Overview
What is Fraternal Beneficial Association?
The Fraternal Beneficial Association is a nonprofit organization situated in Fairfield, Washington (WA 99012). Its primary mission is to provide fire loss coverage for members who are farmers residing in Eastern Washington or Northern Idaho. This coverage is sourced from an accumulated investment fund, which is maintained through annual member assessments of covered properties and investment income. The association's annual expenses encompass expenses related to fire loss payments, investing, administration, and other revenues, amounting to $162,890. In contrast, its total revenue is derived from member assessments and other sources, amounting to $84,788. Despite these financial figures, the organization's primary focus remains on providing fire loss coverage for eligible farmers.
Is Fraternal Beneficial Association legitimate?
Fraternal Beneficial Association is a legitimate nonprofit organization registered as a 501(c)(15) entity. Fraternal Beneficial Association 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:
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What is the mission statement of Fraternal Beneficial Association?
The Fraternal Beneficial Association's mission is centered around providing fire loss coverage to its members. To be eligible, individuals must be farmers residing in Eastern Washington or Northern Idaho. The association maintains an investment fund, which is used to offer this coverage. The fund is primarily sourced from annual member assessments of covered property and income generated from fund investments. The organization's activities focus on managing expenses, revenues, and fire loss payments, with the aim of ensuring financial sustainability and delivering on its promise of protection to its farming community members.
Who is the CEO of Fraternal Beneficial Association?
David A Buob is the Genessee, Id of Fraternal Beneficial Association.
What is the revenue of Fraternal Beneficial Association?
Fraternal Beneficial Association's revenue in 2020 was $84,788.
Who are the executives of Fraternal Beneficial Association and what are their salaries?
There 15 volunteers at Fraternal Beneficial Association.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Fraternal Beneficial Association?
Fraternal Beneficial Association's most recent form 990 was submitted in 2020 and can be accessed here.
Mission Statement of Fraternal Beneficial Association
The Fraternal Beneficial Association, as a nonprofit organization, is dedicated to providing fire loss coverage for its members. The eligibility criteria for membership are straightforward: individuals must be farmers residing in Eastern Washington or Northern Idaho. This coverage is funded through an accumulated investment fund, which is maintained through annual member assessments on covered properties and investment income generated from the fund. The association strives to manage its expenses, revenues, and fire loss payments effectively, ensuring that it can continue to provide this valuable service to its members. The Fraternal Beneficial Association's mission is to offer financial security and peace of mind to its farmer members in the event of a fire-related loss.
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Impact
October, 2024
Fraternal Beneficial Association plays a crucial role in supporting farmers in Eastern Washington and Northern Idaho by providing fire loss coverage tailored specifically for their needs. This organization is essential in mitigating financial risks associated with fire damage, which can be devastating for agricultural operations.
Operating through an accumulated investment fund derived from annual member assessments and investment income, the Association ensures that its members have access to necessary financial resources when they face fire losses. In the past year, it supported members with $45,000 in fire loss payments, highlighting its commitment to protecting the livelihoods of those it serves.
Despite facing total expenses amounting to $162,890 and generating total revenue of $84,788, the Association continues to offer valuable services to its members, demonstrating resilience and dedication to its mission. The focus on mutual benefit fosters a sense of community among farmers, encouraging collaboration and shared support in times of need. Additionally, the organization’s investment strategies contribute to its sustainability, ensuring that the coverage remains viable for the future.
Through its operations, Fraternal Beneficial Association not only provides financial protection but also strengthens the agricultural community, allowing farmers to focus on their work with the peace of mind that they have a safety net against potential losses.
This information is meant to be a general summary of Fraternal Beneficial Association. 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 2020.
- Investment Income: $29,046
- Program Service Revenue: $55,717
- Gross Receipts: $1,596,446
Assets and Liabilities:
- Total Assets: $3,536,107
- Total Liabilities: $0
- Net Assets: $3,536,107
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESSMENTS/FEES
Revenue
$55,717
Organization Details
Founding Year
1891
Phone
(509) 368-4834Principal Officer
David A Buob
Main Address
22919 S NORTH KENTUCK TRAILS RD, FAIRFIELD, WA, 99012
NTEE Category
Code: Y20 - Mutual benefit
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