SOUTHERN MUTUAL CHURCH INSURANCE CO

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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

1928

Legal Domicile

Principal Officer

ROBERT A BATES

Phone

8037769365

Tax Period

2023-01-01 to 2023-12-31

SOUTHERN MUTUAL CHURCH INSURANCE CO, founded in 1928, is a mid-sized nonprofit in the Mutual Benefit sector that reported $73.8M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $87.6M exceeded revenue, resulting in a 19% operating deficit.

Mission

TO BENEFIT THE SOCIAL WELFARE OF COMMUNITIES BY PROVIDING NECESSARY SERVICES, INCLUDING MANAGEMENT AND FACILITIES, FOR THE SOLE AND EXCLUSIVE BENEFIT OF MEMBER CHURCHES TO PROTECT THEIR PROPERTY AGAINST LOSS BY FIRE, LIGHTNING, WINDSTORM, ARSON AND LIABILITY AT THE LOWEST FEASIBLE COST. TO PROMOTE SAFETY CONSCIOUSNESS THROUGH LOSS CONTROL, INSPECTION SERVICES AND POLICYHOLDER EDUCATION IN ORDER TO MINIMIZE LOSSES. TO PROVIDE FINANCIAL ASSISTANCE WITH MEMBER-CHURCH MORTGAGE LOANS AT LOWER THAN PREVAILING INTEREST RATES AND BETTER TERMS.

Program Service Accomplishments

Program 1

Expenses: $87,492,212 Revenue: $71,075,704

GROSS DIRECT INSURANCE PREMIUM FROM MEMBER CHURCHES = 70,975,147 MEMBER CHURCHES INSURED AT 12/31/2023 = 11,662 POLICIES IN FORCE = 19,922 THE PRIMARY FUNCTION OF SMCIC IS TO PROVIDE INSURANCE...

GROSS DIRECT INSURANCE PREMIUM FROM MEMBER CHURCHES = 70,975,147 MEMBER CHURCHES INSURED AT 12/31/2023 = 11,662 POLICIES IN FORCE = 19,922 THE PRIMARY FUNCTION OF SMCIC IS TO PROVIDE INSURANCE PROTECTION FOR ITS MEMBER CHURCHES AT THE LOWEST COST POSSIBLE BY REDUCED RATES AND OTHER METHODS PERMISSIBLE BY LAW.

Program 2

Expenses: $78,028 Revenue: $34,780

LOW INTEREST RATE LOANS TO MEMBER CHURCHES. TOTAL LOANS OUTSTANDING AT 12/31/23 = 795,671 LOANS ARE MADE FROM AVAILABLE SURPLUS.

Program 3

Expenses: $14,833 Revenue: $31,684

MISCELLANEOUS POLICIES PROVIDED AS A SERVICE TO MEMBERS. THIS TYPE OF POLICY IS NOT AVAILABLE THROUGH THE COMPANY. SMCIC CANNOT ALWAYS PROVIDE PROTECTION DIRECTLY FOR MEMBERS' NEEDS AND WILL ARRANGE...

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $71,299,395

Investment Income $2,416,991

Other Revenue $64,482

TOTAL REVENUE $73,780,868

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,924,142

Fundraising Expenses $0

Program Expenses $87,585,073

Other Expenses $81,660,931

TOTAL EXPENSES $87,585,073

Year-over-Year Comparison

	2023	2022	Change
Revenue	$73,780,868	$67,035,993	+0.1%
Expenses	$87,585,073	$67,871,296	+0.3%
Net Income	$-13,804,205	$-835,303	+15.5%

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

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

$1,001,246

Total Directors

$566,340

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT A BATES	PRESIDENT/CE	32.50	Officer Director	$378,208	$48,332	$426,540
THOMAS C ALEXANDER	DIRECTOR	1.00	Director	$11,400	$0	$11,400
ELIZABETH L BRABHAM	DIRECTOR	1.00	Director	$11,400	$0	$11,400
DAVID J CHARPIA	DIRECTOR	1.00	Director	$11,400	$0	$11,400
THOMAS F CORDRAY	DIRECTOR	1.00	Director	$11,800	$0	$11,800
THOMAS G EARLE	DIRECTOR	1.00	Director	$18,850	$0	$18,850
JACKIE G JENKINS	DIRECTOR	1.00	Director	$11,400	$0	$11,400
WHITTAKER V MIDDLETON	DIRECTOR	1.00	Director	$12,600	$0	$12,600
WILLIAM M MYERS	DIRECTOR	1.00	Director	$11,400	$0	$11,400
LELAND G ROLLINS III	DIRECTOR	1.00	Director	$12,200	$0	$12,200
ROBERT E SCARBOROUGH	DIRECTOR	1.00	Director	$14,850	$0	$14,850
WANDA L SYLVESTER	DIRECTOR	1.00	Director	$12,500	$0	$12,500
PHILLIP R FRAZIER	CFO	32.50	Officer	$200,600	$20,030	$220,630
DAVID F KARNS	VICE PRESIDE	32.50	Officer	$164,810	$16,415	$181,225
MARK M KESSER	VICE PRESIDE	32.50	Officer	$157,390	$15,461	$172,851

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$73,780,868	$87,585,073	$84,287,816	$-13,804,205
2022	$67,035,993	$67,871,296	$93,023,190	$-835,303
2021	$60,236,584	$57,205,426	$92,657,119	$3,031,158
2020	$56,604,162	$53,797,420	$84,973,729	$2,806,742
2019	$51,219,086	$46,175,537	$82,771,968	$5,043,549
2018	$48,186,492	$45,034,421	$73,176,672	$3,152,071