Namic Mutual Insurance Foundation

Nonprofit profile at a glance

EIN
822815065
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2020, Form 990-N 2018
Location
Indianapolis, IN, USA
Phone
3178755250
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$381,075
Expenses
$118,391
Assets
$734,170
Liabilities
$6,823

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

Highest reported compensation

  • NEIL ALLDREDGE (DIRECTOR): $1,302,749 total reported compensation
  • SARAH SCHNETTLER (EXECUTIVE DI): $428,078 total reported compensation
  • NATHAN SALATI (ASSISTANT TR): $164,741 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The namic mutual insurance foundation is organized exclusively for charitable and educational purposes with the primary focus to help foster the continued growth of a strong and invigorated mutual insurance industry.

What it reported doing in 2024

Advance public awareness of mutual insurance concepts and the insurance industry in general; and to make grants, gifts or contributions in money or other property to schools, colleges, universities or other institutions of learning for financial assistance to worthy students acquiring training in the risk management and insurance industry.

Operating model

Revenue model
Affiliate-supported. 66% of the money available for current operations came from contributions from related organizations.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 46
  • Transparency & Controls: 74
  • Accountability: 76
  • Sustainability: 75
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 27.8%; rating input score 28
  • Program expense ratio: 89.5%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 29.2%; rating input score 29; 39th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 23rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • 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: 68.9%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 6.2; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 119.1%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: -15.8% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 17.6% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 35.6% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 27.8% of revenue deployed · 89.5% of spending went to programs
  • Governance: 6 of 7 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $106K in reported program spending
  • Leadership: top reported pay $1.3M · 9 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 7 filed related-organization links
  • 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 28/100.
  • High — Transparency & Controls: Grant itemization coverage scored 29/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.