MISSISSIPPI STATE RATING BUREAU

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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

1984

Legal Domicile

Principal Officer

JOE ULMER

Phone

6019812929

Tax Period

2025-01-01 to 2025-12-31

MISSISSIPPI STATE RATING BUREAU, founded in 1984, is a community nonprofit that reported $5.3M in total revenue in fiscal year 2025. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $5.1M left a modest 4% surplus.

Mission

TO ADMINISTER INSURANCE RATING BUREAU AS ESTABLISHED BY OPERATION OF STATE LAW.

Program Service Accomplishments

Program 1

ADMINISTRATION OF AN INSURANCE RATING BUREAU TO ASSIST MEMBERS IN COMPLYING WITH STATE LAWS.

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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 (2025)

Revenue Breakdown

Contributions & Grants $4,929,600

Program Service Revenue $283,936

Investment Income $132,295

Other Revenue $0

TOTAL REVENUE $5,345,831

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,288,582

Fundraising Expenses $0

Other Expenses $1,859,137

TOTAL EXPENSES $5,147,719

Year-over-Year Comparison

	2025	2024	Change
Revenue	$5,345,831	$4,643,302	+0.2%
Expenses	$5,147,719	$4,271,116	+0.2%
Net Income	$198,112	$372,186	-0.5%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE ULMER	PRESIDENT	2.00	Officer Director	$0	$0	$0
CARY BREEDLOVE	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
JEFFREY CARVER	MEMBER	2.00	Director	$0	$0	$0
COLEMAN CUMMINS	MEMBER	2.00	Director	$0	$0	$0
TIFFANY HAWKINS	MEMBER	2.00	Director	$0	$0	$0
PATRICK FEATHERS	MEMBER	2.00	Director	$0	$0	$0
MICHELE HARRIS	MEMBER	2.00	Director	$0	$0	$0
LAUREN SMITH	MEMBER	2.00	Director	$0	$0	$0
TERESA ROSS	MEMBER	2.00	Director	$0	$0	$0

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	$5,345,831	$5,147,719	$7,346,638	$198,112
2024	No data	No data	No data	No data
2023	$4,611,818	$3,690,707	$6,788,563	$921,111
2022	$3,777,657	$4,372,837	$5,867,325	$-595,180
2021	$3,705,466	$3,738,019	$6,464,693	$-32,553
2020	$3,588,600	$3,608,200	$6,494,251	$-19,600
2019	$3,531,265	$3,542,794	$6,511,274	$-11,529
2018	$3,490,134	$3,611,449	$6,522,912	$-121,315