FARMERS MUTUAL FIRE INSURANCE CO OF CLEVELAND COUNTY

EIN: 560473262

SHELBY, NC

Total Revenue
$584,443
Total Expenses
$815,644
Total Assets
$2,117,803
Net Assets
$1,483,312
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1906
Legal Domicile
NC
Principal Officer
JENNIFER S PARKER
Phone
7044879692
Tax Period
2024-01-01 to 2024-12-31

FARMERS MUTUAL FIRE INSURANCE CO OF CLEVELAND COUNTY, founded in 1906, is a small nonprofit that reported $584K in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $816K exceeded revenue, resulting in a 40% operating deficit.

Mission

TO PROVIDE COVERAGE AGAINST THE PERILS OF FIRE, LIGHTNING, WIND, AND EXTENDED COVERAGE ON DWELLINGS AND OTHER FARM BUILDINGS.

Program Service Accomplishments

Program 1
Expenses: $815,644 Revenue: $584,422

THE ORGANIZATION PROVIDED COVERAGE TO APPROXIMATELY 995 POLICYHOLDERS DURING THE YEAR. A TOTAL OF 558,310 WAS PAID TO POLICYHOLDERS RESULTING FROM APPROXIMATELY 114 LOSS CLAIMS DURING THE YEAR.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $498,371
Investment Income $85,391
Other Revenue $681
TOTAL REVENUE $584,443

Expense Breakdown

Grants Paid $0
Salaries & Benefits $172,983
Fundraising Expenses $0
Program Expenses $815,644
Other Expenses $231,234
TOTAL EXPENSES $815,644

Year-over-Year Comparison

2024 2023 Change
Revenue $584,443 $536,478 +0.1%
Expenses $815,644 $746,783 +0.1%
Net Income $-231,201 $-210,305 +0.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
9
Independent Members
N/A
Employees
3
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$54,612
Total Directors
10
$58,962
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JENNIFER S PARKER SECRETARY/TR 40.00
Officer Director
$49,327 $0 $49,327
MICHAEL SPAKE PRESIDENT 5.00
Officer Director
$4,685 $0 $4,685
BRENT ELMORE DIRECTOR 2.00
Director
$750 $0 $750
ED GOFORTH DIRECTOR 2.00
Director
$750 $0 $750
ROBYN HOUSER DIRECTOR 2.00
Director
$750 $0 $750
E A BINGHAM JR DIRECTOR 2.00
Director
$750 $0 $750
MAX J HAMRICK VICE PRESIDE 2.00
Officer Director
$600 $0 $600
JEFFREY CROTTS DIRECTOR 2.00
Director
$450 $0 $450
EDDIE HARRILL DIRECTOR 2.00
Director
$450 $0 $450
ANDREW WHITE DIRECTOR 2.00
Director
$450 $0 $450
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $584,443 $815,644 $2,117,803 $-231,201
2023 $536,478 $746,783 $2,292,228 $-210,305
2022 $550,750 $520,708 $2,359,052 $30,042
2021 $621,483 $547,778 $2,675,710 $73,705
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