Farmers Mutual Insurance Association
- Assets
- $245.9k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Bennettsville, SC
- Founding
- 06/1945
- Data as of
- 12/2021
- EIN
- 57-0275723
Organization Overview
Farmers Mutual Insurance Association is located in Bennettsville, SC. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Mutual Insurance Association 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 Association generated $53.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $73.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas M Carabo Sec./treas-P/t | 0 | $18,000 | |
Wa Hinson Jr Director-P/t | 0 | $0 | |
Terry Eades Director-P/t | 0 | $0 | |
Carl Maness Dir/pres-P/t | 0 | $0 | |
Charles M Rogers Director-P/t | 0 | $0 | |
Frank B Rogers III Dir/vp-P/t | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $50,040 |
| Membership dues | $35 |
| Investment income | $3,650 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $53,725 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $29,329 |
| Professional fees and other payments to independent contractors | $100 |
| Occupancy, rent, utilities, and maintenance | $4,067 |
| Printing, publications, postage, and shipping | $434 |
| Other expenses | $39,452 |
| Total expenses | $73,382 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $218,293 |
| Other assets | $0 |
| Total assets | $245,909 |
| Total liabilities | $29,312 |
| Net assets or fund balances | $216,597 |