Farm Bureau Inc-Stanly County
- Assets
- $1.0m
- Revenue
- $180.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Albemarle, NC
- Founding
- 08/1964
- Data as of
- 12/2023
- EIN
- 56-6065267
Organization Overview
Farm Bureau Inc-Stanly County is located in Albemarle, NC. The organization was established in 1964. According to its NTEE Classification (K28) the organization is classified as: Farm Bureaus & Granges, under the broad grouping of Food, Agriculture & Nutrition and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farm Bureau Inc-Stanly County is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2023, Farm Bureau Inc-Stanly County generated $180.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $152.2k during the year ending 12/2023. While expenses have increased by 1.2% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRIVATE, NON-PROFIT ORGANIZATION CREATED TO DEVELOP, FOSTER, PROMOTE AND PROTECT PROGRAMS FOR THE WELFARE OF FARM PEOPLE, INCLUDING THEIR ECONOMIC, SOCIAL AND EDUCATIONAL WELL-BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POLICY DEVELOPMENT- MEMBERS WORKING IN COMMITTEES INVOLVED AT THE COUNTY, DISTRICT AND STATE LEVELS TO IDENTIFY ISSUES IMPORTANT TO THE WELL BEING OF AGRICULTURE AND DEVELOPING PUBLIC POLICIES ON SUCH ISSUES TO PURSUE THROUGH THE LEGISLATIVE AND REGULATORY PROCESS.
PUBLIC AWARENESS ACTIVITIES - TO INFORM THE PUBLIC OF THE IMPORTANCE OF AGRICULTURE TO THE ECONOMY OF THE COUNTY. COORDINATED AND HELPED TO SPONSER EVENTS WITH OTHER AGRICULTURE AND COMMUNITY GROUPS TO RAISE THE PUBLIC AWARENESS OF AGRICULTURAL ENTERPRISES WITHIN THE COUNTY AND TO INCREASE FARMER'S PRODUCTION KNOWLEDGE.
AGRICULTURAL LEADERSHIP DEVELOPMENT -PLANNED, CONDUCTED AND SUPPORTED ACTIVITIES FOR YOUTH AND ADULTS INVOLVED IN AGRICULTURE THAT PROVIDED OPPORTUNITIES TO EXPLORE THE AGRICULTURAL INDUSTRY AND DEVELOP LEADERSHIP SKILLS. THESE ACTIVITIES INCLUDED COLLEGE SCHOLARSHIPS FOR STUDENTS MAJORING IN AN AGRICULTURAL FIELD OF STUDY, INSTITUTE FOR FUTURE AGRICULTURAL LEADERSHIP AND VARIOUS LEADERSHIP CONFERENCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Herlocker Member-Bod | Trustee | 0.25 | $0 |
Laura Hatley Member-Bod | Trustee | 0.25 | $0 |
Ronnie Burleson Member-Bod | Trustee | 0.25 | $0 |
Jamie Carrick Member-Bod | Trustee | 0.25 | $0 |
Gary Hatley President | OfficerTrustee | 0.25 | $0 |
Frank Lee Secretary | OfficerTrustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $126,175 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $87 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $126,262 |
| Total Program Service Revenue | $0 |
| Investment income | $29,765 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,639 |
| Net Gain/Loss on Asset Sales | -$910 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $180,756 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,600 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,377 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,660 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,945 |
| Interest | $0 |
| Payments to affiliates | $69,078 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,417 |
| All other expenses | $1,678 |
| Total functional expenses | $152,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,955 |
| Savings and temporary cash investments | $376,115 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $124,200 |
| Investments—publicly traded securities | $440,676 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,027,946 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,027,946 |
| 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 | $1,027,946 |