Sumter Mutual Insurance Company
Nonprofit profile at a glance
- EIN
- 410566023
- IRS 990 coverage
- 2016–2018
- Forms available
- Form 990 2018
- Location
- Silver Lake, MN, USA
- Phone
- 3203272887
- Rating confidence
- Limited
Reported finances
- Revenue
- $594,410
- Expenses
- $610,835
- Assets
- $3,106,745
- Liabilities
- $214,199
Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- STEVE SCHAUER (PRESIDENT)
- LARRY DOERR (VICE-PRESIDENT)
- DAVID ONDRACEK (PRESIDENT (DECEASED))
Highest reported compensation
- LINDA L JASKOWIAK (TREASURER): $60,451 total reported compensation
- LARRY DOERR (VICE-PRESIDENT): $35,731 total reported compensation
- STEVE SCHAUER (PRESIDENT): $3,100 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2018. 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 2018
The company provides property insurance for our members per section 501(c)(15).number of members: 897insurance in force: 397,052,209
Operating model
- Revenue model
- Earned-program. 80% 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: 69
- Sustainability: 47
- 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; 62nd 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: 71.4%; rating input score 71; 13th percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 67
- 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: Pass
Sustainability
- Operating margin: -2.8%; rating input score 28; 28th percentile among comparable filings
- Total-asset coverage ratio: 5.09; rating input score 85; 85th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 54; 54th percentile among comparable filings
- Officer compensation ratio: 17.2%; rating input score 17; 17th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 1.7% per year; rating input score 100; 33rd percentile among comparable filings
- Asset growth: 1.3% per year; rating input score 100; 34th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 5 of 7 board members independent · 6 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $60K · 7 people listed
- Consistency: 11 of 11 current checks pass
- Schedules: 2 filed schedules
- Filing history: 3 filing years from 2016 to 2018
- Contacts: How to reach this organization
- Money network: 7 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.
- Review — Accountability: Governance controls: 3 of 9 not reported.
- High — Sustainability: Operating margin scored 28/100.
- High — Sustainability: Officer compensation ratio scored 17/100.
- Review — Sustainability: Liabilities to assets ratio scored 54/100.