Vermont Captive Insurance Association
- Assets
- $1.4m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 8
- Location
- Burlington, VT
- Founding
- 04/1987
- Data as of
- 12/2021
- EIN
- 22-2744474
Organization Overview
Vermont Captive Insurance Association is located in Burlington, VT. The organization was established in 1987. As of 12/2021, Vermont Captive Insurance Association employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Captive Insurance Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Vermont Captive Insurance Association generated $1.0m 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 (5.0%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.5%) 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 VERMONT CAPTIVE INSURANCE ASSOCIATION (VCIA) EXISTS TO PROMOTE THE VERMONT CAPTIVE INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VCIA HELD ITS 37TH ANNUAL CONFERENCE. THE ANNUAL CONFERENCE WAS GREATLY IMPACTED BY THE PANDEMIC WHERE PERSON TO PERSON EVENTS CAME A HALT REFLECTED HERE WITH A 34% DECLINE IN CONFERENCE REVENUE. VCIA MOVED TO A VIRTUAL EVENT FOR 2021.
VCIA HELD 4 WEBINARS DURING THE COURSE OF THE YEAR. THE REGIONAL ROAD SHOWS WERE CANCELLED AS A RESULT OF THE RESTRICTIONS SURROUNDING COVID. ALL IN PERSON EVENTS WERE CANCELLED, THESE INCLUDED MIXERS. THE CAPTIVE STATE OF THE UNION WAS HELD VIRTUALLY IN NOVEMBER, 2021.
VCIA CONDUCTS LEGISLATIVE AND LOBBYING ACTIVITIES THROUGHOUT THE YEAR ON A STATE LEVEL. IN JANUARY, VCIA HELD THEIR ANNUAL LEGISLATIVE DAY IN MONTPELIER. VCIA MEMBERS VISITED THE VERMONT STATE HOUSE TO CONTINUE THE SUCESSFUL WORKING RELATIONSHIP BETWEEN VCIA AND THE STATE'S ELECTED AND APPOINTED LEADERS. VCIA ALSO HIRES AN ATTORNEY IN WASHINGTON DC TO ATTEND NAIC MEETINGS ON BEHALF OF VCIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Smith President | Officer | 40 | $163,196 |
Janice Valgoi Dir, Membership | 40 | $106,515 | |
Gail Newman Secretary (from Oct '21) | OfficerTrustee | 2 | $0 |
Dennis Silvia Treasurer | OfficerTrustee | 2 | $0 |
A Tracy Hassett Vice Chair | OfficerTrustee | 2 | $0 |
Andrew Baillie Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $258,574 |
| 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 | $258,574 |
| Total Program Service Revenue | $735,926 |
| Investment income | $15,563 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $29,632 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,046,650 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $180,397 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $494,547 |
| Pension plan accruals and contributions | $14,597 |
| Other employee benefits | $77,219 |
| Payroll taxes | $49,853 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,698 |
| Fees for services: Accounting | $24,932 |
| Fees for services: Lobbying | $22,700 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,997 |
| Fees for services: Other | $23,929 |
| Advertising and promotion | $1,819 |
| Office expenses | $34,497 |
| Information technology | $47,557 |
| Royalties | $0 |
| Occupancy | $62,596 |
| Travel | $2,305 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $118,416 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,500 |
| Insurance | $12,424 |
| All other expenses | $1,531 |
| Total functional expenses | $1,258,863 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,575 |
| Savings and temporary cash investments | $26,995 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $41,531 |
| Net Land, buildings, and equipment | $36,171 |
| Investments—publicly traded securities | $1,089,997 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $142,762 |
| Total assets | $1,357,031 |
| Accounts payable and accrued expenses | $94,277 |
| Grants payable | $0 |
| Deferred revenue | $381,852 |
| 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 | $142,762 |
| Total liabilities | $618,891 |
| Net assets without donor restrictions | $738,140 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,357,031 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Vermont Captive Insurance Association has recieved totaling $5,400.
| Awarding Organization | Amount |
|---|---|
Housing Authority Insurance Inc Cheshire, CT PURPOSE: Harry House Scholarship Donation | $5,400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Painters Welfare Fund Pittsburgh, PA | $17,172,930 | $23,602,516 |
Mutual Beneficial Association Inc Berwyn, PA | $132,759,628 | $20,036,739 |
North Atlantic States Carpenters Vacation Fund Wilmington, MA | $5,812,734 | $20,849,073 |
Newspaper Guild Of Ny Benefits Fund New York, NY | $24,719,077 | $18,972,044 |
Pinnacle West Capital Corporation Union Health Benefits Master Trust Boston, MA | $486,686,678 | $13,509,022 |
Teamsters Local 401 Health And Welfare Plan Wilkesbarre, PA | $17,451,665 | $20,501,796 |
Factory Mutual Insurance Company Postretirement Welfare Program Johnston, RI | $196,804,032 | $28,194,770 |
Road Carriers Local 707 Welfare Trust Fund Hempstead, NY | $26,798,550 | $21,078,203 |
Granite State Electric Co Ret Ben Tr For Union Employees Pittsburgh, PA | $578,352,756 | $130,825,767 |
Westchester Teamsters Health & Welfare Fund Elmsford, NY | $13,444,324 | $19,612,596 |
Health Fund 917 Floral Park, NY | $42,995,154 | $18,450,623 |
Amalgamated Cutter & Retail Food Store Employees Union Welfare Fund Mineola, NY | $8,360,662 | $18,827,028 |