2024-05-13T14:00:27-04:00 2023-12-31 571021392 SCOTT AND COMPANY LLC PO BOX 8388 COLUMBIA SC 29202 990 2023-01-01 570251155 SOUTHERN MUTUAL CHURCH INSURANCE CO SOUT 8037769365 PO BOX 9346 COLUMBIA SC 292900346 PHILLIP R FRAZIER CFO 8037769365 2024-05-13 true PHILLIP R FRAZIER XXX-XX-XXXX false WILLIAM C WEST P00043197 8032566021 2024-05-13 2023 2023-04-26 12:10:37Z ROBERT A BATES 201 GREENLAWN DRIVE COLUMBIA SC 29209 82454344 false X WWW.SMCINS.COM X 1928 SC 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. 12 11 61 0 0 63184975 71299395 3789654 2416991 61364 64482 67035993 73780868 0 0 5664373 5924142 0 0 62206923 81660931 67871296 87585073 -835303 -13804205 93023190 84287816 43965992 49157892 49057198 35129924 X 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. false false 87492212 71075704 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. 78028 34780 LOW INTEREST RATE LOANS TO MEMBER CHURCHES. TOTAL LOANS OUTSTANDING AT 12/31/23 = 795,671 LOANS ARE MADE FROM AVAILABLE SURPLUS. 14833 31684 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. 157227 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 157,227. 157227 87585073 false false false false false false false false false true false false false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false true 165 0 true 61 true false false false false false false false false X 12 11 false false false false true true true true true false false true true true true false true true true false X PHILLIP R FRAZIER 8037769365 201 GREENLAWN DRIVE COLUMBIA SC 29209 ROBERT A BATES PRESIDENT/CE 32.50 X X 378208 0 48332 THOMAS C ALEXANDER DIRECTOR 1.00 X 11400 0 0 ELIZABETH L BRABHAM DIRECTOR 1.00 X 11400 0 0 DAVID J CHARPIA DIRECTOR 1.00 X 11400 0 0 THOMAS F CORDRAY DIRECTOR 1.00 X 11800 0 0 THOMAS G EARLE DIRECTOR 1.00 X 18850 0 0 JACKIE G JENKINS DIRECTOR 1.00 X 11400 0 0 WHITTAKER V MIDDLETON DIRECTOR 1.00 X 12600 0 0 WILLIAM M MYERS DIRECTOR 1.00 X 11400 0 0 LELAND G ROLLINS III DIRECTOR 1.00 X 12200 0 0 ROBERT E SCARBOROUGH DIRECTOR 1.00 X 14850 0 0 WANDA L SYLVESTER DIRECTOR 1.00 X 12500 0 0 PHILLIP R FRAZIER CFO 32.50 X 200600 0 20030 DAVID F KARNS VICE PRESIDE 32.50 X 164810 0 16415 MARK M KESSER VICE PRESIDE 32.50 X 157390 0 15461 1040808 100238 4 false true false GROSS PREMIUMS-MEMBER CHURCH 524126 71075704 71075704 ALL OTHER PROGRAM SVC REV 525990 157227 157227 INTEREST LOW INTEREST CHURCH 525990 34780 34780 MISC POLICIES PROVIDED SVCS 524298 31684 31684 71299395 2217950 2217950 135200 70999 64201 64201 64201 8801518 8602477 199041 199041 199041 OTHER REVENUE 281 281 281 73780868 73780868 1040808 1040808 3223201 3223201 401947 401947 962885 962885 295301 295301 20521 20521 29750 29750 108001 108001 355443 355443 68086 68086 398255 398255 400648 400648 208780 208780 455500 455500 5481 5481 83417 83417 96443 96443 NET COST OF INSURANCE 48467548 48467548 NET LOSSES INCURRED 26846759 26846759 NET LOSS EXPENSE INCURRED 2426968 2426968 OTHER 1689331 1689331 87585073 87585073 0 0 -1584006 -2784493 10510116 6697552 16225308 18312050 1762342 1233609 557648 528733 66054473 58925159 590474 795670 669177 1813145 93023190 84287816 14552374 16188877 29413618 32969015 43965992 49157892 X 49057198 35129924 49057198 35129924 93023190 84287816 X -13804205 -118520 -4549 X false true true false 199621 199621 706633 706633 516912 225751 291161 339176 301225 37951 528733 UNEARNED PREMIUMS 31701339 ADVANCE PREMIUMS 891828 ACCRUED ANNUAL LEAVE 316846 