Civic Intelligence

Sumter Mutual Insurance Company

EIN 41-0566023 • 501(c)15 • Silver Lake, MN

Profile

The company provides fire and additional lines insurance coverages to policyholders/members and pays claims on covered policyholder losses.

501 NW Park Ave PO Box 269Silver Lake, MN 55361-0269

none

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

61st percentile

0.07x

Higher debt load relative to assets than 61% of similar nonprofits.

$1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

80th percentile

0.36x

Higher debt load relative to revenue than 80% of similar nonprofits.

$1M-$5M nonprofits • Source year 2018

Net Margin

33rd percentile

-2.8%

Higher net margin than 33% of similar nonprofits.

$1M-$5M nonprofits • Source year 2018

Top Officer Pay

63rd percentile

$60,451

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 10.2% of source-year revenue.

$1M-$5M nonprofits • Source year 2018

Asset Growth

38th percentile

-0.1%

Faster asset growth than 38% of similar nonprofits.

$1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

44th percentile

4.8%

Faster revenue growth than 44% of similar nonprofits.

$1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$3,106,745

Down $4,125 (-0.1%) from 2017

Liabilities

Up

$214,199

Up $6,620 (+3.2%) from 2017

Net Assets

Down

$2,892,546

Down $10,745 (-0.4%) from 2017

Revenue

Up

$594,410

Up $27,070 (+4.8%) from 2017

Expenses

Up

$610,835

Up $78,415 (+15%) from 2017

Net Income

Down

-$16,425

Down $51,345 (-147%) from 2017

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $3,022,703Liabilities 2011: $175,416Net Assets 2011: $2,847,2872011Assets 2012: $3,053,842Liabilities 2012: $172,539Net Assets 2012: $2,881,3032012Assets 2016: $3,024,607Liabilities 2016: $201,290Net Assets 2016: $2,823,3172016Assets 2017: $3,110,870Liabilities 2017: $207,579Net Assets 2017: $2,903,2912017Assets 2018: $3,106,745Liabilities 2018: $214,199Net Assets 2018: $2,892,5462018

Highlighted filing

2018

Assets$3,106,745
Liabilities$214,199
Net Assets$2,892,546

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2011: $540,111Expenses 2011: $455,976Net Income 2011: $84,1352011Revenue 2012: $573,399Expenses 2012: $526,665Net Income 2012: $46,7342012Revenue 2016: $574,720Expenses 2016: $542,727Net Income 2016: $31,9932016Revenue 2017: $567,340Expenses 2017: $532,420Net Income 2017: $34,9202017Revenue 2018: $594,410Expenses 2018: $610,835Net Income 2018: -$16,4252018

Highlighted filing

2018

Revenue$594,410
Expenses$610,835
Net Income-$16,425

Filings

Latest Detailed Filing

The latest 2018 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2017 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Apr 20, 2018
Return Version
2017v2.2
Gross Receipts
$626,110
Mission and Program Overview

Mission

The company provides fire and additional lines insurance coverages to policyholders/members and pays claims on covered policyholder losses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$2,823,317$2,903,291▲ $79,974
Investments in Publicly Traded Securities$2,796,488$2,700,608▼ $95,880
Land, Buildings, and Equipment, Net$144,496$232,782▲ $88,286
Savings and Temporary Cash Investments$35,967$103,100▲ $67,133
Cash and Non-Interest-Bearing Accounts$21,303$43,358▲ $22,055
Accounts Receivable$26,353$31,022▲ $4,669
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,024,607$3,110,870▲ $86,263
Liabilities
Other Liabilities$187,791$193,128▲ $5,337
Accounts Payable and Accrued Expenses$13,499$14,451▲ $952
Total Liabilities$201,290$207,579▲ $6,289
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,823,317$2,903,291▲ $79,974
Total Liabilities and Net Assets / Fund Balance$3,024,607$3,110,870▲ $86,263

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$222,782$4,823$227,605
Land$10,000-$10,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Linda L JaskowiakTreasurerFT$61,221$61,221
Larry DoerrVice-presidentFT$35,501$35,501
Steve SchauerSecretary-$2,760$2,760
David OndracekPresident-$2,200$2,200
Deann FieckeDirector-$1,300$1,300
Jennifer LuthensDirector-$800$800
Jeff NohnerDirector-$400$400
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$464,754
Investment Income
$99,186
Other Revenue
$3,400
Change in Net Assets
$34,920

Audited Revenue Reconciliation

Revenue per Audited Statements
$567,340
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$567,340
Total Revenue per Form 990
$567,340
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$295,995
Salaries, Compensation, and Employee Benefits$117,273
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$119,152
Other Salaries and Wages---$89,346
All Other Expenses---$13,115
Other Employee Benefits---$11,877
Conferences and Meetings---$11,503
Fees for Services Legal---$11,254
Current Officers, Directors, Trustees, and Key Employees---$9,000
Insurance---$8,382
Occupancy---$8,227
Other Expenses---$7,478
Depreciation Depletion---$7,056
Payroll Taxes---$7,050
Information Technology---$6,649
Travel---$3,469
Office Expenses---$2,372
Advertising---$1,337
Interest---$5
Total Functional Expenses$0$0$0$532,420

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$532,420
Total Expenses per Audited Statements$532,420
Total Expenses per Form 990$532,420
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Reserve for Unearned Premiums$167,361
Reserve for Unpaid Losses$24,261
Payroll Taxes Withheld$1,500
Reinsurance Premium Payable$6
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The company has policyholders who are also the owners of the company. It is a mutual company.

