Tri County Mutual Town Insurance Co

Nonprofit profile at a glance

EIN
390663760
IRS 990 coverage
2012–2023
Forms available
Form 990 2023
Location
Iron River, WI, USA
Phone
7153728577
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$338,785
Expenses
$556,153
Assets
$593,748
Liabilities
$173,641

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

Leadership & pay

7 people listed

Executive titles in this filing

  • DEBRA LARSON (PRESIDENT)

Highest reported compensation

  • SCOTT OGREN (SECRETARY/TR): $9,596 total reported compensation
  • DEBRA LARSON (PRESIDENT): $2,033 total reported compensation
  • GARY PETERSON (VICE PRESIDE): $596 total reported compensation

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

Overview

Mission

Town mutual insurance sales

What it reported doing in 2023

Underwriting fire, lightning, extended coverage, & inland marine insurance in ashland, bayfield, & douglas counties.

Operating model

Revenue model
Other-operating. 90% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 68
  • Sustainability: 20
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 80.9%; rating input score 81
  • 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; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -64.2%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 1.07; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.29; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 2.6%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 2.2% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: -1.3% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: 0.6% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 80.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $10K · 7 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2012 to 2023
  • 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.

  • High — Accountability: Governance controls: 7 of 9 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.