Virginia Property And Casualty Insurance Luaranty Association
- Assets
- $152.7m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 04/1974
- Data as of
- 12/2023
- EIN
- 23-7270137
Organization Overview
Virginia Property And Casualty Insurance Luaranty Association is located in Boston, MA. The organization was established in 1974. 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. Virginia Property And Casualty Insurance Luaranty 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, Virginia Property And Casualty Insurance Luaranty Association generated $3.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (17.9%) each year. All expenses for the organization totaled $9.9m during the year ending 12/2023. 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
DURING THE YEAR THE ASSOCIATION PAID COVERED CLAIMS ON BEHALF OF INSOLVENT INSURERS IN ACCORDANCE WITH THE VIRGINIA STATE STATUTE, CHAPTER 16 OF TITLE 38.2 OF THE CODE OF VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR THE ASSOCIATION PAID COVERED CLAIMS ON BEHALF OF INSOLVENT INSURERS IN ACCORDANCE WITH THE STATE STATUTE, CHAPTER 16 OF TITLE 38.2 OF THE CODE OF VIRGINIA.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa C Lewis Chair Representing Mutual Assurance Society Of Va | Trustee | 1 | $0 |
Beth Murphy Vice Chair Representing Grange Insurance Company | Trustee | 1 | $0 |
Tom Brown Board Member Representing State Farm Mutual Auto. Ins. Co. | Trustee | 1 | $0 |
Michael Catina Board Member Representing Zurich American Ins. Co. | Trustee | 1 | $0 |
Ryan Conway Board Member Representing Northern Neck Insurance Company | Trustee | 1 | $0 |
Douglas Morrissey Board Member Representing Continental Casualty Company | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tmesys Llc Rx Drug Service | 12/30/23 | $749,842 |
Marks & Harrison A Professional Corp Legal | 12/30/23 | $475,000 |
The Cochran Firm Dc Pllc Legal | 12/30/23 | $283,039 |
Kalbaugh Pfund & Messersmith Pc Legal | 12/30/23 | $200,331 |
Regan Zambri Long Pllc Legal | 12/30/23 | $180,000 |
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 | $1,901,070 |
| Investment income | $4,368,825 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,251,617 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,018,278 |
| 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 | $7,294,890 |
| 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 | $2,292,350 |
| Fees for services: Legal | $52,728 |
| Fees for services: Accounting | $34,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,615 |
| 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 | $7,150 |
| All other expenses | $45,056 |
| Total functional expenses | $9,860,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,176,633 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $148,539,807 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $152,716,440 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $152,716,440 |
| Total liabilities and net assets/fund balances | $152,716,440 |