College Insurance Company
- Assets
- $82.0m
- Revenue
- $22.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Colchester, VT
- Founding
- 07/2006
- Data as of
- 12/2023
- EIN
- 02-0630294
Organization Overview
College Insurance Company is located in Colchester, VT. The organization was established in 2006. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. College Insurance Company is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, College Insurance Company generated $22.2m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $22.7m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES PROPERTY AND CASUALTY, STUDENT, AND EMPLOYEE BENEFIT COVERAGES TO FAITH INSPIRED HIGHER EDUCATION INSTITUTIONS
Describe the Organization's Program Activity:
PROPERTY & CASUALTY INSURANCE, STUDENT INSURANCE AND EMPLOYEE BENEFITS INSURANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr David Dietz President/chair | OfficerTrustee | 2 | $0 |
Mr Ed Precourt Secretary | OfficerTrustee | 0.5 | $0 |
Mr Jeff Arnold Director | Trustee | 0.5 | $0 |
Dr Mark Benedetto Director | Trustee | 0.5 | $0 |
Dr John Comerford Director (from Mar '23) | Trustee | 0.5 | $0 |
Mr John Flynn Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Educational & Institutional Insurance Ad Administrator | 12/30/23 | $2,000,000 |
Marsh Management Services Inc Captive Management & Actuary | 12/30/23 | $158,298 |
Qbe North America Reinsurance Brokerage | 12/30/23 | $162,121 |
Asset Allocation & Management Company L Investment Manager | 12/30/23 | $114,995 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $19,981,082 |
| Investment income | $2,257,789 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,104 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,234,767 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $17,860,697 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,158,298 |
| Fees for services: Legal | $1,100 |
| Fees for services: Accounting | $56,384 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $131,532 |
| Fees for services: Other | $202,923 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,867 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $25,597 |
| All other expenses | $13,577 |
| Total functional expenses | $22,700,969 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,943,802 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $739,462 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $66,305,624 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,018,787 |
| Total assets | $82,007,675 |
| Accounts payable and accrued expenses | $2,794,171 |
| Grants payable | $0 |
| Deferred revenue | $267,103 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $43,405,892 |
| Total liabilities | $46,467,166 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,750,154 |
| Retained earnings, endowment, accumulated income, or other funds | $32,790,355 |
| Total liabilities and net assets/fund balances | $82,007,675 |