Humboldt Farm Mutual Insurance Company of South Dakota

Nonprofit profile at a glance

EIN
460133650
IRS 990 coverage
2014–2022
Forms available
Form 990 2022
Location
Canton, SD, USA
Phone
6058762941
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$331,656
Expenses
$582,919
Assets
$0
Liabilities
$0

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

Leadership & pay

5 people listed

Executive titles in this filing

  • BRIAN MCMAHON (PRESIDENT)

Highest reported compensation

  • BRIAN MCMAHON (PRESIDENT): $1,500 total reported compensation
  • TARA STUBBE (SECRETARY): $1,500 total reported compensation
  • EDWARD HENNINGSEN (TREASURER): $1,250 total reported compensation

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

Overview

Mission

To provide property insurance to members

What it reported doing in 2022

We have provided insurance to our members since 1889

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 72% of its reported program spending for member benefits.

The verdict

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

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 5
  • Sustainability: 7
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 82%; rating input score 82
  • 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: 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -75.8%; rating input score 4; 4th 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: 1.2%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: 5.5% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: -1.9% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -5.8% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 82% of spending went to programs
  • Governance: 0 of 5 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $478K in reported program spending
  • Leadership: top reported pay $2K · 5 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 9 filing years from 2014 to 2022
  • Contacts: How to reach this organization
  • Money network: 5 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.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 7 of 8 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.