Svea Mutual Insurance Association

Nonprofit profile at a glance

EIN
426073120
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Swedesburg, IA, USA
Phone
3192542288
Rating
38
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$546,441
Expenses
$437,698
Assets
$2,854,045
Liabilities
$261,264

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • CARL ALVINE (PRESIDENT)

Highest reported compensation

  • MONTE KANN (SECRETARY/TR): $80,565 total reported compensation
  • CARL ALVINE (PRESIDENT): $5,000 total reported compensation
  • ARTHUR LAUER (VICE PRESIDE): $100 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide property insurance to members. Serving the Iowa counties of henry, jefferson, lee, louisa, des moines, Washington, and van buren.

What it reported doing in 2023

Provide property insurance to its members.

Operating model

Revenue model
Earned-program. 88% 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

REVIEW - The filed numbers largely add up and revenue comfortably covers expenses. 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: 0
  • Transparency & Controls: 90
  • Accountability: 25
  • Sustainability: 69
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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: 11.1%; rating input score 11; 9th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 19.9%; rating input score 77; 77th percentile among comparable filings
  • Total-asset coverage ratio: 6.52; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.09; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 19.7%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -45.2% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 2.8% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 1 of 9 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $81K · 9 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 14 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 8 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Independent voting board scored 11/100.
  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.