Svea Mutual Insurance Association
- Assets
- $2.9m
- Revenue
- $546.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Swedesburg, IA
- Founding
- 09/1943
- Data as of
- 12/2023
- EIN
- 42-6073120
Organization Overview
Svea Mutual Insurance Association is located in Swedesburg, IA. The organization was established in 1943. 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 12/2023, Svea Mutual Insurance Association employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Svea 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 12/2023, Svea Mutual Insurance Association generated $546.4k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $437.7k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE PROPERTY INSURANCE TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE PROPERTY INSURANCE TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carl Alvine President | OfficerTrustee | 1 | $4,000 |
Arthur Lauer Vice Preside | OfficerTrustee | 1 | $100 |
Monte Kann Secretary/tr | OfficerTrustee | 40 | $46,792 |
Stanley Unkrich Director | Trustee | 1 | $0 |
William Mcgohan Director | Trustee | 1 | $100 |
Tom Mcallister Director | Trustee | 1 | $50 |
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 | $481,430 |
| Investment income | $60,095 |
| 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 | $546,441 |
| 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. | $86,115 |
| 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 | $0 |
| Payroll taxes | $3,923 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,818 |
| Fees for services: Accounting | $1,465 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,874 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,708 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,007 |
| All other expenses | $17,608 |
| Total functional expenses | $437,698 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $361,395 |
| Savings and temporary cash investments | $2,240,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $668 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,606 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $248,376 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,854,045 |
| Accounts payable and accrued expenses | $26,002 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $235,262 |
| Total liabilities | $261,264 |
| Net assets without donor restrictions | $2,592,781 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,854,045 |