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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Ronald L Magoon Chairman/trustee | OfficerTrustee | 2 | $0 |
Kristy Merrill Executive Secretary | Officer | 5 | $0 |
Rhonda Caswell Trustee | Trustee | 1 | $0 |
Jeannine Santosuosso Trustee | Trustee | 1 | $0 |
Heidi Patten Trustee | Trustee | 1 | $0 |
Kevin Miller Trustee | Trustee | 1 | $0 |
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 |
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 |