Overview
What is New Munich Mutual Insurance Company?
New Munich Mutual Insurance Company, situated at 512 Main Street South STE Ste 2, Sauk Centre, MN 56378, is a nonprofit organization primarily focused on offering property insurance to its members. Established under IRC 501(c)(15) and Minnesota statute 67A, this company provides extensive coverage to farmers and homeowners residing in rural Minnesota. As of the provided data, the organization boasts 486 members and has insurance in force worth $448,388,000. With a modest workforce of 5 employees, New Munich Mutual Insurance Company is committed to serving the needs of its members in rural Minnesota.
Is New Munich Mutual Insurance Company legitimate?
New Munich Mutual Insurance Company is a legitimate nonprofit organization registered as a 501(c)(15) entity. New Munich 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: $4,800
Professional Fundraising Fees: $0
Other Salaries and Wages: $61,234
For more financial information, click here
What is the mission statement of New Munich Mutual Insurance Company?
The New Munich Mutual Insurance Company's mission is centered around providing property casualty insurance coverage. This service is primarily for farmers and homeowners residing in rural areas, in compliance with the Internal Revenue Code Section 501(c)(15) and Minnesota Statute 67A. The organization's mission aims to offer financial protection and security to its members, ensuring they are covered in case of property-related incidents.
Who is the CEO of New Munich Mutual Insurance Company?
Victor Uphoff is the President of New Munich Mutual Insurance Company.
What is the revenue of New Munich Mutual Insurance Company?
New Munich Mutual Insurance Company's revenue in 2022 was $481,086.
Who are the executives of New Munich Mutual Insurance Company and what are their salaries?
The average compensation at New Munich Mutual Insurance Company during 2022 was $13,207. There are 5 employees at New Munich Mutual Insurance Company.
Here are 6 key members and their salaries:
- Compensation: $1,700
- Related: $0
- Other: $0
- Compensation: $1,300
- Related: $0
- Other: $0
- Compensation: $500
- Related: $0
- Other: $0
- Compensation: $500
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
Where can I find the form 990 for New Munich Mutual Insurance Company?
New Munich Mutual Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Munich Mutual Insurance Company
New Munich Mutual Insurance Company, a nonprofit organization under IRC 501(c)(15) and Minnesota statute 67A, is committed to providing property casualty insurance coverage for farmers and homeowners residing in rural areas. This mission is instrumental in safeguarding the assets of these individuals, offering them peace of mind in the face of potential risks. The company's operations are centered around ensuring that rural Minnesota communities have access to reliable insurance coverage, thereby contributing to their overall well-being and stability. With a membership of 486 and insurance in force amounting to $448,388,000, New Munich Mutual Insurance Company has established itself as a trusted provider of insurance services in this specific demographic, demonstrating its dedication to its mission.
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Impact
October, 2024
New Munich Mutual Insurance Company plays a significant role in providing stability and financial protection for farmers and homeowners in rural Minnesota. By offering property casualty insurance coverage, the organization ensures that its 486 members have access to reliable protection for their assets. With insurance in force amounting to $448,388,000, the company contributes to the economic security of its community.
The impact of New Munich Mutual extends beyond just insurance; it helps to foster a sense of mutual benefit and community support among its members. This emphasis on serving rural areas is crucial, as it addresses the unique challenges faced by farmers and residents in these regions, providing them with peace of mind in uncertain circumstances. Overall, the organization plays a vital role in enhancing the resilience and well-being of the rural Minnesota community.
This information is meant to be a general summary of New Munich 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: $17,647
- Program Service Revenue: $463,439
- Gross Receipts: $537,086
Assets and Liabilities:
- Total Assets: $1,517,283
- Total Liabilities: $217,059
- Net Assets: $1,300,224
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Premium Income
Revenue
$457,045
Premium Refunds
Revenue
$6,394
Organization Details
Founding Year
1927
Principal Officer
Victor Uphoff
Main Address
512 Main Street South STE Ste 2, Sauk Centre, MN, 56378
NTEE Category
Code: Y20 - Mutual benefit
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