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Nonprofiteer
← SOUTHERN MUTUAL CHURCH INSURANCE COMPANY

Form 990 for tax year 2022

Filed by SOUTHERN MUTUAL CHURCH INSURANCE COMPANY.

Totals

Total revenue
$67,035,993
Total expenses
$67,871,296
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$63,184,975
Investment income
$3,789,654
Other revenue
$61,364
Total assets, end of year
$93,023,190
Total liabilities, end of year
$43,965,992
Net assets or fund balances, end of year
$49,057,198
Program services expenses (Part IX)
$67,871,296
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$67,871,296

Program services were 100.0% 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.

  • 2a · Program service revenue: GROSS PREMIUMS-MEMBER CHURCH

    total $62,976,645 · related or exempt $62,976,645

  • 2b · Program service revenue: ALL OTHER PROGRAM SVC REV

    total $145,398 · related or exempt $145,398

  • 2c · Program service revenue: MISC POLICIES PROVIDED SVCS

    total $31,707 · related or exempt $31,707

  • 2d · Program service revenue: INTEREST LOW INTEREST CHURCH

    total $31,225 · related or exempt $31,225

  • 3 · Investment income

    total $1,944,858 · related or exempt $1,944,858

  • 6a · Gross rents

    real property $135,200

  • 6b · Less rental expenses

    real property $72,701

  • 6c · Rental income or loss

    real property $62,499

  • 6d · Net rental income or loss

    total $62,499 · related or exempt $62,499

  • 7a · Gross sales of assets other than inventory

    securities $15,293,107

  • 7b · Less cost or other basis and sales expenses

    securities $13,448,311

  • 7c · Gain or loss

    securities $1,844,796

  • 7d · Net gain or loss

    total $1,844,796 · related or exempt $1,844,796

  • 11a · Other revenue: OTHER REVENUE

    total -$1,135 · related or exempt -$1,135

  • 11e · Other revenue, total

    -$1,135

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,125,917 · program services $1,125,917

  • 7 · Other salaries and wages

    total $2,985,983 · program services $2,985,983

  • 8 · Pension plan contributions

    total $442,274 · program services $442,274

  • 9 · Other employee benefits

    total $836,754 · program services $836,754

  • 10 · Payroll taxes

    total $273,445 · program services $273,445

  • 11b · Fees: legal

    total $2,780 · program services $2,780

  • 11c · Fees: accounting

    total $29,565 · program services $29,565

  • 11f · Fees: investment management

    total $138,548 · program services $138,548

  • 11g · Fees: other

    total $450,467 · program services $450,467

  • 12 · Advertising and promotion

    total $119,225 · program services $119,225

  • 13 · Office expenses

    total $389,635 · program services $389,635

  • 14 · Information technology

    total $387,766 · program services $387,766

  • 16 · Occupancy

    total $217,794 · program services $217,794

  • 17 · Travel

    total $444,793 · program services $444,793

  • 19 · Conferences, conventions and meetings

    total $19,939 · program services $19,939

  • 22 · Depreciation, depletion and amortization

    total $107,881 · program services $107,881

  • 23 · Insurance

    total $94,374 · program services $94,374

  • 24a · Other expenses: NET COST OF INSURANCE

    total $35,632,011 · program services $35,632,011

  • 24b · Other expenses: NET LOSSES INCURRED

    total $20,236,309 · program services $20,236,309

  • 24c · Other expenses: NET LOSS EXPENSE INCURRED

    total $2,346,622 · program services $2,346,622

  • 24d · Other expenses: OTHER

    total $1,589,214 · program services $1,589,214

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year -$20,800,345 · end of year -$1,584,006

  • 2 · Savings and temporary cash investments

    beginning of year $15,666,546 · end of year $10,510,116

  • 4 · Accounts receivable

    beginning of year $14,311,913 · end of year $16,225,308

  • 10a · Land, buildings and equipment: cost or other basis

    $1,751,123

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,193,475

  • 10c · Land, buildings and equipment, net

    beginning of year $577,010 · end of year $557,648

  • 11 · Investments: publicly traded securities

    beginning of year $64,582,952 · end of year $66,054,473

  • 12 · Investments: other securities

    beginning of year $747,553 · end of year $590,474

  • 15 · Other assets

    beginning of year $17,571,490 · end of year $669,177

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,844,213 · end of year $14,552,374

  • 25 · Other liabilities

    beginning of year $26,234,328 · end of year $29,413,618

  • 31 · Retained earnings, endowment or other funds

    beginning of year $52,578,578 · end of year $49,057,198

Mission and programs · 2022

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.

Activities or mission (Part I)

TO PROVIDE SPECIALIZED, COST-EFFECTIVE PROPERTY AND CASUALTY INSURANCE TO MEMBER CHURCHES. ORIENTED TOWARDS SPECIFIC NEEDS UNIQUE TO CHURCHES, THEREBY BENEFITING THE SOCIAL WELFARE OF THE COMMUNITIES OF CHURCHES SERVED.

