College Insurance Company
- Assets
- $74.9m
- Revenue
- $21.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Colchester, VT
- Founding
- 07/2006
- Data as of
- 12/2020
- 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 12/2020, College Insurance Company generated $21.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $21.3m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
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:
Part 3 - Line 4a
PROPERTY & CASUALTY INSURANCE, STUDENT INSURANCE AND EMPLOYEE BENEFITS INSURANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Jeffery Wolf President/chair (to Jun '21) | OfficerTrustee | 2 | $0 |
Mr Ed Precourt Secretary | OfficerTrustee | 0.5 | $0 |
Mr Donald J Cencula Jr Assistant Treasurer | Officer | 2 | $0 |
Mr Stephen L Garwood Treasurer | Officer | 2 | $0 |
Mr Gregory Logan Assistant Secretary | Officer | 2 | $0 |
Ms Mary Ellen Moriarty Vp/assistant Secretary | Officer | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Educational & Institutional Insurance Ad Administrator | 12/30/21 | $1,725,000 |
Marsh Management Services Inc Captive Management & Actuary | 12/30/21 | $163,625 |
Asset Allocation & Management Company L Investment Manager | 12/30/21 | $118,403 |
Qbe North America Reinsurance Brokerage | 12/30/21 | $157,224 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $1,441,946 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $392,737 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,436,710 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $16,436,743 |
| 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 | $1,879,438 |
| Fees for services: Legal | $488 |
| Fees for services: Accounting | $54,656 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $139,697 |
| Fees for services: Other | $191,469 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,288 |
| 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 | $20,677 |
| All other expenses | $0 |
| Total functional expenses | $21,312,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,791,891 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $233,845 |
| 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 |
| Investments—publicly traded securities | $59,942,414 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $936,164 |
| Total assets | $74,904,314 |
| Accounts payable and accrued expenses | $3,483,629 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,750,154 |
| 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 | $36,775,660 |
| Total liabilities | $40,259,289 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $34,645,025 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Golub Corporation Employees Benefit Trust Schenectady, NY | $0 | $47,368,126 |
Social Service Employees Union Local 371 Welfare Fund New York, NY | $3,893,562 | $23,163,002 |
Kaiser Found Health Plan Inc Retiree Health & Welfare Plan Tr Boston, MA | $6,263,155,647 | $206,309,367 |
Connecticut Insurance Guaranty Association Boston, MA | $114,038,959 | $6,299,722 |
College Insurance Company Colchester, VT | $74,904,314 | $21,436,710 |
General Hospital Long Term Disability Trust Somerville, MA | $45,869,299 | $18,555,032 |
Centers For Care Health Plan Bronx, NY | $49,972,187 | $33,212,808 |
Lufthansa German Airlines Long Term Disability Benefits Pl Tr Uniondale, NY | $2,508,054 | $15,798,770 |
Welfare Fund Heat And Frost Insulators Local 12 Long Island City, NY | $34,847,538 | $18,361,265 |
First Medical Insurance Compant A Risk Retention Group Colchester, VT | $102,134,145 | $15,354,853 |
Centers For Care Health Plan co Bronx Funding LLC Bronx, NY | $25,788,041 | $17,894,242 |
Rvc Insurance Company Inc Rockville Centre, NY | $295,933,062 | $29,353,576 |