Hamel Mutual Insurance Company

Nonprofit profile at a glance

EIN
370310686
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Hamel, IL, USA
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$425,969
Expenses
$455,070
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • WAYNE RUEHRUP (PRESIDENT)
  • FREDERICK SCHULTE (VICE PRESIDENT)

Highest reported compensation

  • SHERRY WARREN (SECRETARYTREASURER): $45,422 total reported compensation
  • WAYNE RUEHRUP (PRESIDENT): $1,050 total reported compensation
  • ROBERT HENKE (DIRECTOR): $450 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide fire and wind coverage in the surrounding counties as prescribed by the Illinois department of professional regulation

What it reported doing in 2023

The company is classified as a small farm mutual insurance company by the Illinois department of insurance. The company writes fire and wind coverages in the surrounding counties of Illinois.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 80% for direct work, and 20% for member benefits.

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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 100
  • Accountability: 72
  • Sustainability: 17
  • 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; 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -6.8%; rating input score 28; 28th 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: 10.8%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: -2.1% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: -2.1% per year; rating input score 0; 19th percentile among comparable filings
  • Asset growth: -2.7% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $455K in reported program spending
  • Leadership: top reported pay $45K · 8 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 8 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 — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 28/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.