  • GROSS DIRECT INSURANCE PREMIUM FROM MEMBER CHURCHES = 62,859,946 MEMBER CHURCHES INSURED AT 12/31/2022 = 11,383 POLICIES IN FORCE = 19,390 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.

    Expenses $67,786,486 · Revenue $62,976,645

  • LOW INTEREST RATE LOANS TO MEMBER CHURCHES. TOTAL LOANS OUTSTANDING AT 12/31/22 = 590,474 LOANS ARE MADE FROM AVAILABLE SURPLUS.

    Expenses $71,082 · Revenue $31,225

  • 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 OUTSIDE CONTRACTS.

    Expenses $13,728 · Revenue $31,707

  • MINIMAL SERVICE FEES RELATED TO PREMIUM PAYMENT PLANS. REVENUE RECOGNIZED AS PROGRAM SERVICE REVENUE IN PART VIII WITH NO ASSOCIATED ALLOCATED EXPENSES. THE COMPANY ALSO PROVIDES AN ANNUAL INSPECTION PROGRAM AND SAFETY INSTRUCTIONS FOR EACH MEMBER CHURCH AS A SERVICE TO HELP MITIGATE LOSSES AND PROTECT PROPERTY AND PEOPLE. THIS IS A FREE SERVICE AND NO ASSOCIATED REVENUE OR EXPENSES HAVE BEEN ALLOCATED. THE COMPANY PROVIDES EDUCATIONAL WORKSHOPS AND TRAINING PROGRAMS AS A SERVICE TO HELP MITIGATE LOSSES AND PROTECT PROPERTY AND PEOPLE. THIS A FREE SERVICE AND NO ASSOCIATED REVENUE OR EXPENSES HAVE BEEN ALLOCATED. EXPENSES 0. INCLUDING GRANTS OF 0. REVENUE 145,398.

    Revenue $145,398

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert A Bates

    PRESIDENT/CE

    Total calculated
    $479,024
    From this org
    $431,774
    From related orgs
    $0
    Other
    $47,250
    Hours/week
    32.5

    Schedule J breakdown matched by us

    Base
    $339,970
    Bonus
    $66,404
    Other
    $25,400
    Deferred
    $34,220
    Nontaxable benefits
    $13,030
    Filer's total
    $479,024

  • Thomas C Alexander

    DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Elizabeth L Brabham

    DIRECTOR

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David J Charpia

    DIRECTOR

    Total calculated
    $12,200
    From this org
    $12,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas F Cordray

    DIRECTOR

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas G Earle

    DIRECTOR

    Total calculated
    $18,850
    From this org
    $18,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jackie G Jenkins

    DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Whittaker V Middleton

    DIRECTOR

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William M Myers

    DIRECTOR

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Leland G Rollins III

    DIRECTOR

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert E Scarborough

    DIRECTOR

    Total calculated
    $14,050
    From this org
    $14,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wanda L Sylvester

    DIRECTOR

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Phillip R Frazier

    CFO

    Total calculated
    $235,606
    From this org
    $210,873
    From related orgs
    $0
    Other
    $24,733
    Hours/week
    32.5

    Schedule J breakdown matched by us

    Base
    $189,050
    Bonus
    $21,823
    Other
    not reported
    Deferred
    $24,733
    Nontaxable benefits
    not reported
    Filer's total
    $235,606

  • David F Karns

    VICE PRESIDE

    Total calculated
    $195,888
    From this org
    $175,422
    From related orgs
    $0
    Other
    $20,466
    Hours/week
    32.5

    Schedule J breakdown matched by us

    Base
    $154,144
    Bonus
    $20,882
    Other
    $396
    Deferred
    $20,466
    Nontaxable benefits
    not reported
    Filer's total
    $195,888

  • Mark M Kesser

    VICE PRESIDE

    Total calculated
    $186,674
    From this org
    $167,148
    From related orgs
    $0
    Other
    $19,526
    Hours/week
    32.5

    Schedule J breakdown matched by us

    Base
    $147,000
    Bonus
    $20,058
    Other
    $90
    Deferred
    $19,526
    Nontaxable benefits
    not reported
    Filer's total
    $186,674

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 7 · Other non-fixed payments

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 7
BASED ON THE BONUS SCHEDULE APPROVED BY THE BOARD OF DIRECTORS, EMPLOYEES OF THE COMPANY MAY RECEIVE AN ANNUAL BONUS FOR A CERTAIN NUMBER OF WEEKS PAY BASED ON NET INCOME. BOARD MEMBERS DO NOT RECEIVE A BONUS (EXCEPT FOR THE CEO/DIRECTOR).

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202311309349304516

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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