Dakota Stanton Mutual Insurance Company
- Assets
- $4.3m
- Revenue
- $506.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Farmington, MN
- Founding
- 05/1933
- Data as of
- 12/2021
- EIN
- 41-0799962
Organization Overview
Dakota Stanton Mutual Insurance Company is located in Farmington, MN. The organization was established in 1933. 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, Dakota Stanton Mutual Insurance Company employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota Stanton 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, Dakota Stanton Mutual Insurance Company generated $506.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $408.0k during the year ending 12/2021. While expenses have increased by 1.5% 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
THE ORGANIZATION WRITES FIRE AND ADDITIONAL LINES INSURANCE COVERAGES AND PAYS CLAIMS ON COVERED POLICYHOLER 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: 549INSURANCE IN FORCE: 459,994,917
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deb Emery Treasurer | OfficerTrustee | 20 | $13,596 |
Orin Legare President | OfficerTrustee | 1 | $1,200 |
Robert Tate Secretary | OfficerTrustee | 1 | $800 |
Edward Terry Vice-President | OfficerTrustee | 1 | $600 |
John Moes Director | Trustee | 1 | $600 |
John Bremer Director | Trustee | 1 | $400 |
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 | $406,923 |
| Investment income | $84,745 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,248 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $506,916 |
| 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 | $239,936 |
| Compensation of current officers, directors, key employees. | $17,496 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,504 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,084 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,518 |
| Office expenses | $4,486 |
| Information technology | $8,893 |
| Royalties | $0 |
| Occupancy | $9,025 |
| Travel | $870 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,692 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $789 |
| Insurance | $16,220 |
| All other expenses | $742 |
| Total functional expenses | $407,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $152,169 |
| Savings and temporary cash investments | $1,637,256 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,303 |
| 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 | $2,443,543 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,258,271 |
| Accounts payable and accrued expenses | $109,161 |
| Grants payable | $0 |
| Deferred revenue | $197,274 |
| 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 | $306,435 |
| 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 | $3,951,836 |
| Total liabilities and net assets/fund balances | $4,258,271 |
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