Vermont Captive Insurance Association
- Assets
- $1.3m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 12
- Location
- South Burlington, VT
- Founding
- 04/1987
- Data as of
- 12/2023
- EIN
- 22-2744474
Organization Overview
Vermont Captive Insurance Association is located in South Burlington, VT. The organization was established in 1987. As of 12/2023, Vermont Captive Insurance Association employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Captive Insurance Association 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 12/2023, Vermont Captive Insurance Association generated $2.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE VERMONT CAPTIVE INSURANCE ASSOCIATION (VCIA) EXISTS TO PROMOTE THE VERMONT CAPTIVE INSURANCE INDUSTRY. VCIA HELD THEIR 39TH ANNUAL CONFERENCE IN AUGUST, DRAWING JUST OVER 1,000 PARTICIPANTS FROM ALL OVER THE WORLD. REGIONAL MEETINGS AND SEMINARS ARE ALSO HELD IN U.S. CITIES TO EDUCATE PEOPLE ABOUT VERMONT'S CAPTIVE INSURANCE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VCIA HELD ITS 39TH ANNUAL CONFERENCE FEATURING 33 SESSIONS AND FORUMS WHERE MEMBERS AND NON-MEMBERS NETWORK AND HAVE THE ABILITY TO EARN CPE/CLE CREDITS.
VCIA HELD THREE EDUCATIONAL WEBINARS, ONE TRADE MISSION ROAD SHOW, AND ONE REGIONAL ROAD SHOW. MEMBERS AND NON-MEMBERS ARE ABLE TO EARN CPE/CLE CREDIT FOR THE EDUCATIONAL WEBINARS. THE TRADE MISSIONS/ROAD SHOWS SERVE TO EDUCATE PEOPLE ABOUT VERMONT'S CAPTIVE INSURANCE INDUSTRY.
VCIA CONDUCTS LEGISLATIVE AND LOBBYING ACTIVITIES THOUGHOUT THE YEAR ON A STATE LEVEL. IN JANUARY, VCIA HELD THEIR ANNUAL LEGISLATIVE DAY IN MONTPELIER, VT. VCIA STAFF AND LEGISLATIVE MEMBERS GATHERED TO CONTINUE THE SUCCESSFUL WORKING RELATIONSHIP BETWEEN VCIA AND THE STATE'S ELECTED AND APPOINTED LEADERS. VCIA ALSO HIRES AN ATTORNEY IN WASHINGTON DC TO ATTEND NAIC MEETINGS ON BEHALF OF VCIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Mead President | Officer | 40 | $195,333 |
Janice Valgoi Dir, Membership & Sales | 40 | $133,020 | |
Diane Leach Dir, Edu & Prog Planning | 40 | $128,553 | |
Margaret Companion Dir, Finance | 40 | $128,184 | |
A Tracy Hassett Chair | OfficerTrustee | 2 | $0 |
Jason Palmer Vice Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $63,307 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $64,557 |
| Total Program Service Revenue | $1,937,422 |
| Investment income | $28,576 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $98,020 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,131,604 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,250 |
| 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. | $215,369 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $657,827 |
| Pension plan accruals and contributions | $16,325 |
| Other employee benefits | $75,522 |
| Payroll taxes | $67,279 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,691 |
| Fees for services: Accounting | $30,900 |
| Fees for services: Lobbying | $9,827 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,051 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,458 |
| Office expenses | $91,327 |
| Information technology | $135,197 |
| Royalties | $0 |
| Occupancy | $3,639 |
| Travel | $71,876 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $399,309 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,073 |
| Insurance | $10,220 |
| All other expenses | $1,640 |
| Total functional expenses | $1,914,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,121 |
| Savings and temporary cash investments | $93,577 |
| 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 | $70,818 |
| Net Land, buildings, and equipment | $22,324 |
| Investments—publicly traded securities | $1,065,367 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,294 |
| Total assets | $1,339,501 |
| Accounts payable and accrued expenses | $77,193 |
| Grants payable | $0 |
| Deferred revenue | $397,534 |
| 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 | $44,294 |
| Total liabilities | $519,021 |
| Net assets without donor restrictions | $820,480 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,339,501 |