER INSURANCE COVERAGE TO OUR POLICY HOLDERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE PROVIDE PROPERTY INSURANCE FOR OUR MEMBERS PER SECTION 501(C)(15)NUMBER OF MEMBERS: 540INSURANCE IN FORCE: 351,706,331
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bonnie Hermann President | OfficerTrustee | 40 | $16,761 |
Darrell Klevan Vice-President | OfficerTrustee | 20 | $10,604 |
Jerry Clemenson Treasurer | OfficerTrustee | 1 | $600 |
Ron Kyllo Secretary | OfficerTrustee | 1 | $375 |
Lisa Overby Director | Trustee | 1 | $375 |
Mary Veiseth Director | Trustee | 1 | $375 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,400 |
| 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 | $16,400 |
| Total Program Service Revenue | $344,307 |
| Investment income | $116,477 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $477,184 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,730 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $194,290 |
| Compensation of current officers, directors, key employees. | $29,390 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,752 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,274 |
| Payroll taxes | $2,922 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,233 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $22,437 |
| Office expenses | $18,174 |
| Information technology | $14,761 |
| Royalties | $0 |
| Occupancy | $4,976 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,455 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,214 |
| Insurance | $8,794 |
| All other expenses | $0 |
| Total functional expenses | $418,517 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $68,793 |
| Savings and temporary cash investments | $127,308 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,147 |
| 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 | $80,949 |
| Investments—publicly traded securities | $2,777,246 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,091,443 |
| Accounts payable and accrued expenses | $129,272 |
| Grants payable | $0 |
| Deferred revenue | $156,068 |
| 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 | $285,340 |
| 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 | $2,806,103 |
| Total liabilities and net assets/fund balances | $3,091,443 |
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