Overview
What is Southern Mutual Church Insurance Co?
Southern Mutual Church Insurance Co is a nonprofit organization based in Columbia, South Carolina. Their primary function is to offer specialized, cost-effective property and casualty insurance to member churches, catering to their unique needs. By doing so, they contribute to the social welfare of the communities they serve. Their mission is to protect member churches' properties against losses caused by fire, lightning, windstorm, arson, and liability at the lowest feasible cost. They promote safety consciousness through loss control, inspection services, and policyholder education. Additionally, Southern Mutual Church Insurance Co provides financial assistance with member-church mortgage loans at lower than prevailing interest rates and better terms. They had 11,383 policies in force and gross direct insurance premiums totaling $62,859,946 at the end of 2022. The organization employed 58 individuals.
Official website here: www.smcins.com
Is Southern Mutual Church Insurance Co legitimate?
Southern Mutual Church Insurance Co is a legitimate nonprofit organization registered as a 501(c)(4) entity. Southern Mutual Church Insurance Co 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: $1,040,808
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,223,201
For more financial information, click here
Official website here: www.smcins.com
What is the mission statement of Southern Mutual Church Insurance Co?
Southern Mutual Church Insurance Co is dedicated to serving the communities of churches by offering specialized, cost-effective property and casualty insurance. Their mission is to enhance the social welfare of these communities by providing essential services, including management and facilities, to protect member churches' properties against various risks at the most affordable costs. Safety consciousness is prioritized through loss control, inspection services, and policyholder education, ultimately minimizing losses. Additionally, Southern Mutual Church Insurance Co extends financial assistance to churches with mortgage loans at preferable interest rates and terms.
Official website here: www.smcins.com
What is the revenue of Southern Mutual Church Insurance Co?
Southern Mutual Church Insurance Co's revenue in 2023 was $73,780,868.
Official website here: www.smcins.com
Who are the executives of Southern Mutual Church Insurance Co and what are their salaries?
The average compensation at Southern Mutual Church Insurance Co during 2023 was $69,902. There are 61 employees at Southern Mutual Church Insurance Co.
Here are 15 key members and their salaries:
- Compensation: $378,208
- Related: $0
- Other: $48,332
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,800
- Related: $0
- Other: $0
- Compensation: $18,850
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $12,600
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $12,200
- Related: $0
- Other: $0
- Compensation: $14,850
- Related: $0
- Other: $0
- Compensation: $12,500
- Related: $0
- Other: $0
- Compensation: $200,600
- Related: $0
- Other: $20,030
- Compensation: $164,810
- Related: $0
- Other: $16,415
- Compensation: $157,390
- Related: $0
- Other: $15,461
Official website here: www.smcins.com
Where can I find the form 990 for Southern Mutual Church Insurance Co?
Southern Mutual Church Insurance Co's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.smcins.com
Learn more at the official website: www.smcins.com
Mission Statement of Southern Mutual Church Insurance Co
Southern Mutual Church Insurance Co, a unique nonprofit organization, is committed to providing specialized, cost-effective property and casualty insurance to member churches. With a focus on the specific needs of churches, this entity aims to contribute to the social welfare of the communities they serve. By offering insurance coverage for properties against losses caused by fire, lightning, windstorm, arson, and liability, Southern Mutual Church Insurance Co ensures the protection of church assets at the most reasonable cost.
Moreover, the organization goes beyond insurance by promoting safety consciousness through loss control, inspection services, and policyholder education. These efforts are geared towards minimizing losses and safeguarding the well-being of church communities. Southern Mutual Church Insurance Co also extends financial assistance to its member-churches by providing mortgage loans at lower than prevailing interest rates and superior terms. This commitment to offering financial support further strengthens the organization's dedication to the social welfare of the churches it serves.
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Impact
October, 2024
Southern Mutual Church Insurance Company significantly impacts the communities it serves by providing specialized, cost-effective property and casualty insurance tailored to the unique needs of member churches. By offering coverage that protects against various risks such as fire, lightning, windstorm, arson, and liability, the company safeguards the valuable assets of over 11,000 member churches.
Their focus on minimizing insurance costs allows these churches to allocate more resources toward their community activities, enhancing their ability to contribute positively to social welfare. This support is vital in promoting safety through loss control initiatives and educational services, which ultimately help to reduce the frequency and severity of claims.
Additionally, by providing financial assistance through lower-interest mortgage loans, Southern Mutual enables churches to better manage their facilities, further strengthening their community presence. With gross direct insurance premiums reaching nearly $63 million and maintaining nearly 20,000 policies in force, the organization's structure is designed to uphold and promote the stability of member churches, thereby enriching the broader community they serve.
This information is meant to be a general summary of Southern Mutual Church Insurance Co. 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: $2,217,950
- Program Service Revenue: $71,299,395
- Gross Receipts: $82,454,344
Assets and Liabilities:
- Total Assets: $93,023,190
- Total Liabilities: $43,965,992
- Net Assets: $49,057,198
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
GROSS PREMIUMS-MEMBER CHURCH
Revenue
$71,075,704
ALL OTHER PROGRAM SVC REV
Revenue
$157,227
INTEREST LOW INTEREST CHURCH
Revenue
$34,780
MISC POLICIES PROVIDED SVCS
Revenue
$31,684
Organization Details
Founding Year
1928
Principal Officer
Robert A Bates
Website
www.smcins.comNTEE Category
Code: Y20Z - Mutual benefit
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