ACCRUED GUARANTY FUND 50779 OUTSTANDING CHECK LIABILITY 8223 32969015 73780868 73780868 73780868 87585073 87585073 87585073 X true false false false false false false false false true false ROBERT A BATES PRESIDENT/CEO 353020 25188 35302 13030 426540 PHILLIP R FRAZIER CFO 197300 3300 20030 220630 DAVID F KARNS VICE PRESIDENT 161114 3300 396 16415 181225 MARK M KESSER VICE PRESIDENT 154000 3300 90 15461 172851 SCHEDULE J, PAGE 1, PART I, LINE 7 PART 1 LIEN 7 NON FIXED PAYMENTS BASED ON THE BONUS SCHEDULE APPROVED BY THE BOARD OF DIRECTORS, EMPLOYEES OF THE COMPANY MAY RECIEVE 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) FORM 990 - ORGANIZATION'S 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. FORM 990, PAGE 2, PART III, LINE 4D 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 157,227. FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION IS A MUTUAL INSURANCE COMPANY AND AS SUCH, ITS POLICYHOLDERS ARE ALL VOTING MEMBERS WHO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY ANNUALLY AND WOULD ALSO VOTE ON MAJOR ISSUES AFFECTING THE ORGANIZATION, SUCH AS REORGANIZATION, ETC. FORM 990, PAGE 6, PART VI, LINE 7A THE ORGANIZATION IS A MUTUAL INSURANCE COMPANY AND AS SUCH, ITS POLICYHOLDERS ARE ALL VOTING MEMBERS WHO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY ANNUALLY AND WOULD ALSO VOTE ON MAJOR ISSUES AFFECTING THE ORGANIZATION, SUCH AS REORGANIZATION, ETC. FORM 990, PAGE 6, PART VI, LINE 7B THE ORGANIZATION IS A MUTUAL INSURANCE COMPANY AND AS SUCH, ITS POLICYHOLDERS ARE ALL VOTING MEMBERS WHO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY ANNUALLY AND WOULD ALSO VOTE ON MAJOR ISSUES AFFECTING THE ORGANIZATION, SUCH AS REORGANIZATION, ETC. FORM 990, PAGE 6, PART VI, LINE 11B PRIOR TO FILING, THE COMPANY PROVIDES A COPY OF FORM 990 TO THE BOARD OF DIRECTORS, WITHOUT PART VII AND SCHEDULE J. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, WHICH IS THE PRIMARY GOVERNING BODY OF THE COMPANY, IS PROVIDED WITH COMPENSATION INFORMATION. ANY CHANGES OR COMMENTS ARE DISCUSSED AND CHANGED WHERE APPLICABLE. FORM 990, PAGE 6, PART VI, LINE 12C OUR CODE OF ETHICS POLICY IS SIGNED BY EACH OF THE OFFICERS AND DIRECTORS OF THE COMPANY. ANNUALLY, OUR CONFLICT OF INTEREST QUESTIONNAIRE IS REVIEWED AND SIGNED BY EACH DIRECTOR, OFFICER AND MEMBER OF MANAGEMENT. FORM 990, PAGE 6, PART VI, LINE 15A THE COMPANY'S PROCESS FOR DETERMINING COMPENSATION FOR THE CEO IS ONE OF THE RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE OF THE BOD. ANNUALLY,THE EXECUTIVE COMMITTEE REVIEWS THE CEO'S COMPENSATION BASED ON PERFORMANCE AND ANY OTHER RELEVANT DATA AND THE COMMITTEE APPROVES OR DISAPPROVES ANY CHANGES. FORM 990, PAGE 6, PART VI, LINE 15B THE COMPANY'S PROCESS FOR DETERMINING COMPENSATION FOR THE NON-CEO OFFICERS IS ONE OF THE RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE OF THE BOD. ANNUALLY, THE COMPANY'S CEO MAKES A COMPENSATION RECOMMENDATION TO THE EXECUTIVE COMMITTEE REGARDING EACH OFFICER OR KEY EMPLOYEE'S COMPENSATION, BASED ON PERFORMANCE AND DATA ON A COMPARABLE COMPENSATION RATE AT OTHER SIMILAR COMPANIES IN THE REGION. THE COMMITTEE THEN DELIBERATES AND APPROVES OR DISAPPROVES THE ACTION. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THIS IS COMMUNICATED TO OUR POLICYHOLDERS AT OUR ANNUAL MEETING. FINANCIAL RESULTS ARE AVAILABLE FOR PUBLIC INSPECTION FROM THE SC DEPARTMENT OF INSURANCE. FORM 990, PART XI, LINE 9 CHANGES IN NON-ADMITTED ASSETS -4,549