Security Plus Financial Corporation EIN 16-1637021 Form 990 (PDF) Claim this org

Security Plus Financial Corporation FY2023 filing

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Offers members financial guarantees at a low cost. For fiscal year 2023 it reported $75K in revenue, $17K in expenses, and $909K in net assets.Pt I

Type
Mutual-benefit / member-serving · Mutual/Membership
Location
Salt Lake City, UT
Filings
6 on file (2020–2023)
Revenue
$75KFY2023
Expenses
$17K
Net assets
$909K
People
8
Filings
6
Updates
0
More identity details & actions ⌄
EIN  16-1637021 Mutual-benefit / member-serving Salt Lake City, UT
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →
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Size
<$100K
What they do
Offers members financial guarantees at a low cost.
Leadership
Jinsoon Kim · Director
Money in and out
$75K revenue, $17K expenses
Bottom line
+77% surplus margin
Reported financial activity · FY2023
Total revenue
$75K
Pt VIII · Ln 12
Total expenses
$17K
Pt IX · Ln 25
Net assets
$909K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $58K
Where spending went · Part IX cols B–D
Program services $0.30 Management & general $0.70
Surplus margin
+77%
revenue over expenses, this year
Program spending
30%
of expenses reach programs

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$75K
FY2023▲ +77%
Expenses
$17K
FY2023▲ +26%
Total assets
$909K
FY2023▲ +7%
Total liabilities
$0
FY2023
Total revenue
$75K
Pt VIII · Ln 12
Total expenses
$17K
Pt IX · Ln 25
Net assets
$909K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$58K
Total assetsPt X · Ln 16$909K
Program-expense ratioPt IX · col B30%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 48

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSecurity Plus Financial Corporation
EINHdr · item D16-1637021
Principal addressHdr · item CSalt Lake City, UT
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MUT
Exempt statusHdr · item I501(c)(15) · active
NTEE classificationIRS BMFMutual/Membership (Y23)
Ruling yearIRS BMFJan 2003

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b8
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Chairman
$0Pt VII · Sec A
VP/Treasurer
$0Pt VII · Sec A
See Security Plus Financial Corporation executive salaries →

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Mission & Programs · Part III

Where the work happens

1 program service account for $5K of program spending, described in the organization's own filed words · FY2023.
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…

$5Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$50K · 66%
Investment income$25K · 34%
Program service revenue66%$50K
Investment income34%$25K
Total revenueLn 12$75K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.30 Management & general $0.70
Program services30%$5K
Management & general70%$12K
Total functional expensesLn 25$17K

Balance Sheet

Part X · end of year
CashLn 1$55K
Total assetsLn 16$909K
Total liabilitiesLn 26$0
Total net assetsLn 32$909K
Months of cash on handcomputed38.7

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $909K · Operating expenses/yr $17K
643.4 months
Where the money goes
Program services
Program services $5K · Total expenses $17K
30%
Management & General
Management & general $12K · Total expenses $17K
70%
Fundraising
Fundraising $0 · Total expenses $17K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $75K
0%
Government reliance
Government grants — · Total revenue $75K
Earned-income share
Program service revenue $50K · Total revenue $75K
66%
Investment reliance
Investment income $25K · Total revenue $75K
+34%
Program self-sufficiency
Program service revenue $50K · Total expenses $17K
293%
Growth & trend
Revenue growth (YoY)
This year $75K · Prior year $42K
+77%
Net-asset trend (YoY)
End of year $909K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $75K · Expenses $17K
+77%
Liabilities-to-Assets
Total liabilities — · Total assets $909K
Net-asset ratio
Net assets $909K · Total assets $909K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $855K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $909K
94%
People & payroll
Highest Reported Total Compensation
Individual Jinsoon Kim · Reported title DIRECTOR · Highest reported compensation $0 · Total expenses $17K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $17K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 30%
Overhead ratio 70%
Revenue growth 77%
Accounting fee ratio 27%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$91K revenue · ⤓ 990 PDF
FY2024$65K revenue · ⤓ 990 PDF
FY2023$75K revenue · viewing · ⤓ 990 PDF
FY2022$42K revenue · ⤓ 990 PDF
FY2021$66K revenue · ⤓ 990 PDF
FY2020$61K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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