West & Knox Mutual Insurance Co
- Assets
- $1.2m
- Revenue
- $283.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Carrollton, OH
- Founding
- 05/1945
- Data as of
- 12/2022
- EIN
- 34-0651779
Organization Overview
West & Knox Mutual Insurance Co is located in Carrollton, OH. The organization was established in 1945. 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. As of 12/2022, West & Knox Mutual Insurance Co employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West & Knox Mutual Insurance Co is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2022, West & Knox Mutual Insurance Co generated $283.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $209.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
INSURING IT'S MEMBERS AGAINST LOSS DUE TO DAMAGE FROM FIRE, LIGHTNING WINDSTORMS AND EXTENDED COVERAGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSURING IT'S MEMBERS AGAINST LOSS DUE TO DAMAGE FROM FIRE, LIGHTNING WINDSTORMS AND EXTENDED COVERAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Walton Secretary/treasurer | Officer | $33,570 | |
Sherman Oyer President | OfficerTrustee | $7,200 | |
Charles Kooser Vice President | OfficerTrustee | $3,600 | |
Donna Detchon Director | Trustee | $3,000 | |
John Capron II Director | Trustee | $3,000 | |
Christopher Tissot Director | Trustee | $3,000 |
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 | $268,372 |
| Investment income | $10,517 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $283,342 |
| 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 | $60,593 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,966 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,760 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $50 |
| Office expenses | $2,494 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,608 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,769 |
| Insurance | $6,616 |
| All other expenses | $6,104 |
| Total functional expenses | $209,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $1,075,224 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,907 |
| 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 | $83,107 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $69,889 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,246,227 |
| Accounts payable and accrued expenses | $127,408 |
| 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 | $0 |
| Total liabilities | $127,408 |
| Net assets without donor restrictions | $1,118,819 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,246,227 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Association Of Mutual Insurance Companies Indianapolis, IN | $18,221,842 | $18,221,926 |
Pennsylvania Association Of Mutual Insurance Companies Mechanicsburg, PA | $1,129,238 | $917,645 |
West Branch Mutual Insurance Company Muncy, PA | $1,476,469 | $519,174 |
Bartholomew County German Mutual Insurance Company Inc Edinburgh, IN | $2,747,542 | $618,161 |
Patrons Mutual Fire Ins Co Carmel, IN | $556,171 | $256,126 |
Pymatuning Mutual Insurance Company Mercer, PA | $2,962,321 | $119,719 |
Ever-Greene Mutual Insurance Company Everett, PA | $7,108,025 | $546,482 |
West & Knox Mutual Insurance Co Carrollton, OH | $1,246,227 | $283,342 |
Ohio Association Of Mutual Insurance Company Indianapolis, IN | $169,393 | $0 |
Seaway Mutual Insurance Company Erie, PA | $2,096,806 | $73,986 |
Cambria County Mutual Ins Co Patton, PA | $345,886 | $71,524 |
Mutual Insurance Companies Indianapolis, IN | $237,023 | $0 |