Form 990 for tax year 2024
Filed by NAMIC MUTUAL INSURANCE FOUNDATION.
Totals
- Total revenue
- $381,075
- Total expenses
- $118,391
- Contributions and grants received
- $366,075
- Grants paid
- $106,000
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $15,000
- Total assets, end of year
- $734,170
- Total liabilities, end of year
- $6,823
- Net assets or fund balances, end of year
- $727,347
- Program services expenses (Part IX)
- $106,000
- Management and general expenses
- $12,391
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $106,000
Program services were 89.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1d · Related organizations
$250,000
-
1f · All other contributions, gifts and grants
$116,075
-
11a · Other revenue: OTHER REVENUE
total $15,000 · related or exempt $15,000
-
11e · Other revenue, total
$15,000
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $106,000 · program services $106,000
-
11c · Fees: accounting
total $3,704 · management and general $3,704
-
12 · Advertising and promotion
total $1,485 · management and general $1,485
-
13 · Office expenses
total $3,680 · management and general $3,680
-
23 · Insurance
total $2,800 · management and general $2,800
-
24a · Other expenses: ADMINISTRATIVE FEES
total $452 · management and general $452
-
24b · Other expenses: DUES
total $270 · management and general $270
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $422,859 · end of year $662,125
-
4 · Accounts receivable
beginning of year $37,720 · end of year $68,230
-
9 · Prepaid expenses and deferred charges
beginning of year $1,584 · end of year $3,815
-
17 · Accounts payable and accrued expenses
end of year $6,823
-
27 · Net assets without donor restrictions
beginning of year $169,411 · end of year $672,473
-
28 · Net assets with donor restrictions
beginning of year $292,752 · end of year $54,874
Mission and programs · 2024
Mission
THE NAMIC MUTUAL INSURANCE FOUNDATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITH THE PRIMARY FOCUS TO HELP FOSTER THE CONTINUED GROWTH OF A STRONG AND INVIGORATED MUTUAL INSURANCE INDUSTRY.
Activities or mission (Part I)
THE NAMIC MUTUAL INSURANCE FOUNDATION, INC. IS ORGANIZED FOR CHARITABLE AND EDUCATIONAL PURPOSES. THE PRIMARY PURPOSE IS TO ADVANCE PUBLIC AWARENESS OF MUTUAL INSURANCE CONCEPTS AND THE INSURANCE INDUSTRY IN GENERAL; AND TO MAKE GRANTS, GIFTS OR CONTRIBUTIONS IN MONEY OR OTHER PROPERTY TO SCHOOLS, COLLEGES, UNIVERSITIES OR OTHER INSTITUTIONS OF LEARNING FOR FINANCIAL ASSISTANCE TO WORTHY STUDENTS TRAINING IN THE RISK MANAGEMENT AND INSURANCE INDUSTRY.
-
ADVANCE PUBLIC AWARENESS OF MUTUAL INSURANCE CONCEPTS AND THE INSURANCE INDUSTRY IN GENERAL; AND TO MAKE GRANTS, GIFTS OR CONTRIBUTIONS IN MONEY OR OTHER PROPERTY TO SCHOOLS, COLLEGES, UNIVERSITIES OR OTHER INSTITUTIONS OF LEARNING FOR FINANCIAL ASSISTANCE TO WORTHY STUDENTS ACQUIRING TRAINING IN THE RISK MANAGEMENT AND INSURANCE INDUSTRY.
Expenses $106,000 · Grants $106,000
As filed on the 2024 return.
Listed in Part VII
-
Sarah SchnettlerSARAH SCHNETTLER
EXECUTIVE DI
- Total calculated
- $428,078
- From this org
- $0
- From related orgs
- $382,258
- Other
- $45,820
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- not reported + $285,336 related
- Bonus
- not reported + $93,975 related
- Other
- not reported + $2,947 related
- Deferred
- not reported + $21,588 related
- Nontaxable benefits
- not reported + $24,232 related
- Filer's total
- not reported + $428,078 related
-
Elizabeth HeckELIZABETH HECK
CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Mark RussellMARK RUSSELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Mark WalzMARK WALZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Jeff WrobelJEFF WROBEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Paul StuevenPAUL STUEVEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Tricia MickleyTRICIA MICKLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1.5 related
-
Neil AlldredgeNEIL ALLDREDGE
DIRECTOR
- Total calculated
- $1,302,749
- From this org
- $0
- From related orgs
- $1,231,012
- Other
- $71,737
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- not reported + $899,140 related
- Bonus
- not reported + $299,250 related
- Other
- not reported + $32,622 related
- Deferred
- not reported + $38,725 related
- Nontaxable benefits
- not reported + $33,012 related
- Filer's total
- not reported + $1,302,749 related
-
Nathan SalatiNATHAN SALATI
ASSISTANT TR
- Total calculated
- $164,741
- From this org
- $0
- From related orgs
- $141,280
- Other
- $23,461
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- not reported + $138,727 related
- Bonus
- not reported
- Other
- not reported + $2,553 related
- Deferred
- not reported + $8,639 related
- Nontaxable benefits
- not reported + $14,822 related
- Filer's total
- not reported + $164,741 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
$15,500
SCHOLARSHIP
-
$8,500
SCHOLARSHIP
-
GEORGIA STATE UNIVERSITY
$7,000
SCHOLARSHIP
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501C6 · TRADE ASSO · IN
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
NAMIC SERVICE CORPORATION
C CORP · MGMT-INS. · IN
Directly controlled by NAMIC INC
-
NAMIC INSURANCE AGENCY
C CORP · INSURANCE · IN
Directly controlled by NSC
-
NAMIC INSURANCE COMPANY INC
C CORP · INSURANCE · IN
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 11 March 2026
- IRS schema version
- 2024v5.0
- Source object
- 202600709349301710
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