Overview
What is Chisago Lakes Mutual Insurance Company?
Chisago Lakes Mutual Insurance Company is a nonprofit organization situated in Scandia, Minnesota. With a focus on rural Minnesota, this company offers property casualty insurance coverage to farmers and homeowners, adhering to IRC Section 501(c)(15) and Minnesota statute 67A. As of the provided data, they have served 787 members, maintaining a significant insurance coverage amount of $434,774,555. The company operates with a modest workforce of six dedicated individuals, providing essential protection for their community.
Is Chisago Lakes Mutual Insurance Company legitimate?
Chisago Lakes Mutual Insurance Company is a legitimate nonprofit organization registered as a 501(c)(15) entity. Chisago Lakes 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: $14,410
Professional Fundraising Fees: $0
Other Salaries and Wages: $84,239
For more financial information, click here
What is the mission statement of Chisago Lakes Mutual Insurance Company?
Chisago Lakes Mutual Insurance Company is dedicated to offering property casualty insurance coverage to farmers and homeowners residing in rural areas, operating under the guidelines of IRC Section 501(c)(15) and Minnesota statute 67A. The company's primary mission is to safeguard the assets of its 787 members, with a total insurance coverage of over $434 million in force. By providing this essential service, Chisago Lakes Mutual Insurance Company contributes to the peace of mind and financial security of its rural community members.
Who is the CEO of Chisago Lakes Mutual Insurance Company?
Glenn Carlson is the President of Chisago Lakes Mutual Insurance Company.
What is the revenue of Chisago Lakes Mutual Insurance Company?
Chisago Lakes Mutual Insurance Company's revenue in 2021 was $529,978.
Who are the executives of Chisago Lakes Mutual Insurance Company and what are their salaries?
The average compensation at Chisago Lakes Mutual Insurance Company during 2021 was $16,442. There are 6 employees at Chisago Lakes Mutual Insurance Company.
Here are 9 key members and their salaries:
- Compensation: $5,050
- Related: $0
- Other: $0
- Compensation: $4,100
- Related: $0
- Other: $0
- Compensation: $4,100
- Related: $0
- Other: $0
- Compensation: $310
- Related: $0
- Other: $0
- Compensation: $250
- Related: $0
- Other: $0
- Compensation: $250
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $100
- Related: $0
- Other: $0
- Compensation: $100
- Related: $0
- Other: $0
Where can I find the form 990 for Chisago Lakes Mutual Insurance Company?
Chisago Lakes Mutual Insurance Company's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Chisago Lakes Mutual Insurance Company
Chisago Lakes Mutual Insurance Company, as a nonprofit organization, is dedicated to offering property casualty insurance coverage to farmers and homeowners residing in rural areas of Minnesota. This commitment is in alignment with the provisions of IRC Section 501(c)(15) and Minnesota statute 67A. The company's mission is essentially to provide a safety net for these individuals, ensuring they have the necessary insurance coverage to protect their properties against various risks. Through its services, Chisago Lakes Mutual Insurance Company has successfully insured 787 members, with a total insurance coverage of $434,774,555 in force.
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Impact
October, 2024
Chisago Lakes Mutual Insurance Company plays a vital role in the rural Minnesota community by providing property casualty insurance coverage tailored specifically for farmers and homeowners. With a commitment to supporting local residents, the organization currently insures 787 members, safeguarding over $434 million in assets. This substantial coverage ensures that families and agricultural operations are protected against unforeseen events, thereby fostering stability and resilience within the community. By focusing on the unique needs of rural Minnesota, Chisago Lakes Mutual Insurance enhances the overall well-being and financial security of its members, enabling them to thrive in their endeavors.
This information is meant to be a general summary of Chisago Lakes 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 2021.
- Investment Income: $68,217
- Program Service Revenue: $461,761
- Gross Receipts: $1,016,316
Assets and Liabilities:
- Total Assets: $3,127,670
- Total Liabilities: $268,588
- Net Assets: $2,859,082
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Premium Income
Revenue
$445,711
Premium Refunds
Revenue
$16,050
Organization Details
Founding Year
1867
Principal Officer
Glenn Carlson
Main Address
PO Box 189, Scandia, MN, 55073
NTEE Category
Code: Y20 - Mutual benefit
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