Having a Problem with Insurance?

If you have ever been a victim of an insurance company that won’t pay their bill and even if you haven’t……..Who realizes that the insurance you pay for is funneled (laundered) through a non-profit. My oh my. What a tale to tell. Check this out. Case#2014-002324

Indiana Farm Bureau is a 501 C 5 with revenue in 2011 of 9.6 million dollars on line 12 of their 2011 990 tax form page 1. IRS regulations state that a 501C5 organization can not inure to the benefit of any shareholder or member and that 501C5 organizations can not be organized for “for-profit” reasons. On Schedule R, Indiana Farm Bureau Inc. lists United Farm Family Insurance Co. and is the direct controlling entity of United Farm family Insurance Co. organized as a C corp. Share of total income was 12,054,997 in line (f) and Share of end-of-year assets of 1,923,783,468.00 THAT’S BILLIONS PEOPLE. Obviously, just by the amount of income from their “for-profit” insurance company, one can tell that the majority of the reason for organization is FOR PROFIT. Percentage of ownership by Indiana Farm Bureau of United Farm family Insurance is 100%.

 

Please contact your representatives to ensure that the integrity of the non-profit status of an organization is held to the highest of standards.

Dear Senators/Representatives:

I am writing you concerning a problem with the Indiana Farm Bureau Inc. Indiana Farm Bureau is a 501 C 5 with revenue in 2011 of 9.6 million dollars on line 12 of their 2011 990 tax form page 1. IRS regulations state that a 501C5 organization can not inure to the benefit of any shareholder or member and that 501C5 organizations can not be organized for “for-profit” reasons. On Schedule R, Indiana Farm Bureau Inc. lists United Farm Family Insurance Co. and is the direct controlling entity of United Farm family Insurance Co. organized as a C corp. Share of total income was 12,054,997 in line (f) and Share of end-of-year assets of 1,923,783,468.00 THAT’S BILLIONS PEOPLE. Obviously, just by the amount of income from their “for-profit” insurance company, one can tell that the majority of the reason for organization is FOR PROFIT. Percentage of ownership by Indiana Farm Bureau of United Farm family Insurance is 100%.

 

Thank you

 

Kimberly Kraemer

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