Security Plus Financial Corporation

Nonprofit profile at a glance

EIN
161637021
IRS 990 coverage
2016–2025
Forms available
Form 990 2025, Form 990-EZ 2015
Location
Salt Lake City, UT, USA
Phone
8012649130
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Mutual Insurance Company & Associations

Reported finances

Revenue
$90,712
Expenses
$25,158
Assets
$993,672
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

People named in this filing

  • BARRY BOLLINGER (DIRECTOR)
  • HUMAYUN JAMEEL (DIRECTOR)
  • GIVI KARCHAVA (DIRECTOR)

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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The sole purpose and activity of the organization is to provide a financial guarantee program for members of the organization substantially at cost. The purpose is to amass a pool of funds from which participating member companies may be compensated for money lost in handling of a transaction for or with another participating member company that has become insolvent or has declared bankruptcy or otherwise disbanded.

Operating model

Revenue model
Earned-program. 84% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 85
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 26.2%; rating input score 26
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 72.3%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 39.5; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: -6.8% per year; rating input score 0; 32nd percentile among comparable filings
  • Revenue growth: -3.8% per year; rating input score 0; 44th percentile among comparable filings
  • Asset growth: 7.3% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 26.2% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $25K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 10 filing years from 2016 to 2025
  • 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 26/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.