Virginia Property Insurance Assn
- Assets
- $26.2m
- Revenue
- $14.5m
- Investments
- $22.8m
- Employees
- 15
- Location
- Glen Allen, VA
- Founding
- 01/1973
- Data as of
- 09/2022
- EIN
- 23-7097511
Organization Overview
Virginia Property Insurance Assn is located in Glen Allen, VA. The organization was established in 1973. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 09/2022, Virginia Property Insurance Assn employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Property Insurance Assn 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 09/2022, Virginia Property Insurance Assn generated $14.5m 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 (3.9%) each year. All expenses for the organization totaled $13.7m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (0.7%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE VIRGINIA PROPERTY INSURANCE ASSOCIATION (VPIA OR "THE ASSOCIATION") WAS ESTABLISHED BY THE VIRGINIA STATE CORPORATION COMMISSION FOR THE PURPOSE OF ADMINISTERING A PROGRAM OF EQUITABLE DISTRIBUTION AND PLACEMENT OF BASIC PROPERTY INSURANCE IN COMPLIANCE WITH THE URBAN PROPERTY PROTECTION AND REINSURANCE ACT OF 1968. THE PROGRAM BECAME EFFECTIVE ON JULY 26, 1968, AS THE VIRGINIA INSURANCE PLACEMENT FACILITY AND WAS REORGANIZED AS VPIA OCTOBER 1, 1973. VPIA ISSUES POLICIES ON BEHALF OF ITS MEMBERS WHO BEAR THE DIRECT RISK ON A PRO-RATA BASIS. VPIA IS RESPONSIBLE FOR THE COLLECTION OF PREMIUMS, PAYMENT OF COMMISSIONS, LOSSES AND LOSS ADJUSTMENT EXPENSES, AND ALSO GENERAL ADMINISTRATIVE EXPENSES. ASSESSMENTS ARE MADE ON PARTICIPATING COMPANIES FOR FUNDS AS THEY ARE NEEDED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE VIRGINIA PROPERTY INSURANCE ASSOCIATION (VPIA OR "THE ASSOCIATION") WAS ESTABLISHED BY THE VIRGINIA STATE CORPORATION COMMISSION FOR THE PURPOSE OF ADMINISTERING A PROGRAM OF EQUITABLE DISTRIBUTION AND PLACEMENT OF BASIC PROPERTY INSURANCE IN COMPLIANCE WITH THE URBAN PROPERTY PROTECTION AND REINSURANCE ACT OF 1968. THE PROGRAM BECAME EFFECTIVE ON JULY 26, 1968, AS THE VIRGINIA INSURANCE PLACEMENT FACILITY AND WAS REORGANIZED AS VPIA OCTOBER 1, 1973. VPIA ISSUES POLICIES ON BEHALF OF ITS MEMBERS WHO BEAR THE DIRECT RISK ON A PRO-RATA BASIS. VPIA IS RESPONSIBLE FOR THE COLLECTION OF PREMIUMS, PAYMENT OF COMMISSIONS, LOSSES AND LOSS ADJUSTMENT EXPENSES, AND ALSO GENERAL ADMINISTRATIVE EXPENSES. ASSESSMENTS ARE MADE ON PARTICIPATING COMPANIES FOR FUNDS AS THEY ARE NEEDED.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Susan M Tinsley CPCU General Manager And Secretary | OfficerTrustee | 50 | $198,264 |
Ms Kelly Biester Assistant Manager | Officer | 50 | $135,509 |
Mr Conleth Kennedy Board Member | Trustee | 0.8 | $0 |
Mr David Bonenfant CPCU CHFC CLU Vice Chairman | Trustee | 0.8 | $0 |
Ms Heather Hamilton Board Member | Trustee | 0.8 | $0 |
Mr Michael Donovan Board Member | Trustee | 0.8 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Paragon Inc Property Inspections | 9/29/22 | $118,799 |
Aon Benfield Inc Reinsurance | 9/29/22 | $1,305,400 |
Icso H&w Trust Employee Benefits | 9/29/22 | $229,283 |
Data Directions Inc Data Management Service | 9/29/22 | $511,807 |
N&c Claims Service Inc Claims And Loss Adjustment Services | 9/29/22 | $259,557 |
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 | $14,488,348 |
| Investment income | $53,667 |
| 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 | $14,542,015 |
| 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 | $9,471,894 |
| 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 | $819,929 |
| Pension plan accruals and contributions | $188,285 |
| Other employee benefits | $148,535 |
| Payroll taxes | $68,742 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,360 |
| Fees for services: Accounting | $37,437 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,473 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $232,133 |
| Information technology | $163,457 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $22,103 |
| 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 | $12,378 |
| Insurance | $20,967 |
| All other expenses | $45,749 |
| Total functional expenses | $13,739,599 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,329,191 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,320 |
| Loans from Officers, Directors, or Controlling Persons | $13,474 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,873 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $22,794,971 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,208,829 |
| Accounts payable and accrued expenses | $1,118,259 |
| Grants payable | $0 |
| Deferred revenue | $8,937,521 |
| 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 | $3,312,478 |
| Total liabilities | $13,368,258 |
| 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 | $12,840,571 |
| Total liabilities and net assets/fund balances | $26,208,829 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Property Insurance Assn Glen Allen, VA | $26,208,829 | $14,542,015 |
Afl-Cio Mutual Benefit Plan Washington, DC | $47,285,320 | $3,307,506 |
Farmers Union Mutual Fire Inc Co Of Bradley County Tennessee Term Cleveland, TN | $2,307,328 | $335,570 |
Farmers Mutual Insurance Company Of Giles County Pulaski, TN | $1,110,066 | $322,320 |
Fox Group Reinsurance Ltd Franklin, TN | $1,933,649 | $25,110 |
Floyd County Mutual Fire Ins Co Inc Floyd, VA | $3,368,874 | $158,517 |
Farmers Mutual Fire Insur Co Maynardville, TN | $1,561,030 | $74,001 |
Virginia Association Of Mutual Insurance Companies Richmond, VA | $190,879 | $0 |
Becron Reinsurance Limited Franklin, TN | $0 | $2 |
Nassief Group Reinsurance Ltd Franklin, TN | $650,099 | $0 |