Geisinger Insurance Corporation Risk Retention Group

Organization Overview

Geisinger Insurance Corporation Risk Retention Group is located in Danville, PA. The organization was established in 2005. 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. Geisinger Insurance Corporation 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 12/2023, Geisinger Insurance Corporation Risk Retention Group generated $2.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 4.8% per year over the past 8 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 990T Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

GEISINGER INSURANCE CORPORATION, RISK RETENTION GROUP PROVIDES COST EFFECTIVE LIABILITY INSURANCE OPTIONS TO ITS NONPROFIT MEMBERS IN ORDER TO FACILITATE THE ACHIEVEMENT OF THEIR MISSION.

Describe the Organization's Program Activity:

GEISINGER INSURANCE CORPORATION, RISK RETENTION GROUP (THE COMPANY) IS A SELF-INSURANCE FUNDING VEHICLE FOR AFFILIATED ENTITIES, AND AS SUCH AN INTEGRAL PART OF EACH OF THEIR NONPROFIT, CHARITABLE HEALTHCARE OPERATIONS. THE COMPANY WAS FORMED PRIMARILY TO ADDRESS THE LACK OF MEDICAL PROFESSIONAL LIABILITY COVERAGE IN THE COMMONWEALTH OF PENNSYLVANIA, AND TO ENABLE GEISINGER TO COMPLY WITH THE PENNSYLVANIA MEDICAL CARE AVAILABILITY AND REDUCTION OF ERROR ACT (MCARE) (1), WHICH REQUIRES PENNSYLVANIA PHYSICIANS AND HEALTHCARE INSTITUTIONS TO OBTAIN PRIMARY PROFESSIONAL LIABILITY COVERAGE FROM A QUALIFIED SELF-INSURANCE TRUST OR AN INSURER LICENSED TO PROVIDE SUCH LIABILITY COVERAGE IN PENNSLYVANIA. THE COMPANY IS ORGANIZED AND OPERATED AS A NONPROFIT MEMBERSHIP CORPORATION UNDER THE VERMONT NONPROFIT CORPORATION ACT, TITLE 11B OF THE VERMONT STATUES ANNOTATED. THE COMPANY'S MEMBERSHIP IS LIMITED TO THE FOLLOWING MEMBER ORGANIZATIONS OF GEISINGER, EACH OF WHICH IS INSURED BY THE COMPANY: GEISINGER MEDICAL CENTER GEISINGER COMMUNITY HEALTH SERVICES GEISINGER WYOMING VALLEY MEDICAL CENTER GEISINGER CLINIC COMMUNITY MEDICAL CENTER DBA: GEISINGER COMMUNITY MEDICAL CENTER GEISINGER-BLOOMSBURG HOSPITAL GEISINGER-LEWISTOWN HOSPITAL GEISINGER JERSEY SHORE HOSPITAL GEISINGER MEDICAL CENTER MUNCY THE COMPANY PROVIDES MEDICAL PROFESSIONAL LIABILITY COVERAGE EXCLUSIVELY TO THE GEISINGER 501(C)(3) MEMBER AFFILIATES.


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Board, Officers & Key Employees

Name (title)Compensation
Jaewon Ryu MD JD
President, D
$0
Kevin V Roberts MBA CPA
Treasurer, D
$0
James E Hartle MD
Vp, Director
$0
Cindy Sheridan Esquire
Secretary, D
$0
Tammy Leiby
Director
$0
Sheri Tremblay CPA Aiaf
Asst. Secret
$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$1,958,173
Investment income $4,953
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 $1,963,126

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