Overview
What is Loran Mutual Insurance Company?
Loran Mutual Insurance Company is a dedicated farm mutual insurance organization, located in Pearl City, Illinois. Operating in six counties, they serve approximately 300 policyholders, offering high-quality fire and wind insurance coverage. Their primary goal is to provide superior service while maintaining financial stability. Their activities and mission revolve around managing all relevant expenses in relation to this service, ensuring they cater to the needs of their farming community effectively.
Official website here: www.loranmutual.com
Is Loran Mutual Insurance Company legitimate?
Loran Mutual Insurance Company is a legitimate nonprofit organization registered as a 501(c)(15) entity. Loran Mutual Insurance Company submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $29,125
Professional Fundraising Fees: $0
Other Salaries and Wages: $69,600
For more financial information, click here
Official website here: www.loranmutual.com
What is the mission statement of Loran Mutual Insurance Company?
Loran Mutual Insurance Company is committed to providing top-notch insurance products and exceptional service to its policyholders, all while maintaining financial stability. As a farm mutual insurance company, its primary focus is on offering fire and wind insurance coverage. The company is dedicated to meeting the needs of approximately 300 policyholders in six counties, ensuring that all expenses are relevant to the service they provide.
Official website here: www.loranmutual.com
Who is the CEO of Loran Mutual Insurance Company?
Luke Glendenning is the President of Loran Mutual Insurance Company.
Official website here: www.loranmutual.com
What is the revenue of Loran Mutual Insurance Company?
Loran Mutual Insurance Company's revenue in 2022 was $591,487.
Official website here: www.loranmutual.com
Who are the executives of Loran Mutual Insurance Company and what are their salaries?
The average compensation at Loran Mutual Insurance Company during 2022 was $32,908. There are 3 employees at Loran Mutual Insurance Company.
Here are 10 key members and their salaries:
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $26,400
- Related: $0
- Other: $0
- Compensation: $300
- Related: $0
- Other: $0
- Compensation: $225
- Related: $0
- Other: $0
- Compensation: $300
- Related: $0
- Other: $0
- Compensation: $300
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
Official website here: www.loranmutual.com
Where can I find the form 990 for Loran Mutual Insurance Company?
Loran Mutual Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.loranmutual.com
Learn more at the official website: www.loranmutual.com
Mission Statement of Loran Mutual Insurance Company
Loran Mutual Insurance Company, as a farm mutual insurance company, is committed to delivering top-notch insurance products and exceptional service to its policyholders. This organization is dedicated to maintaining financial stability while upholding its mission. By offering fire and wind insurance coverage, Loran Mutual Insurance Company serves the needs of approximately 300 policyholders across six counties, ensuring they receive the highest level of quality and support. The company's primary focus is on providing its clients with reliable insurance solutions, while simultaneously ensuring the organization's long-term financial stability.
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Impact
October, 2024
Loran Mutual Insurance Company significantly impacts its policyholders and the surrounding communities by offering tailored insurance products that address specific needs related to fire and wind coverage. Serving approximately 300 policyholders across six counties in Illinois, the company focuses on delivering quality insurance and superior service, thereby fostering a sense of security among its members.
By maintaining financial stability, Loran Mutual Insurance ensures that it can continue to provide reliable coverage, which is particularly vital in rural areas prone to natural disasters. This dedication not only protects individual assets but also contributes to the overall resilience of the local agricultural economy. The company's mutual approach emphasizes collective benefit, aligning its success with the well-being of its policyholders.
In addition to its primary services, Loran Mutual's commitment to community engagement and support helps strengthen local ties and cultivates trust. This creates a supportive network whereby stakeholders feel confident in the stability and reliability of their insurance provider, ultimately enriching the communities it serves.
This information is meant to be a general summary of Loran Mutual Insurance Company. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $18,617
- Program Service Revenue: $571,092
- Gross Receipts: $591,487
Assets and Liabilities:
- Total Assets: $1,193,690
- Total Liabilities: $7,718
- Net Assets: $1,185,972
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS - FIRE
Revenue
$313,891
ASSESSMENTS - WIND
Revenue
$257,201
Organization Details
Founding Year
1879
Phone
(815) 443-2074Principal Officer
Luke Glendenning
Main Address
128 S MAIN STREET, PEARL CITY, IL, 61062
Website
www.loranmutual.comNTEE Category
Code: Y20 - Mutual benefit
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