Overview
What is Hallock Farmers Mutual Fire Insurance Company?
Hallock Farmers Mutual Fire Insurance Company is a nonprofit organization situated in Hallock, Minnesota. With a postal address at PO Box 695, this company specializes in offering property casualty insurance services to rural farmers and homeowners, adhering to IRC Section 501(c)(15) and Minnesota statute 67A. As of the provided data, the organization has approximately 1,302 members who have secured insurance coverage with a total value of $185,434,692. The company boasts a modest workforce of three individuals.
Is Hallock Farmers Mutual Fire Insurance Company legitimate?
Hallock Farmers Mutual Fire Insurance Company is a legitimate nonprofit organization registered as a 501(c)(15) entity. Hallock Farmers Mutual Fire 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: $55,907
Professional Fundraising Fees: $0
Other Salaries and Wages: $30,743
For more financial information, click here
What is the mission statement of Hallock Farmers Mutual Fire Insurance Company?
Hallock Farmers Mutual Fire Insurance Company's primary function is to offer property casualty insurance coverage to farmers and homeowners residing in rural areas. This is in accordance with the Internal Revenue Code Section 501(c)(15) and Minnesota statute 67A. The organization's mission, in essence, is to safeguard the properties of its members in these specific demographics, providing them with financial security in the event of unforeseen incidents. The company has served 1,302 members, with insurance coverage amounting to $185,434,692.
What is the revenue of Hallock Farmers Mutual Fire Insurance Company?
Hallock Farmers Mutual Fire Insurance Company's revenue in 2023 was $488,222.
Who are the executives of Hallock Farmers Mutual Fire Insurance Company and what are their salaries?
The average compensation at Hallock Farmers Mutual Fire Insurance Company during 2023 was $28,883. There are 3 employees at Hallock Farmers Mutual Fire Insurance Company.
Here are 6 key members and their salaries:
- Compensation: $55,147
- Related: $0
- Other: $0
- Compensation: $750
- Related: $0
- Other: $0
- Compensation: $235
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $75
- Related: $0
- Other: $0
Where can I find the form 990 for Hallock Farmers Mutual Fire Insurance Company?
Hallock Farmers Mutual Fire Insurance Company's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Hallock Farmers Mutual Fire Insurance Company
Hallock Farmers Mutual Fire Insurance Company is dedicated to offering property casualty insurance coverage to farmers and homeowners residing in rural areas, operating under the Internal Revenue Code Section 501(c)(15) and Minnesota statute 67A. This nonprofit organization's mission is to provide a vital safety net, ensuring financial protection for its members during unforeseen events or circumstances that may impact their properties. By offering insurance coverage, Hallock Farmers Mutual Fire Insurance Company helps its members safeguard their investments and maintain stability in their lives.
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Impact
October, 2024
Hallock Farmers Mutual Fire Insurance Company plays a crucial role in supporting the agricultural community and homeowners in rural Minnesota. By offering property casualty insurance coverage, the organization provides essential financial protection for 1,302 members, ensuring they can safeguard their properties and livelihoods.
With over $185 million in insurance in force, Hallock Farmers Mutual not only mitigates the risks associated with farming and homeownership but also promotes stability within the local economy. This support is particularly vital in rural areas, where access to comprehensive insurance options can often be limited.
By focusing on the unique needs of their members, Hallock Farmers Mutual contributes to the resilience and sustainability of the agricultural sector, fostering a sense of community and mutual benefit among its members.
This information is meant to be a general summary of Hallock Farmers Mutual Fire 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 2023.
- Investment Income: $40,637
- Program Service Revenue: $447,810
- Gross Receipts: $514,447
Assets and Liabilities:
- Total Assets: $1,504,731
- Total Liabilities: $253,855
- Net Assets: $1,250,876
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM INCOME
Revenue
$447,810
Organization Details
Founding Year
1886
Principal Officer
Wayne Jacobson
NTEE Category
Code: Y20 - Mutual benefit
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