TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Inspection
Name of the organization
IOWA FARM BUREAU FEDERATION
Employer identification number
42-0331840
42-0331840
| Return Reference | Explanation |
|---|---|
| FORM 990, PART IV, LINE 32 | THE ORGANIZATION, A MAJORITY SHAREHOLDER OF FBL FINANCIAL GROUP, INC. (FBL), PARTICIPATED IN A RECAPITALIZATION WHEREBY FBL BECAME A PRIVATE COMPANY. AS A RESULT OF THIS ACTION, FBL COMBINED CLASS A AND CLASS B SHARES OWNED BY THE ORGANIZATION INTO ONE CLASS (COMMON) AND ISSUED CLASS C PREFERRED STOCK TO THE ORGANIZATION. NO SUBSTANTIAL CHANGES RESULTED FROM THIS RECAPITALIZATION. STATEMENT PURSUANT TO SECTION 1.351-3(A) BY IOWA FARM BUREAU FEDERATION, A SIGNIFICANT TRANSFEROR: TRANSFEREE CORPORATION: FBL FINANCIAL GROUP, INC. 42-1411715 DATE OF TRANSFER OF ASSETS: MAY 25, 2021 OCTOBER 14, 2021 AGGREGATE FMV AND BASIS OF PROPERTY TRANSFERRED: MAY 25, 2021: CASH AGGREGATE FMV = $46,197,045.00 AGGREGATE BASIS = $46,197,045.00 OCTOBER 14, 2021: CASH AGGREGATE FMV = $971,170.00 AGGREGATE BASIS = $971,170.00 NO PRIVATE LETTER RULINGS WERE OBTAINED IN CONNECTION WITH THESE EXCHANGES. STATEMENT PURSUANT TO SECTION 1.368-3(B) BY IOWA FARM BUREAU FEDERATION, A SIGNIFICANT HOLDER: PARTIES TO THE TRANSACTION: FBL FINANCIAL GROUP, INC. 42-1411715 DATE OF REORGANIZATION: MAY 25, 2021 AGGREGATE FMV AND BASIS, IMMEDIATELY BEFORE THE TRANSACTION, OF ALL SECURITIES OF THE TARGET CORPORATION HELD BY THE TAXPAYER THAT WERE TRANSFERRED IN THE TRANSACTION: 14,767,922 SHARES CLASS A & B COMMON STOCK OF FBL FINANCIAL GROUP, INC. AGGREGATE FMV = $900,843,242.00 AGGREGATE BASIS = $1,655,377.00 |
| FORM 990, PART VI, SECTION A, LINE 3 | THE ORGANIZATION UTILIZES A WHOLLY OWNED SUBSIDIARY, FARM BUREAU MANAGEMENT CORPORATION (FBMC), TO PROVIDE THE DAY TO DAY MANAGEMENT FUNCTION OF IFBF. THIS CORPORATION EMPLOYS THE PRESIDENT, SECRETARY-TREASURER, GENERAL COUNSEL, CHIEF FINANCIAL OFFICER, CHIEF MARKETING AND COMMUNICATIONS OFFICER, DIRECTOR, FIELD SERVICE AND DIRECTOR, INFORMATION RESOURCES AND ALLOCATES THEIR EXPENSES ACROSS ALL OF THE ENTITIES UNDER FBMC MANAGEMENT. |
| FORM 990, PART VI, SECTION A, LINE 6 | ANY PERSON MAY BE A FARM BUREAU MEMBER. ALL FARM BUREAU MEMBERS HAVE THE SAME VOTE AND ACCESS TO MEMBER BENEFITS. IN ORDER TO HOLD AN OFFICER OR DIRECTOR POSITION WITHIN FARM BUREAU, THE MEMBER MUST BE ACTUALLY ENGAGED IN FARMING, WHICH MUST BE HIS/HER PRIMARY INTEREST. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE PRESIDENT AND VICE PRESIDENT OF FARM BUREAU ARE VOTED ON BY THE HOUSE OF DELEGATES. ALL OTHER DIRECTORS ARE VOTED ON BY THE HOUSE OF DELEGATES FROM THEIR DISTRICTS. THE HOUSE OF DELEGATES IS COMPRISED OF ONE MEMBER FROM EACH COUNTY IN IOWA WHO IS VOTED INTO THAT POSITION BY THAT COUNTY'S FARM BUREAU MEMBERS. THE DELEGATE MUST BE ACTUALLY ENGAGED IN FARMING, WHICH MUST BE HIS/HER PRIMARY INTEREST. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE HOUSE OF DELEGATES HAS THE FOLLOWING POWERS: 1) ADOPT THE GENERAL POLICIES OF THE ORGANIZATION, 2) ELECT THE BOARD OF DIRECTORS AND APPROVE THE PRESIDENT'S SALARY AND BOARD OF DIRECTOR COMPENSATION, 3) NOMINATE VOTING DELEGATES TO THE AMERICAN FARM BUREAU, AND 4) SELECT THE ORGANIZATION'S INTERNAL STUDY COMMITTEE MEMBERS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE OFFICERS OF THE ORGANIZATION REVIEW THE COMPLETED FORM 990 FIRST. TWO WEEKS BEFORE THE SEPTEMBER BOARD MEETING, AN ELECTRONIC VERSION OF THE 990 IS PLACED ON THE BOARD WEBSITE FOR BOARD REVIEW PRIOR TO THE BOARD MEETING. AFTER ALL COMMENTS OR QUESTIONS HAVE BEEN ADDRESSED, THE EXECUTIVE DIRECTOR WILL SIGN THE RETURN AND INSTRUCT THE ACCOUNTING DEPARTMENT TO TIMELY FILE THE RETURN, TAKING INTO ACCOUNT ALL EXTENSIONS AND FILING DEADLINES. |
