Southern Mutual Church Insurance Company
- Assets
- $93.0m
- Revenue
- $67.0m
- Investments
- $590.5k
- Employees
- 58
- Location
- Columbia, SC
- Founding
- 02/1983
- Data as of
- 12/2022
- EIN
- 57-0251155
Organization Overview
Southern Mutual Church Insurance Company is located in Columbia, SC. The organization was established in 1983. 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 12/2022, Southern Mutual Church Insurance Company employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Mutual Church Insurance Company is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Southern Mutual Church Insurance Company generated $67.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $67.9m during the year ending 12/2022. While expenses have increased by 9.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SPECIALIZED, COST-EFFECTIVE PROPERTY AND CASUALTY INSURANCE TO MEMBER CHURCHES. ORIENTED TOWARDS SPECIFIC NEEDS UNIQUE TO CHURCHES, THEREBY BENEFITING THE SOCIAL WELFARE OF THE COMMUNITIES OF CHURCHES SERVED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GROSS DIRECT INSURANCE PREMIUM FROM MEMBER CHURCHES = 62,859,946 MEMBER CHURCHES INSURED AT 12/31/2022 = 11,383 POLICIES IN FORCE = 19,390 THE PRIMARY FUNCTION OF SMCIC IS TO PROVIDE INSURANCE PROTECTION FOR ITS MEMBER CHURCHES AT THE LOWEST COST POSSIBLE BY REDUCED RATES AND OTHER METHODS PERMISSIBLE BY LAW.
MINIMAL SERVICE FEES RELATED TO PREMIUM PAYMENT PLANS. REVENUE RECOGNIZED AS PROGRAM SERVICE REVENUE IN PART VIII WITH NO ASSOCIATED ALLOCATED EXPENSES. THE COMPANY ALSO PROVIDES AN ANNUAL INSPECTION PROGRAM AND SAFETY INSTRUCTIONS FOR EACH MEMBER CHURCH AS A SERVICE TO HELP MITIGATE LOSSES AND PROTECT PROPERTY AND PEOPLE. THIS IS A FREE SERVICE AND NO ASSOCIATED REVENUE OR EXPENSES HAVE BEEN ALLOCATED. THE COMPANY PROVIDES EDUCATIONAL WORKSHOPS AND TRAINING PROGRAMS AS A SERVICE TO HELP MITIGATE LOSSES AND PROTECT PROPERTY AND PEOPLE. THIS A FREE SERVICE AND NO ASSOCIATED REVENUE OR EXPENSES HAVE BEEN ALLOCATED. EXPENSES 0. INCLUDING GRANTS OF 0. REVENUE 145,398.
LOW INTEREST RATE LOANS TO MEMBER CHURCHES. TOTAL LOANS OUTSTANDING AT 12/31/22 = 590,474 LOANS ARE MADE FROM AVAILABLE SURPLUS.
MISCELLANEOUS POLICIES PROVIDED AS A SERVICE TO MEMBERS. THIS TYPE OF POLICY IS NOT AVAILABLE THROUGH THE COMPANY. SMCIC CANNOT ALWAYS PROVIDE PROTECTION DIRECTLY FOR MEMBERS' NEEDS AND WILL ARRANGE OUTSIDE CONTRACTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert A Bates President/ce | OfficerTrustee | 32.5 | $431,774 |
Thomas C Alexander Director | Trustee | 1 | $11,000 |
Elizabeth L Brabham Director | Trustee | 1 | $11,800 |
David J Charpia Director | Trustee | 1 | $12,200 |
Thomas F Cordray Director | Trustee | 1 | $13,000 |
Thomas G Earle Director | Trustee | 1 | $18,850 |
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 | $63,184,975 |
| Investment income | $1,944,858 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $62,499 |
| Net Gain/Loss on Asset Sales | $1,844,796 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $67,035,993 |
| 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. | $1,125,917 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,985,983 |
| Pension plan accruals and contributions | $442,274 |
| Other employee benefits | $836,754 |
| Payroll taxes | $273,445 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,780 |
| Fees for services: Accounting | $29,565 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $138,548 |
| Fees for services: Other | $450,467 |
| Advertising and promotion | $119,225 |
| Office expenses | $389,635 |
| Information technology | $387,766 |
| Royalties | $0 |
| Occupancy | $217,794 |
| Travel | $444,793 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,939 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,881 |
| Insurance | $94,374 |
| All other expenses | $0 |
| Total functional expenses | $67,871,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1,584,006 |
| Savings and temporary cash investments | $10,510,116 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,225,308 |
| 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 | $557,648 |
| Investments—publicly traded securities | $66,054,473 |
| Investments—other securities | $590,474 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $669,177 |
| Total assets | $93,023,190 |
| Accounts payable and accrued expenses | $14,552,374 |
| 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 | $29,413,618 |
| Total liabilities | $43,965,992 |
| 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 | $49,057,198 |
| Total liabilities and net assets/fund balances | $93,023,190 |