Kenyon Holden Warsaw Mutual Fire Insurance Company

Nonprofit profile at a glance

EIN
410350135
IRS 990 coverage
2015–2020
Forms available
Form 990 2020
Location
Goodhue, MN, USA
Phone
5078242949
Rating confidence
Limited
Sector
Mutual Insurance Company & Associations

Reported finances

Revenue
$331,242
Expenses
$405,352
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Gary Borgschatz (President)
  • Warren Springer (Vice-President)

Highest reported compensation

  • James Sviggum (Secretary/Treasurer): $98,320 total reported compensation
  • Gary Borgschatz (President): $1,500 total reported compensation
  • Warren Springer (Vice-President): $1,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Company provides fire and additional lines insurance coverages to policyholders/members and pays claims on covered policyholder losses.

What it reported doing in 2020

We have provided property insurance for our members per section 501(c)(15).The Organization merged with another Organization noted in schedule N on 12/31/2020.Number of Members prior to merger: 417Insurance in Force prior to merger: 282,932,980

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 90
  • Accountability: 72
  • Sustainability: 8
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • 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: 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -22.4%; 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: 26.5%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -2.6% per year; rating input score 0; 24th percentile among comparable filings
  • Asset growth: -15% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 7 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $405K in reported program spending
  • Leadership: top reported pay $98K · 7 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2015 to 2020
  • Contacts: How to reach this organization
  • Money network: 7 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: 6 of 9 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.
  • High — Sustainability: Officer compensation ratio scored 17/100.