Farmers Mutual Insurance Company
- Assets
- $1.7m
- Revenue
- $462.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Chillicothe, MO
- Founding
- 02/1945
- Data as of
- 12/2021
- EIN
- 44-0242660
Organization Overview
Farmers Mutual Insurance Company is located in Chillicothe, MO. 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 12/2021, Farmers Mutual Insurance Company employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Mutual Insurance Company is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2021, Farmers Mutual Insurance Company generated $462.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $474.8k during the year ending 12/2021. While expenses have increased by 6.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MUTUAL INSURANCE COMPANY WHICH PROVIDES PROPERTY CASUALTY INSURANCE COVERAGE FOR FIRE AND WIND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE PROPERTY AND CASUALTY INSURANCE COVERAGE FOR POLICYHOLDERS IN THE SURROUNDING AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Miller Secretary/treasurer | OfficerTrustee | 3 | $0 |
Gordon Jones President | OfficerTrustee | 3 | $0 |
Deane Jacobs Vice President | OfficerTrustee | 3 | $0 |
Mike Wright Director | Trustee | 1 | $0 |
Jim Figg Director | Trustee | 1 | $0 |
Gary O'dell 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 | $376,408 |
| Investment income | $41,408 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,350 |
| Net Gain/Loss on Asset Sales | -$2,302 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $462,121 |
| 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 | $109,960 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,437 |
| Payroll taxes | $11,791 |
| Fees for services: Management | $6,100 |
| Fees for services: Legal | $9,055 |
| 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 | $0 |
| Advertising and promotion | $1,839 |
| Office expenses | $16,969 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,205 |
| Travel | $3,880 |
| 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 | $7,917 |
| Insurance | $7,189 |
| All other expenses | $2,953 |
| Total functional expenses | $474,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,330 |
| 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 | $4,501 |
| Net Land, buildings, and equipment | $81,391 |
| Investments—publicly traded securities | $1,378,327 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,789 |
| Total assets | $1,718,338 |
| Accounts payable and accrued expenses | $29,215 |
| Grants payable | $0 |
| Deferred revenue | $174,103 |
| 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 | $203,318 |
| Net assets without donor restrictions | $0 |
| 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 | $1,515,020 |
| Total liabilities and net assets/fund balances | $1,718,338 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
York County Farmers Mutual Insurance Company York, NE | $1,040,452 | $4,898,000 |
Illinois Fair Plan Association Chicago, IL | $9,317,772 | $3,165,384 |
Sigel Mutual Insurance Co Sigel, IL | $1,478,683 | $588,471 |
Martinsburg Mutual Insurance Co Martinsburg, MO | $1,475,708 | $577,216 |
Physicians Mutual Insurance Company Foundation Omaha, NE | $5,431,520 | $2,485,558 |
Polk & Butler Mutual Insurance Company Osceola, NE | $1,028,868 | $493,578 |
Forest Green Farmers Mutual Insurance Company Salisbury, MO | $2,139,952 | $586,732 |
Mutual Insurance Company Of Saline And Seward Counties Crete, NE | $1,972,418 | $463,258 |
Liberty Fire Benevolent Society Jefferson City, MO | $1,956,881 | $440,864 |
Thompson And Guilford Mutual Insurance Company Scales Mound, IL | $1,339,348 | $554,823 |
Farmers Union Mutual Fire Inc Co Of Bradley County Tennessee Term Cleveland, TN | $2,307,328 | $335,570 |
Stephenson County Mutual Insurance Company Rock City, IL | $1,401,000 | $373,897 |