Farmers Fire Insurance Co of Morgan Cou

Nonprofit profile at a glance

EIN
580501406
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Madison, GA, USA
Phone
7063423848
Rating
53
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$59,554
Expenses
$58,291
Assets
$723,480
Liabilities
$26,698

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • Michael Nabors (President)
  • Alan Verner (Vice President)

Highest reported compensation

  • Shane Seabolt (Secretary): $10,800 total reported compensation
  • Michael Nabors (President): $1,800 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the Farmers Fire Insurance of Morgan Co. is to provide low cost insurance to farmers.

What it reported doing in 2024

The mission of the Farmers Fire Insurance Co. of Morgan County is to provide low cost insurance to approximately 75 farmers.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 53% for direct work, and 47% for member benefits.

The verdict

MIXED - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 90
  • Accountability: 5
  • Sustainability: 52
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 48.7%; rating input score 49
  • Program expense ratio: 66.8%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.1%; rating input score 58; 58th percentile among comparable filings
  • Total-asset coverage ratio: 12.41; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 21.6%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: -2.4% per year; rating input score 0; 51st percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 37th percentile among comparable filings

Details

  • Where the money goes: 48.7% of revenue deployed · 66.8% of spending went to programs
  • Governance: 0 of 10 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $39K in reported program spending
  • Leadership: top reported pay $11K · 10 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 49/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 8 of 9 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Operating margin scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.