Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MEMBERSHIP DUES

  total $2,729,240 · related or exempt $2,729,240

• 3 · Investment income

  total $5,671,809 · excluded $5,671,809

• 5 · Royalties

  total $5,150,800 · excluded $5,150,800

• 6a · Gross rents

  real property $1,531,994

• 6b · Less rental expenses

  real property $120,861

• 6c · Rental income or loss

  real property $1,411,133

• 6d · Net rental income or loss

  total $1,411,133 · excluded $1,411,133

• 7a · Gross sales of assets other than inventory

  securities $4,110,690

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

  securities $4,404,863

• 7c · Gain or loss

  securities -$294,173

• 7d · Net gain or loss

  total -$294,173 · related or exempt -$294,173

• 11a · Other revenue: MISCELLANEOUS

  total $104,320 · excluded $104,320

• 11b · Other revenue: ADVERTISING INCOME

  total $40,034 · unrelated business $40,034

• 11e · Other revenue, total

  $144,354

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $228,428

• 5 · Compensation of officers, directors and key employees

  total $952,420

• 6 · Compensation of disqualified persons

  total $6,146,780

• 9 · Other employee benefits

  total $686,474

• 10 · Payroll taxes

  total $329,164

• 11b · Fees: legal

  total $4,320

• 11c · Fees: accounting

  total $15,461

• 12 · Advertising and promotion

  total $200,091

• 13 · Office expenses

  total $478,096

• 14 · Information technology

  total $311,193

• 16 · Occupancy

  total $542,191

• 17 · Travel

  total $635,694

• 18 · Travel or entertainment for public officials

  total $4,062

• 19 · Conferences, conventions and meetings

  total $773,746

• 20 · Interest

  total $166,743

• 21 · Payments to affiliates

  total $677,555

• 22 · Depreciation, depletion and amortization

  total $40,112

• 23 · Insurance

  total $46,731

• 24a · Other expenses: DUES AND SUBSCRIPTIONS

  total $64,011

• 24b · Other expenses: RADIO AND RECORDING

  total $44,536

• 24c · Other expenses: PROPERTY & OTHER TAXES

  total $37,860

• 24d · Other expenses: OTHER

  total -$87,682

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,955,145 · end of year $943,683

• 2 · Savings and temporary cash investments

  beginning of year $12,808,268 · end of year $2,540,862

• 4 · Accounts receivable

  beginning of year $6,460,990 · end of year $580,443

• 9 · Prepaid expenses and deferred charges

  beginning of year $203,620 · end of year $283,809

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

  $8,015,012

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

  $1,917,481

• 10c · Land, buildings and equipment, net

  beginning of year $276,050 · end of year $6,097,531

• 11 · Investments: publicly traded securities

  beginning of year $35,459,680 · end of year $45,491,633

• 12 · Investments: other securities

  beginning of year $139,343 · end of year $57,432

• 15 · Other assets

  beginning of year $93,819 · end of year $153,734

• 17 · Accounts payable and accrued expenses

  beginning of year $8,712,698 · end of year $2,943,942

• 19 · Deferred revenue

  beginning of year $1,150,286 · end of year $1,084,916

• 25 · Other liabilities

  beginning of year $12,814,187 · end of year $8,697,794

• 29 · Capital stock, trust principal or current funds

  beginning of year $14,003,725 · end of year $19,277,401

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $21,683,190 · end of year $24,111,991

• 31 · Retained earnings, endowment or other funds

  beginning of year $32,829 · end of year $33,083

The filer's explanations (Part III)

PART I, LINE 3

THE OFFICE OF PRESIDENT OF THE VIRGINIA FARM BUREAU FEDERATION IS AN ELECTED POSITION. PERIODICALLY, HUMAN RESOURCES SENDS THE COMPENSATION COMMITTEE THE PRESIDENT'S CURRENT SALARY, THE SALARY RANGE OF THE POSITION, AND THE AVERAGE SUGGESTED INCREASE PERCENTAGE FOR EXECUTIVES BASED ON SALARY SURVEY DATA. THE SALARY IS REVIEWED AND THE INCREASE IS RECOMMENDED BY THE COMPANY'S COMPENSATION COMMITTEE WHICH IS MADE UP OF FIVE OF THE EIGHTEEN BOARD OF DIRECTORS. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE RECOMMENDATION OF THE COMPENSATION COMMITTEE. THIS PROCESS IS REVIEWED DURING THE EXECUTIVE SESSION OF THE BOARD OF DIRECTORS. THE SECRETARY OF THE COMPANY HAS RECORDED MINUTES OF THE SALARY APPROVAL. THIS IS AN ANNUAL PROCESS WHICH OCCURS DURING THE FIRST QUARTER OF THE YEAR FOLLOWING AND THE SALARY IS EFFECTIVE JANUARY 1 OF THE FOLLOWING YEAR.

PART I, LINE 4B

WAYNE F PRYOR $22,946 JUSTIN PENCE $22,756 EMILY F EDMONDSON $25,204 MARVIN L EVERETT, JR $11,416 THOMAS E GRAVES, JR $11,328 DAVID L HICKMAN $5,554 JORDAN M JENKINS, JR $33,955 ROBERT MILLS, JR $18,059 WILLIAM F OSL, JR $3,909 LEIGH H PEMBERTON $2,272 BRUCE STANGER $14,999 GARY CROSS $13,586 MARTHA MOORE $13,000 KATHLEEN EARLY $1,300

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• VIRGINIA FARM BUREAU HOLDING CORPORATION

  C · HOLDING COMPANY · VA · 100% owned

• VIRGINIA FARM BUREAU SERVICE CORPORATION

  C · INSURANCE BROKER · VA

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION

• VIRGINIA FARM BUREAU INSURANCE AGENCY INC

  C · INSURANCE BROKER · VA

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION

• EMPLOYEE BENEFIT CORPORATION OF AMERICA

  C · INSURANCE BROKER · VA

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION

• CUSTOM HEALTH CARE INC

  C · INSURANCE BROKER · VA

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION

• ORGANIZATIONAL MANAGEMENT INC

  C · MARKETING SERVICE · VA

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION

• BENEFIT DESIGN GROUP INC

  C · INSURANCE BROKER · MD

  Directly controlled by VIRGINIA FARM BUREAU HOLDING CORPORATION