Overview
What is Floyd County Mutual Fire Insurance?
Floyd County Mutual Fire Insurance is a licensed mutual assessment company, functioning under Chapter 25 of Title 38.2 of the Code of Virginia. The organization provides property and casualty insurance services, ensuring comprehensive coverage for all required programs. As a mutual assessment insurer, Floyd County Mutual Fire Insurance operates on a unique model, where its members share the risks and financial responsibilities associated with insurance claims. This cooperative structure allows the company to offer competitive rates and personalized services to its members, fostering a sense of community and shared responsibility.
Is Floyd County Mutual Fire Insurance legitimate?
Floyd County Mutual Fire Insurance is a legitimate nonprofit organization registered as a 501(c)(15) entity. Floyd County Mutual Fire Insurance 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: $27,747
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Floyd County Mutual Fire Insurance?
Floyd County Mutual Fire Insurance, licensed under Chapter 25 of Title 38.2 of the Code of Virginia, operates as a mutual assessment property and casualty insurer. Its primary activity involves providing insurance services that encompass all mandatory programs. While the information provided does not specify an explicit mission statement, it can be inferred that the company's mission is to offer reliable and mandatory insurance services to its clients, operating within the regulatory framework established by Chapter 25 of Title 38.2 of the Code of Virginia.
Who is the CEO of Floyd County Mutual Fire Insurance?
Reece Mcpeak Jr is the President of Floyd County Mutual Fire Insurance.
What is the revenue of Floyd County Mutual Fire Insurance?
Floyd County Mutual Fire Insurance's revenue in 2022 was $162,024.
Who are the executives of Floyd County Mutual Fire Insurance and what are their salaries?
The average compensation at Floyd County Mutual Fire Insurance during 2022 was $3,964. There are 7 employees at Floyd County Mutual Fire Insurance.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Floyd County Mutual Fire Insurance?
Floyd County Mutual Fire Insurance's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Floyd County Mutual Fire Insurance
Floyd County Mutual Fire Insurance, as a mutual assessment property and casualty insurer, is licensed under Chapter 25 of Title 38.2 of the Code of Virginia. Its mission, in simpler terms, is to provide insurance services that encompass all required programs, following the guidelines set out in the aforementioned chapter. This company operates based on mutual assessment, which means that its members share in the risks and rewards of the insurance pool. This structure allows the company to provide insurance services to its clients in a unique and community-oriented manner.
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Impact
October, 2024
Floyd County Mutual Fire Insurance significantly impacts the local community by providing essential property and casualty insurance services. Operating under Chapter 25 of Title 38.2 of the Code of Virginia, it ensures that residents and businesses in Floyd, VA, have access to reliable coverage tailored to their unique needs.
This organization operates on a mutual assessment model, meaning that policyholders are also its members, sharing in the benefits and responsibilities of the insurance process. This structure fosters a sense of community and cooperation, as members work together to assess risks and manage claims. By offering affordable and comprehensive insurance products, Floyd County Mutual Fire Insurance contributes to the financial stability of individuals and businesses, helping them recover from unexpected losses and maintain their livelihoods.
Additionally, the company’s presence in the region supports local economic resilience. By keeping insurance services close to home, it builds trust and fosters long-term relationships within the community. Furthermore, its commitment to mutual benefit reinforces the importance of collective support, empowering members to thrive in a secure environment.
This information is meant to be a general summary of Floyd County Mutual Fire Insurance. 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: $43,127
- Program Service Revenue: $115,897
- Gross Receipts: $162,024
Assets and Liabilities:
- Total Assets: $3,451,164
- Total Liabilities: $90,083
- Net Assets: $3,361,081
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$108,768
ASSESSMENT RESTITUTION
ASSESSMENTS ADJ UNEARNE
Revenue
$3,901
ACC TAX AND EXP ADJ
Revenue
$52
ACC INT RECEIV ADJ
Revenue
$3,176
Organization Details
Founding Year
1975
Principal Officer
Reece Mcpeak Jr
Main Address
P O BOX 3, FLOYD, VA, 24091
NTEE Category
Code: Y20 - Mutual benefit
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