Home Mutual Insurance Company

Nonprofit profile at a glance

EIN
450147325
IRS 990 coverage
2020–2022
Forms available
Form 990 2022
Location
Wahpeton, ND, USA
Phone
7016424101
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$388,944
Expenses
$470,573
Assets
$1,954,204
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • FRANCIS RUBISH (President)
  • KEATH BORCHERT (Vice President)

Highest reported compensation

  • DOROTHY DOCKTER (Secretary): $75,740 total reported compensation
  • FRANCIS RUBISH (President): $24,144 total reported compensation
  • MARK HUSETH (Director): $21,650 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to meet and exceed all insurnace needs of our customers whlie maintaining the economic security of the company. We will accomplish this by carefully evaluating our insureds needs and underwriring and insuring to value.

What it reported doing in 2022

Insurance underwriting

Operating model

Revenue model
Earned-program. 92% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 90
  • Accountability: 0
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.2%; rating input score 78
  • Program expense ratio: 69%; rating input score 69
  • 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; 7th percentile among comparable filings
  • Governance controls: 0 of 9 controls in place; rating input score 0
    • 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: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -21%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 4.15; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 31%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 31.6% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 0.8% per year; rating input score 100; 30th percentile among comparable filings

Details

  • Where the money goes: 78.2% of revenue deployed · 69% of spending went to programs
  • Governance: 0 of 6 board members independent · 0 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $471K in reported program spending
  • Leadership: top reported pay $76K · 6 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 3 filing years from 2020 to 2022
  • Contacts: How to reach this organization
  • Money network: 6 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 8 of 8 not reported.
  • High — Sustainability: Operating margin scored 15/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.