Rice County Mutual Insurance Company
Nonprofit profile at a glance
- EIN
- 410502642
- IRS 990 coverage
- 2015–2024
- Forms available
- Form 990 2024
- Location
- Fairbault, MN, USA
- Phone
- 5073348145
- Rating confidence
- Limited
Reported finances
- Revenue
- $387,501
- Expenses
- $268,550
- Assets
- $4,617,395
- Liabilities
- $149,595
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- HOWARD SCHOENFELD (PRESIDENT)
- RONALD MAAS (VICE PRESIDENT)
Highest reported compensation
- ROBIN HERRLEY (EXECUTIVE/TREASURER): $67,247 total reported compensation
- HOWARD SCHOENFELD (PRESIDENT): $2,150 total reported compensation
- RONALD MAAS (VICE PRESIDENT): $1,400 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 company provides fire and additional lines insurance coverages to policyholders/members and pays claims on covered policyholder losses.
What it reported doing in 2024
We have provided property insurance for our members per section 501(c)(15) number of members: 315 insurance in force: $306,418,404
Operating model
- Revenue model
- Earned-program. 64% 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: 47
- Sustainability: 72
- Growth: 60
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; 64th 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: 40%; rating input score 40; 15th percentile among comparable filings
- Governance controls: 5 of 9 controls in place; rating input score 56
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 30.7%; rating input score 83; 83rd percentile among comparable filings
- Total-asset coverage ratio: 17.19; rating input score 94; 94th percentile among comparable filings
- Liabilities to assets ratio: 0.03; rating input score 36; 36th percentile among comparable filings
- Officer compensation ratio: 27.3%; rating input score 13; 13th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 0% per year; rating input score 100; 24th percentile among comparable filings
- Asset growth: 2.5% per year; rating input score 100; 35th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 2 of 5 board members independent · 5 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $67K · 6 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 1 filed schedules
- Filing history: 9 filing years from 2015 to 2024
- Contacts: How to reach this organization
- Money network: 6 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: Independent voting board scored 40/100.
- Review — Accountability: Governance controls: 4 of 9 not reported.
- High — Sustainability: Officer compensation ratio scored 13/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 36/100.