Rockbridge Mutual Fire Insurance Company

Nonprofit profile at a glance

EIN
540361880
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lexington, VA, USA
Phone
5404634223
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$292,224
Expenses
$278,174
Assets
$563,906
Liabilities
$4,728

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

Leadership & pay

6 people listed

Executive titles in this filing

  • C MICHAEL SANDRIDGE (PRESIDENT)

Highest reported compensation

  • AMBER JOHNSTON (SECRETARY/TR): $38,598 total reported compensation
  • C MICHAEL SANDRIDGE (PRESIDENT): $5,397 total reported compensation
  • CHRISTOPHER A FUNKHOUSER (DIRECTOR): $4,829 total reported compensation

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

Overview

Mission

To provide fire insurance coverage on member houses

What it reported doing in 2024

Payment of benefits for fire, windstorm, & lightning losses including service compensation to directors for inspecting damage, payment of reinsurance premiums, payment of state bureau of insurance assessments, licenses, and loss expenses

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 66% for direct work, and 34% for member benefits.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 91
  • Sustainability: 49
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.1%; rating input score 74
  • Program expense ratio: 82.1%; rating input score 82
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4.8%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 2.03; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 19.8%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: -1.9% per year; rating input score 0; 24th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: 2.1% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 74.1% of revenue deployed · 82.1% of spending went to programs
  • Governance: 6 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $228K in reported program spending
  • Leadership: top reported pay $39K · 6 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 14 filing years from 2010 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.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.