Form 990, Part VI, Section A, Line 7A

The policyholders/owners elect the board members and officers.

Form 990, Part VI, Section B, Line 11B

The company hires a cpa firm to complete the form 990. When the firm is finished preparing the form, it is reviewed by company management and staff before filing. The form is then filed by company management.

Form 990, Part VI, Section B, Line 12C

The company requires disclosure of conflicts and potential conflicts annually.

Form 990, Part VI, Section B, Line 15

Compensation is determined by the number of meetings attended by the board member. The board determines management and staff salaries based on experience and qualifications.

Form 990, Part VI, Section C, Line 19

Financial and governing documents are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Sumter Mutual Insurance Company
EIN
41-0566023
Phone
3203272887
Address
501 NW PARK AVE PO BOX 269, SILVER LAKE, MN 55361-0269

Signing Officer

Name
Linda Jaskowiak
Title
Treasurer
Phone
5073272887
Signed
2018-04-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Ondracek
Formed
1879
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
5
Employees
9
Volunteers
0

Preparer

Firm
Abdo Eick & Meyers Llp
Address
100 WARREN ST STE 600, MANKATO, MN 56001
Preparer
Thomas J Olinger CPA
Phone
5076252727
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in non-admitted assets 45,054.

FORM 990, PART XII, LINE 1:

As a regulated entity, the organization is required to report using statutory accounting rules as codified in minnesota statute 67a and as promulgated by the department of commerce of the state of minnesota. The most significant item of this statutory basis of accounting is the exclusion of "non-admitted assets" from the reported assets.

FORM 990, PART XII, LINE 2C:

The entire board acts as the audit committee.

Financial Statement Notes

PART X, LINE 2:

As of december 31, 2017, the company has not identified any material loss contingencies arising from uncertain tax positions.

Raw XML Appendix371 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0532420
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COMPANY HAS POLICYHOLDERS WHO ARE ALSO THE OWNERS OF THE COMPANY. IT IS A MUTUAL COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE POLICYHOLDERS/OWNERS ELECT THE BOARD MEMBERS AND OFFICERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPANY HIRES A CPA FIRM TO COMPLETE THE FORM 990. WHEN THE FIRM IS FINISHED PREPARING THE FORM, IT IS REVIEWED BY COMPANY MANAGEMENT AND STAFF BEFORE FILING. THE FORM IS THEN FILED BY COMPANY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE COMPANY REQUIRES DISCLOSURE OF CONFLICTS AND POTENTIAL CONFLICTS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COMPENSATION IS DETERMINED BY THE NUMBER OF MEETINGS ATTENDED BY THE BOARD MEMBER. THE BOARD DETERMINES MANAGEMENT AND STAFF SALARIES BASED ON EXPERIENCE AND QUALIFICATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FINANCIAL AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CHANGE IN NON-ADMITTED ASSETS 45,054.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7AS A REGULATED ENTITY, THE ORGANIZATION IS REQUIRED TO REPORT USING STATUTORY ACCOUNTING RULES AS CODIFIED IN MINNESOTA STATUTE 67A AND AS PROMULGATED BY THE DEPARTMENT OF COMMERCE OF THE STATE OF MINNESOTA. THE MOST SIGNIFICANT ITEM OF THIS STATUTORY BASIS OF ACCOUNTING IS THE EXCLUSION OF "NON-ADMITTED ASSETS" FROM THE REPORTED ASSETS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ENTIRE BOARD ACTS AS THE AUDIT COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt03024607
IRS990/TotalAssetsEOYAmt03110870
IRS990/TotalAssetsGrp/BOYAmt03024607
IRS990/TotalAssetsGrp/EOYAmt03110870
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt09
IRS990/TotalFunctionalExpensesGrp/TotalAmt0532420
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0201290
IRS990/TotalLiabilitiesEOYAmt0207579
IRS990/TotalLiabilitiesGrp/BOYAmt0201290
IRS990/TotalLiabilitiesGrp/EOYAmt0207579
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02823317
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02903291
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0464754
IRS990/TotalReportableCompFromOrgAmt0104182
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0567340
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0567340
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03024607
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03110870
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt03469
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt014582 240TH STREET
IRS990/USAddress/CityNm0HUTCHINSON
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055350
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0NONE
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LINDA JASKOWIAK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum05073272887
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-04-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SUMTER MUTUAL INSURANCE COMPANY
ReturnHeader/Filer/BusinessNameControlTxt0SUMT
ReturnHeader/Filer/EIN0410566023
ReturnHeader/Filer/PhoneNum03203272887
ReturnHeader/Filer/USAddress/AddressLine1Txt0501 NW PARK AVE PO BOX 269
ReturnHeader/Filer/USAddress/CityNm0SILVER LAKE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd0553610269
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DDE7971FDD5D09F32765E5C96F8C5DB831494348
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId04E64D82136E9498A9A5F9CBEB12B871956AD27EE
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt064.88.174.3
ReturnHeader/FilingSecurityInformation/IPDt02018-04-20
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm011:08:20
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411397419
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ABDO EICK & MEYERS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0100 WARREN ST STE 600
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MANKATO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd056001
ReturnHeader/PreparerPersonGrp/PhoneNum05076252727
ReturnHeader/PreparerPersonGrp/PreparationDt02018-04-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS J OLINGER CPA
ReturnHeader/ReturnTs02018-04-24T09:26:01-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

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