| FORM 990, PART VI, ITEM 1B- INDEPENDENCE | PER FORM 990 INSTRUCTIONS, THE ORGANIZATION'S BOARD OF DIRECTORS IS NOT CONSIDERED INDEPENDENT BECAUSE THEY RECEIVE COMPENSATION IN EXCESS OF $10,000 EACH. THE ORGANIZATION'S POSITION IS THAT ITS DIRECTORS ARE INDEPENDENT DUE TO THE FOLLOWING: 1) ACCORDING TO ARTICLES OF INCORPORATION EACH DIRECTOR IS VOTED ON INDEPENDENTLY BY VOTING DELEGATES (WHO THEMSELVES) ARE VOTED INTO POSITION BY THE ORGANIZATION'S MEMBERSHIP FOR A THREE YEAR TERM, 2) ACCORDING TO ARTICLES OF INCORPORATION EACH DIRECTOR IS REQUIRED TO BE AN ACTIVE FARMER, 3) BOARD MEETINGS ARE HELD DURING THE DAYTIME HOURS TWO DAYS PER MONTH, AND 4)THE COMPENSATION IS PAID TO EACH DIRECTOR TO MINIMIZE THE FINANCIAL IMPACT OF HIRING HELP TO DO THE FARM WORK IN THEIR ABSENCE. |
| FORM 990, PART VI, SECTION B, LINE 12C | ON AN ANNUAL BASIS, ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO SIGN A STATEMENT WHICH AFFIRMS THAT THEY HAVE: 1) RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, 2) READ AND UNDERSTOOD THE POLICY, 3) AGREED TO COMPLY WITH THE POLICY, AND 4) UNDERSTAND THAT THE ORGANIZATION IS TAX-EXEMPT AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ITS TAX-EXEMPT PURPOSE. A COMMITTEE, COMPRISED OF NON-CONFLICTED BOARD OF DIRECTORS, ANNUALLY RECEIVES ALL CONFLICT OF INTEREST INFORMATION, REVIEWS, AND DETERMINES IF THERE ARE CONFLICTS OF INTEREST. THE COMMITTEE THEN REPORTS ITS FINDINGS BACK TO THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 15 | INDEPENDENT THIRD PARTY REVIEWS ARE CONDUCTED FOR ALL OFFICERS, KEY EMPLOYEES, AND OTHER HIGHLY COMPENSATED MANAGEMENT. THESE RESULTS ARE FORWARDED TO THE OFFICERS AND BOARD OF DIRECTORS FOR APPROVAL. STANDARDIZED REVIEWS AND COMPENSATION FORMULAS ARE UTILIZED FOR NON-MANAGEMENT POSITIONS. THE INTERNAL STUDY COMMITTEE (DESCRIBED IN COMMENT FOR PART VI, ITEM 7B) ABOVE) SETS THE PRESIDENT'S COMPENSATION AFTER INPUT FROM THIRD PARTY REVIEWERS. THE ORGANIZATION'S VOTING DELEGATES APPROVE THE PRESIDENT, VICE-PRESIDENT AND BOARD OF DIRECTOR'S COMPENSATION. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION. PURSUANT TO STATE LAW, SOME DOCUMENTS MAY BE MADE AVAILABLE TO MEMBERS. |
| FORM 990, PART VII, SECTION A - MARTY SCHWAGER'S COMPENSATION | MARTY SCHWAGER WAS NAMED EXECUTIVE DIRECTOR/SECRETARY-TREASURER ON JUNE 1, 2021. COMPENSATION REFLECTS HIS TENURE AS DIRECTOR-FIELD SERVICE IN 2020. |
| FORM 990, PART IX - LINE 8, PENSION PLAN CONTRIBUTIONS | PENSION PLAN CONTRIBUTIONS INCLUDE THREE AMOUNTS: 1) DEFINED CONTRIBUTION PLAN CONTRIBUTIONS, 2) DEFINED BENEFIT PLAN FAS 87 AND FAS 132 ACCRUALS, AND 3) OTHER PENSION CHANGES AS REQUIRED BY FAS 158. THE LATTER TWO ITEMS ARE ACTUARIAL CALCULATIONS THAT DO NOT REQUIRE FUNDING AND SHOULD NOT BE DEEMED AS ACTUAL CONTRIBUTIONS. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020
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