Policyholders Mutual Insurance Comp

Nonprofit profile at a glance

EIN
391621483
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Deforest, WI, USA
Phone
6088467203
Rating
31
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$-255
Expenses
$15,870
Assets
$0
Liabilities
$0

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

Leadership & pay

1 person listed

Executive titles in this filing

  • PATRICK LAWS (PRESIDENT)

Highest reported compensation

  • PATRICK LAWS (PRESIDENT): $126,733 total reported compensation

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

Overview

Mission

Provide insurance protection to its member companies.

What it reported doing in 2024

Provide insurance benefits to members.the corporation's group insurance policy expired at the end of the day on december 31, 2023 and there were no outstanding claims under the policy or any policy previously issued by the corporation. As a result, the corporation had no members as of the beginning of the day on january 1, 2024, due to the expiration of the policy, because the members of wamic are only members of the corporation during the period that the policy is in force.

Operating model

Revenue model
Investment-supported. 100% 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. 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: 90
  • Accountability: 10
  • Sustainability: 2
  • 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: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -6,323.5%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 200.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.1% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 30th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $127K · 1 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • 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: 5 of 7 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.