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Security Plus Financial Corporation

Not tax-deductible

Salt Lake Cty, UTMutual-benefit / member-servingMutual/Membership EIN 16-1637021Revenue $91K in FY2025

On file with the IRSPo Box 57026, 84157-0026 · Salt Lake Cty, UTTax-exempt since Jan 2003

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The sole purpose and activity of the organization is to provide a Financial guarantee program for members of the organization substantially at cost. The purpose is to amass a pool of funds from which participating member companies may be compensated for money lost in handling of a transaction for or with another participating member company that has become insolvent or has declared bankruptcy or otherwise disbanded.

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $49K a year · 73% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
39 mo
of spending, in cash
Plus $913K in investments, Pt X · Ln 11–13
Looks good: 38.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$91K
+39% vs prior year
Spent
$25K
To programs
100%
Net assets
$994K
By yearFY2020–FY2025
Revenue
$91K
FY2025▲ +39%
Tap a bar for its year
Revenue by fiscal year
FY2020$61K
FY2021$66K
FY2022$42K
FY2023$75K
FY2024$65K
FY2025$91K
Expenses
$25K
FY2025▼ -46%
Tap a bar for its year
Expenses by fiscal year
FY2020$3K
FY2021$4K
FY2022$13K
FY2023$17K
FY2024$46K
FY2025$25K
Net assets
$994K
FY2025▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$760K
FY2021$822K
FY2022$851K
FY2023$909K
FY2024$928K
FY2025$994K

From the FY2025 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 2003.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $25K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jinsoon Kim
Director
$0Pt VII · Sec A
Andreas Loos
Director
$0Pt VII · Sec A
David Cook
Chairman
$0Pt VII · Sec A
Jason Fowler
VP/Treasurer
$0Pt VII · Sec A
See Security Plus Financial Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers members financial guarantees at a low cost.

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Provided by the organization

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1 program · $25K · in their own filed words · FY2025
01

The sole purpose and activity of the organization is to provide a financial guarantee program for members of the organization substantially at cost. The purpose is to amass a pool of funds from which participating member companies may be compensated for money lost in handling of a transaction for or with another participating member…

$25Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$91K
Ln 12
Fees for servicesLn 2g$68K
Investment incomeLn 3$23K
Money outPt IX
$25K
Ln 25
Programscol B$25K
Owns and owesPt X
$994K
net assets · Ln 32
Cash and savingsLn 1–2$81K
Total assetsLn 16$994K
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$68K
Investment incomeLn 3$23K
Gains on assetsLn 7$10K
Total revenueLn 12$91K
Assets in detailPt X, end of year
CashLn 1$81K
Cash and savings togetherLn 1–2$81K
InvestmentsLn 11–13$913K
Total assetsLn 16$994K
LiabilitiesLn 26$0
Net assetsLn 32$994K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$38K$81K
InvestmentsLn 11–13$890K$913K
Total assetsLn 16$928K$994K
LiabilitiesLn 26$0$0
Net assetsLn 32$928K$994K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1K$1K
Management feesLn 11a$5K$5K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$15K$15K
Office expensesLn 13$770$770
Total functional expensesLn 25$25K$25K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $91K$25K$66K$994K 990 PDF
FY2024 $65K$46K$19K$928K 990 PDF
FY2023 $75K$17K$58K$909K 990 PDF
FY2022 $42K$13K$29K$851K 990 PDF
FY2021 $66K$4K$62K$822K 990 PDF
FY2020 $61K$3K$58K$760K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $90,712 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $27,881$67,937
I-10 Investment incomePrior year $35,342$22,775
I-11 Other revenuePrior year $2,000$0
I-12 Total revenuePrior year $65,223$90,712
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $32,526$1,000
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $13,812$24,158
I-18 Total expensesPrior year $46,338$25,158
I-19 Revenue less expensesPrior year $18,885$65,554
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $90,712 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $67,937$67,937
VIII-3 Investment incomeRelated to mission $12,782 · Excluded from tax $123$12,905
VIII-7 Net gain or loss on sales of assetsRelated to mission $9,870$9,870
VIII-12 Total revenueRelated to mission $90,589 · Excluded from tax $123$90,712
Part IX · Statement of functional expenses $25,158 across 5 lines filed
IX-4 Benefits paid to or for membersPrograms $1,000$1,000
IX-11a Management feesPrograms $4,800$4,800
IX-11b Legal feesPrograms $3,930$3,930
IX-11c Accounting feesPrograms $14,658$14,658
IX-13 Office expensesPrograms $770$770
IX-25 Total functional expensesPrograms $25,158 · Management $0 · Fundraising $0$25,158
Part X · Balance sheet $993,672 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $38,262$81,040
X-11 Publicly traded securitiesStart of year $889,856$912,632
X-16 Total assetsStart of year $928,118$993,672
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $928,118$993,672
X-33 Total liabilities and net assetsStart of year $928,118$993,672
Part XI · Reconciliation of net assets $993,672 net assets at year end
XI-1 Total revenue$90,712
XI-2 Total expenses$25,158
XI-3 Revenue less expenses$65,554
XI-4 Net assets at start of year$928,118
XI-10 Net assets at end of year$993,672

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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