Patrons Mutual Fire Insurance Co of WV

Nonprofit profile at a glance

EIN
550320994
IRS 990 coverage
2020–2023
Forms available
Form 990 2023
Location
Point Pleasant, WV, USA
Phone
3046757851
Rating
37
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$18,777
Expenses
$22,742
Assets
$640,706
Liabilities
$493

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

Leadership & pay

6 people listed

Executive titles in this filing

  • James Perdue (President)
  • Dennis Brumfield (V President)

Highest reported compensation

  • Mary Perdue (Sec/Tres): $5,280 total reported compensation
  • James Perdue (President): $2,880 total reported compensation
  • Dennis Brumfield (V President): $1,920 total reported compensation

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

Overview

Mission

Patrons Mutual Fire Insurance Co of WV is a nonprofit. Location: Point Pleasant, WV. EIN 550320994. Tax year 2023 filing: James Perdue (President).

Operating model

Revenue model
Investment-supported. 60% of the money available for current operations came from recurring investment income.
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 and most voting board members are independent. 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: 60
  • Accountability: 72
  • Sustainability: 50
  • Growth: 40

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: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 64th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -21.1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 28.17; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 44.3%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: -120% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: 7.5% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 38th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 20 of 20 board members independent · 3 of 9 filing controls reported
  • Leadership: top reported pay $5K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 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: 3 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.