Farmers Mutual Ins Co Clay County

Nonprofit profile at a glance

EIN
440242623
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Liberty, MO, USA
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Mutual Insurance Company & Associations

Reported finances

Revenue
$45,547
Expenses
$102,144
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • LAURA MASSEY (VICE PRESIDENT)
  • RICHARD SCHMIDT (PRESIDENT)

People named in this filing

  • LAURA MASSEY (VICE PRESIDENT)
  • RICHARD SCHMIDT (PRESIDENT)
  • GARRETT M PETERS III (SECR TREAS)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Furnish fire and casualty insurance to its members.

What it reported doing in 2013

Farm mutual insurance company

Operating model

Revenue model
Investment-supported. 65% of the money available for current operations came from recurring investment income.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 100
  • Accountability: 76
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -124.3%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -21.8% per year; rating input score 0; 29th percentile among comparable filings
  • Asset growth: -40.1% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 3 of 3 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $102K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • 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 — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.