Promedica Indemnity Insurance Corporation
- Assets
- $137.6m
- Revenue
- $28.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, VT
- Founding
- 02/2001
- Data as of
- 12/2021
- EIN
- 34-1931936
Organization Overview
Promedica Indemnity Insurance Corporation is located in Burlington, VT. The organization was established in 2001. According to its NTEE Classification (E99) the organization is classified as: Health Care N.E.C., under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promedica Indemnity Insurance Corporation 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 12/2021, Promedica Indemnity Insurance Corporation generated $28.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $29.5m during the year ending 12/2021. 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
PROMEDICA INDEMNITY CORPORATION PROVIDES MEDICAL PROFESSIONAL AND GENERAL LIABILITY INSURANCE COVERAGE EXCLUSIVELY FOR PROMEDICA HEALTH SYSTEM, INC. AND ITS SUBSIDIARIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEDICAL PROFESSIONAL AND GENERAL LIABILITY INSURANCE COVERAGE EXCLUSIVELY FOR PROMEDICA HEALTH SYSTEM, INC. AND ITS SUBSIDIARIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randall Oostra Ex Officio, Phs Pres. & CEO | OfficerTrustee | 1 | $0 |
Jeffrey C Kuhn Pres., Ex Officio | OfficerTrustee | 1 | $0 |
Larry C Peterson Chairman | OfficerTrustee | 1 | $0 |
Steven M Cavanaugh Treasurer, CFO | Officer | 1 | $0 |
Lori Koethe Avp, Risk Management | Officer | 0 | $0 |
Stephanie Mapes Assistant Secretary | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kitch Drutchas Wagner Valituti Sherbrook Legal Services | 12/30/20 | $818,015 |
Robison Curphey & O'connell Legal Services | 12/30/20 | $580,208 |
Shumaker Loop & Kendrick Legal Services | 12/30/20 | $200,456 |
Marshall & Melhorn Llc Legal Services | 12/30/20 | $126,228 |
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 | $25,293,607 |
| Investment income | $1,716,156 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,449,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,459,378 |
| 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 | $0 |
| 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 | $349,292 |
| Pension plan accruals and contributions | $17,245 |
| Other employee benefits | -$7,314 |
| Payroll taxes | $10,188 |
| Fees for services: Management | $268 |
| Fees for services: Legal | $22,763 |
| Fees for services: Accounting | $9,118 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $164,076 |
| Fees for services: Other | $897,230 |
| Advertising and promotion | $17,927 |
| Office expenses | $20,114 |
| Information technology | $157 |
| Royalties | $0 |
| Occupancy | $9,548 |
| Travel | $262 |
| 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 | $1,700 |
| All other expenses | $2,110 |
| Total functional expenses | $29,503,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $853,148 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,642,456 |
| 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 | $4,227,372 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $52,505,278 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $77,358,181 |
| Total assets | $137,586,435 |
| Accounts payable and accrued expenses | $130,145 |
| 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 | $93,041,725 |
| Total liabilities | $93,171,870 |
| Net assets without donor restrictions | $44,414,565 |
| 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 | $137,586,435 |
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Best Choice Home Health Care Inc Flushing, NY | $12,215,789 | $31,841,732 |
Promedica Indemnity Insurance Corporation Burlington, VT | $137,586,435 | $28,459,378 |
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