First Medical Insurance Compant A Risk Retention Group
- Assets
- $102.1m
- Revenue
- $15.4m
- Investments
- $50.9m
- Employees
- 0
- Location
- Colchester, VT
- Founding
- 12/2004
- Data as of
- 12/2021
- EIN
- 01-0719207
Organization Overview
First Medical Insurance Compant A Risk Retention Group is located in Colchester, VT. The organization was established in 2004. 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. First Medical Insurance Compant A Risk Retention Group 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 12/2021, First Medical Insurance Compant A Risk Retention Group generated $15.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $14.7m during the year ending 12/2021. While expenses have increased by 11.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 ORGANIZATION PROVIDES INSURANCE FOR THE CHILDREN'S HOSPITAL OF PHILADELPHIA AND CERTAIN AFFILIATED TAX -EXEMPT ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSURANCE FOR CHILDREN'S HOSPITAL OF PHILADELPHIA AND ITS TAX -EXEMPT ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Avington Director & Secretary | OfficerTrustee | 1 | $0 |
Michael Corbo Director,president,& Treasurer | OfficerTrustee | 1 | $0 |
Edward F Precourt Director & Assistant Treasurer | OfficerTrustee | 1 | $0 |
Thomas J Todorow Former Director And Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
White Williams Legal Services | 12/30/21 | $1,834,555 |
Conrad O'brien Pc Legal Services | 12/30/21 | $250,364 |
Marshalldenneheywarnercolemang Legal Services | 12/30/21 | $323,528 |
Burns White Llc Legal Services | 12/30/21 | $314,486 |
Post Schell Legal Services | 12/30/21 | $296,911 |
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 | $12,631,581 |
| Investment income | $1,948,443 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $774,829 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,354,853 |
| 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 | $0 |
| 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 | $102,040 |
| Fees for services: Legal | $4,527 |
| Fees for services: Accounting | $43,992 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $208,135 |
| Fees for services: Other | $28,900 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,722,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,543,366 |
| Savings and temporary cash investments | $0 |
| 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 | $203,025 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $33,182,975 |
| Investments—other securities | $50,862,858 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $341,921 |
| Total assets | $102,134,145 |
| Accounts payable and accrued expenses | $271,165 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $62,060,658 |
| Total liabilities | $62,331,823 |
| 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 | $5,150,516 |
| Retained earnings, endowment, accumulated income, or other funds | $34,651,806 |
| Total liabilities and net assets/fund balances | $102,134,145 |
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 |