Lincoln Mutual Insurance Association
- Assets
- $1.5m
- Revenue
- $470.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Lone Tree, IA
- Founding
- 08/1988
- Data as of
- 12/2021
- EIN
- 42-0380610
Organization Overview
Lincoln Mutual Insurance Association is located in Lone Tree, IA. 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 12/2021, Lincoln Mutual Insurance Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lincoln Mutual Insurance Association 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, Lincoln Mutual Insurance Association generated $470.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $428.8k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 7 years. 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
PROPERTY INSURANCE
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phyllis Peterson Sec/treas/ag | Officer | 20 | $69,108 |
Gerald Burr President | Officer | 1 | $600 |
Benjamin Slaughter Vice-Preside | Officer | 1 | $0 |
Joe Wright Director/age | Trustee | 1 | $0 |
Josh Zaruba Director | Trustee | 1 | $0 |
John Pechman Director | Trustee | 1 | $0 |
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 | $0 |
| Investment income | $29,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,970 |
| 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 | $470,791 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $140,599 |
| Compensation of current officers, directors, key employees. | $140,599 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $45,649 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $60 |
| Payroll taxes | $8,512 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,390 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,542 |
| Office expenses | $1,411 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,028 |
| Travel | $2,310 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $800 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,234 |
| Insurance | $7,493 |
| All other expenses | $24,049 |
| Total functional expenses | $428,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,990 |
| Savings and temporary cash investments | $265,297 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,900 |
| 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 | $54,867 |
| Investments—publicly traded securities | $1,039,105 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,685 |
| Total assets | $1,455,844 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $199,067 |
| 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 | $68,131 |
| Total liabilities | $267,198 |
| 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 | $1,188,646 |
| Total liabilities and net assets/fund balances | $1,455,844 |
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