Sterling Insurance Cooperative Inc
- Assets
- $265.1k
- Revenue
- $309.0
- Investments
- $0.0
- Employees
- 0
- Location
- Cobleskill, NY
- Founding
- 03/2008
- Data as of
- 12/2018
- EIN
- 14-0651405
Organization Overview
Sterling Insurance Cooperative Inc is located in Cobleskill, NY. The organization was established in 2008. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sterling Insurance Cooperative Inc is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2018, Sterling Insurance Cooperative Inc generated $309.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (74.9%) each year. All expenses for the organization totaled $155.7k during the year ending 12/2018. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE LOW COST PROPERTY INSURANCE TO NYS CONSUMERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW COST PROPERTY INSURANCE FOR NYS CONSUMERS
LOW COST PROPERTY INSURANCE FOR NYS CONSUMERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen A Harris President | OfficerTrustee | 5 | $0 |
Janette F Rosscoe Secretary | OfficerTrustee | 5 | $0 |
Melissa A Morlang Treasurer | OfficerTrustee | 5 | $0 |
Antonino Cogliandro Vice President | OfficerTrustee | 2 | $0 |
Christopher Stauble Director | Trustee | 1 | $0 |
Jeffrey Johnson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $185 |
| Investment income | $5,470 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,346 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $309 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $90,624 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,072 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,232 |
| Fees for services: Legal | $4,900 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,050 |
| Advertising and promotion | $0 |
| Office expenses | $11,578 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,848 |
| Insurance | $3,279 |
| All other expenses | -$2,963 |
| Total functional expenses | $155,736 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,854 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $224,502 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,790 |
| Total assets | $265,146 |
| Accounts payable and accrued expenses | $1,388 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $107,882 |
| Total liabilities | $109,270 |
| Unrestricted restricted net Assets | $155,876 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $155,876 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pennsylvania Association Of Mutual Insurance Companies Mechanicsburg, PA | $985,825 | $1,049,603 |
West Branch Mutual Insurance Company Muncy, PA | $1,340,448 | $567,998 |
Cherry Valley Cooperative Insurance Company Williamsville, NY | $1,734,430 | $304,985 |
Welfare Benefits Tr For Collectively Bargained Retired Emp New York, NY | $38,916,982 | $1,230,341 |
Pymatuning Mutual Insurance Company Mercer, PA | $2,758,099 | $216,350 |
Sterling Insurance Cooperative Inc Cobleskill, NY | $265,146 | $309 |
Ever-Greene Mutual Insurance Company Everett, PA | $7,499,473 | $556,068 |
Seaway Mutual Insurance Company Erie, PA | $2,096,806 | $73,986 |
Cambria County Mutual Ins Co Patton, PA | $309,976 | $33,813 |
Medical And Dental Benefits Trust For Employees Of Metlife New York, NY | $14,488,334 | $343,594 |