Overview
What is Rockbridge Mutual Fire Insurance Company?
Rockbridge Mutual Fire Insurance Company is a small nonprofit organization located in Lexington, Virginia. With only seven employees, they specialize in offering fire insurance coverage to their member households. Their primary activities include paying benefits for fire, windstorm, and lightning losses, as well as compensating directors for inspecting damage. Additionally, they handle the payment of reinsurance premiums, state bureau of insurance assessments, licenses, and loss expenses. The company's mission remains focused on providing essential fire insurance protection to its members, contributing to their peace of mind and property security.
Is Rockbridge Mutual Fire Insurance Company legitimate?
Rockbridge Mutual Fire Insurance Company is a legitimate nonprofit organization registered as a 501(c)(15) entity. Rockbridge 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: $49,269
Professional Fundraising Fees: $0
Other Salaries and Wages: $392
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What is the mission statement of Rockbridge Mutual Fire Insurance Company?
The Rockbridge Mutual Fire Insurance Company's primary mission is to provide fire insurance coverage for its members' houses. This mission is fulfilled by paying benefits in the event of fire, windstorm, or lightning losses. Additionally, the company compensates its directors for inspecting damage, covers reinsurance premiums, pays state bureau of insurance assessments, and manages loss expenses. In essence, the company's role is to safeguard its members' homes against fire-related losses and provide related financial support.
Who is the CEO of Rockbridge Mutual Fire Insurance Company?
C Michael Sandridge is the President of Rockbridge Mutual Fire Insurance Company.
What is the revenue of Rockbridge Mutual Fire Insurance Company?
Rockbridge Mutual Fire Insurance Company's revenue in 2022 was $198,096.
Who are the executives of Rockbridge Mutual Fire Insurance Company and what are their salaries?
The average compensation at Rockbridge Mutual Fire Insurance Company during 2022 was $7,094. There are 7 employees at Rockbridge Mutual Fire Insurance Company.
Here are 6 key members and their salaries:
- Compensation: $5,223
- Related: $0
- Other: $0
- Compensation: $35,751
- Related: $0
- Other: $0
- Compensation: $1,762
- Related: $0
- Other: $0
- Compensation: $1,876
- Related: $0
- Other: $0
- Compensation: $2,435
- Related: $0
- Other: $0
- Compensation: $2,222
- Related: $0
- Other: $0
Where can I find the form 990 for Rockbridge Mutual Fire Insurance Company?
Rockbridge Mutual Fire Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Rockbridge Mutual Fire Insurance Company
Rockbridge Mutual Fire Insurance Company, as outlined in the provided information, is dedicated to providing fire insurance coverage for its member homes. This mission is twofold: firstly, when a fire, windstorm, or lightning incident causes damage to a member's house, Rockbridge Mutual steps in to offer financial assistance. Secondly, the company also compensates its directors for the time they spend inspecting damage caused by such incidents. Furthermore, Rockbridge Mutual pays for reinsurance premiums, state bureau of insurance assessments, and covers loss expenses. In essence, Rockbridge Mutual Fire Insurance Company exists to safeguard its members' homes from fire-related damages and offer financial support during such challenging times.
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Impact
October, 2024
Rockbridge Mutual Fire Insurance Company plays a crucial role in providing fire insurance coverage for homes within its member community in Lexington, Virginia. By offering financial protection against potential losses caused by fire, windstorms, and lightning, the company safeguards the assets and peace of mind of its members.
The organization ensures that claims for these losses are processed efficiently, providing necessary compensation to those affected. Additionally, it covers the expenses related to reinsurance premiums and assessments from the state’s insurance bureau, which helps maintain the stability and reliability of its services. Furthermore, it supports the community by compensating directors for inspecting damages, ensuring a thorough assessment for each claim, and reinforcing a strong mutual support network among its members.
Through its commitment to offering robust fire insurance protection, Rockbridge Mutual Fire Insurance Company contributes significantly to the safety and security of homes in the area, promoting resilience in the face of unforeseen disasters.
This information is meant to be a general summary of Rockbridge 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 2022.
- Investment Income: $1,894
- Program Service Revenue: $194,427
- Gross Receipts: $198,096
Assets and Liabilities:
- Total Assets: $540,876
- Total Liabilities: $6,673
- Net Assets: $534,203
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER PREMIUM ASSESSMENTS
Revenue
$195,387
LOSS SHARING REIMBURSMENT
Revenue
$673
REFUNDS
Revenue
-$1,633
Organization Details
Founding Year
1900
Phone
(540) 463-4223Principal Officer
C Michael Sandridge
Main Address
156 SOUTH MAIN STREET, LEXINGTON, VA, 24450
NTEE Category
Code: Y20 - Mutual benefit
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