New Hampshire Bankers Association Insurance Trust
- Assets
- $1.7m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Concord, NH
- Founding
- 11/1958
- Data as of
- 12/2021
- EIN
- 02-6005138
Organization Overview
New Hampshire Bankers Association Insurance Trust is located in Concord, NH. The organization was established in 1958. 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. New Hampshire Bankers Association Insurance Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, New Hampshire Bankers Association Insurance Trust generated $8.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.6%) each year. All expenses for the organization totaled $9.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY PURPOSE OF THE INSURANCE TRUST IS TO OBTAIN VARIOUS INSURANCE BENEFIT PROGRAMS (LIFE, AD&D, HEALTH, DENTAL, ETC.) FOR ITS MEMBERS AT RATES LESS THAN THEY COULD INDIVIDUALLY OBTAIN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSURANCE TRUST OFFERS HEALTH, DENTAL, & LIFE INSURANCE BENEFIT PLANS TO MEMBERS. THE TRUST OFFERS INSURANCE BENEFITS TO 14 MEMBERS, COVERING APPROXIMATELY 1196 PARTICIPANTS AT DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald L Magoon Chairman/trustee | OfficerTrustee | 2 | $0 |
Kristy Merrill Executive Secretary | Officer | 5 | $0 |
Heidi Patten Trustee | Trustee | 1 | $0 |
Rhonda Caswell Trustee | Trustee | 1 | $0 |
Kevin Miller Trustee | Trustee | 1 | $0 |
Kathy Maguire Trustee | Trustee | 1 | $0 |
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 | $8,711,922 |
| Investment income | $991 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,712,913 |
| 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 | $9,171,405 |
| 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 | $0 |
| Fees for services: Legal | $54,495 |
| Fees for services: Accounting | $46,807 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $203,933 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,083 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,567 |
| All other expenses | $0 |
| Total functional expenses | $9,597,394 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,341,658 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $292,917 |
| 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 | $21,318 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,655,893 |
| Accounts payable and accrued expenses | $68,277 |
| Grants payable | $0 |
| Deferred revenue | $332,878 |
| 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 | $0 |
| Total liabilities | $401,155 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $1,254,738 |
| Total liabilities and net assets/fund balances | $1,655,893 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Medical Insurance Compant A Risk Retention Group Colchester, VT | $102,134,145 | $15,354,853 |
Workers Compensation Rating & Inspection Bureau Of Massachusetts Boston, MA | $5,354,102 | $14,107,394 |
Granite Group Insurance Trust Barre, VT | $1,580,238 | $11,150,658 |
Insurance Fraud Bureau Of Massachusetts Boston, MA | $5,432,137 | $11,153,060 |
New Hampshire Bankers Association Insurance Trust Concord, NH | $1,655,893 | $8,712,913 |
Massachusetts Insurers Insolvency Fund Boston, MA | $220,667,916 | $27,762,839 |
Virginia Property And Casualty Insurance Luaranty Association Boston, MA | $164,456,339 | $15,741,691 |
Massachusetts Credit Union Share Insurance Corporation Newton, MA | $143,887,479 | $8,027,079 |
Workers Compensation Research Institute Cambridge, MA | $14,727,537 | $8,149,473 |
Rhode Island Property & Casualty Insurance Guaranty Association Boston, MA | $20,211,661 | $1,211,306 |
Advance Mfg Co Inc Employees Benefit Trust Westfield, MA | $296,936 | $5,936,452 |
Jeol Usa Inc Voluntary Employees Benefit Plan Trust Peabody, MA | $1,948,079 | $4,838,408 |