Lincoln Mutual Insurance Assoc

Nonprofit profile at a glance

EIN
420380610
IRS 990 coverage
2020–2023
Forms available
Form 990 2023
Location
Lone Tree, IA, USA
Phone
3196294921
Rating
30
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$393,145
Expenses
$711,358
Assets
$1,196,557
Liabilities
$176,236

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

Leadership & pay

5 people listed

Executive titles in this filing

  • BENJAMIN SLAUGHTER (PRESIDENT)

Highest reported compensation

  • PHYLLIS PETERSON (SEC/TREAS/AG): $200,814 total reported compensation
  • JOE WRIGHT (DIRECTOR/AGE): $5,590 total reported compensation
  • BENJAMIN SLAUGHTER (PRESIDENT): $600 total reported compensation

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

Overview

Mission

Property insurance

Operating model

Revenue model
Other-operating. 90% of the money available for current operations came from other operating revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 66
  • Accountability: 44
  • Sustainability: 21
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 17th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Pass
    • 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: -80.9%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 1.68; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 29.2%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -6.5% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -3.7% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 5 board members independent · 2 of 9 filing controls reported
  • Leadership: top reported pay $201K · 5 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 4 filing years from 2020 to 2023
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.