FARMERS MUTUAL FIRE INSURANCE CO OF CLEVELAND COUNTY (EIN 560473262) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1906

Legal Domicile

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.

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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%)

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

Governance

Voting Members

Independent Members

N/A

Employees

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

$54,612

Total Directors

$58,962

Key Employees

Highest Compensated

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

FARMERS MUTUAL FIRE INSURANCE CO OF CLEVELAND COUNTY