Granite Group Insurance Trust

Organization Overview

Granite Group Insurance Trust is located in Barre, VT. The organization was established in 1978. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 10/2021, Granite Group Insurance Trust employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Granite Group 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 10/2021, Granite Group Insurance Trust generated $11.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $11.6m during the year ending 10/2021. While expenses have increased by 9.2% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE GRANITE GROUP INSURANCE TRUST PROVIDES MEDICAL, DENTAL, VISION, LIFE, AND DISABILITY INSURANCE COVERAGES FOR MEMBER EMPLOYER AND EMPLOYEES. WE ARE SIGNATURE TO A COLLECTIVE BARGAINING AGREEMENT. THE TRUST ALSO PROVIDES MEDICARE SUPPLEMENT PLAN COVERAGES FOR RETIRED MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE GRANITE GROUP INSURANCE TRUST'S MEDICAL COVERAGES ARE THE PRIMARY SOURCE OF REVENUE AND EXPENSES. WE ADMINISTER A MULTI-EMPLOYER GROUP PLAN WHICH IS GOVERNED BY UNIONIZED LABOR CONTRACTS.


THE GRANITE GROUP INSURANCE TRUST'S LIFE INSURANCES, SHORT TERM AND LONG TERM DISABILITY BENEFITS ARE SECONDARY PROGRAMS OF OUR PROVIDED GROUP BENEFITS. THE MULTI-EMPLOYER GROUP IS GOVERNED BY UNIONIZED LABOR CONTRACTS.


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Board, Officers & Key Employees

Name (title)Compensation
Anne Houle
Treasurer
$74,079
Matthew Peake
Chairman
$0
Sarah Somerville
Co-Chairman
$0
Raymond Bettis
Trustee
$0
Rick Sauer
Trustee
$0
William Clifford
Trustee
$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$10,974,979
Investment income $175,679
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 $11,150,658

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