Scandinavian Farm Mutual Insurance

Nonprofit profile at a glance

EIN
466011662
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Langford, SD, USA
Phone
6054936702
Rating
58
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$355,172
Expenses
$406,276
Assets
$0
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • DAVID NELSON (PRESIDENT)

People named in this filing

  • RICHARD HELGESON (DIRECTOR)
  • ROGER JOHNSON (TRUSTEE/DIRE)
  • DAVID NELSON (PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Mutual insurance company

What it reported doing in 2024

Benefits paid to/for members

Operating model

Revenue model
Earned-program. 78% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 96% of its reported program spending for member benefits.

The verdict

MIXED - 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: 32
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 17
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 33.8%; rating input score 34
  • Program expense ratio: 37.7%; rating input score 38
  • 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: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: -14.4%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 16.6% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 0.9% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 1.4% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 33.8% of revenue deployed · 37.7% of spending went to programs
  • Governance: 87 of 87 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 15 filing years from 2010 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 34/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 38/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Sustainability: Operating margin scored 18/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.