Piedmont Liability Trust
- Assets
- $77.6m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 11
- Location
- Charlottesville, VA
- Founding
- 12/1991
- Data as of
- 06/2022
- EIN
- 54-6280083
Organization Overview
Piedmont Liability Trust is located in Charlottesville, VA. The organization was established in 1991. 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 06/2022, Piedmont Liability Trust employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Piedmont Liability Trust 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 06/2022, Piedmont Liability Trust generated $9.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $7.1m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS FORMED TO ACCUMULATE AND HOLD FUNDS FOR USE IN SATISFYING MEDICAL PROFESSIONAL LIABILITY CLAIMS AGAINST THE UNIVERSITY OF VIRGINIA PHYSICIANS' GROUP AND COVERED CLINICIANS OF UNIVERSITY OF VIRGINIA HEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGEMENT AND PAYMENT OF MEDICAL PROFESSIONAL LIABILITY CLAIMS FOR THE UNIVERSITY OF VIRGINIA PHYSICIANS' GROUP AND COVERED CLINICIANS OF UNIVERSITY OF VIRGINIA HEALTH, INCLUDING MANAGEMENT OF FUNDS HELD FOR THIS PURPOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca W West JD ESQ CEO | Officer | 40 | $709,372 |
Bruce D Gehle JD COO | Officer | 40 | $420,000 |
Richard O White Associate General Counsel | Officer | 40 | $200,000 |
Lance D Frasier Manager Of Finance & Operations | 40 | $160,000 | |
Judy L Fortineux Chief Of Staff | 40 | $137,500 | |
Scott A Syverud MD Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Timberlake Smith Thomas & Moses Pc Legal Counsel | 6/29/22 | $266,339 |
The Mitchell Law Group Pllc Legal Counsel | 6/29/22 | $174,181 |
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 | $6,342,719 |
| Investment income | $2,467,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,171 |
| Net Gain/Loss on Asset Sales | $402,915 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,580,879 |
| 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. | $1,575,894 |
| Compensation of current officers, directors, key employees. | $803,536 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $350,638 |
| Pension plan accruals and contributions | $50,798 |
| Other employee benefits | $29,700 |
| Payroll taxes | $68,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $175,176 |
| Fees for services: Other | $12,628 |
| Advertising and promotion | $0 |
| Office expenses | $29,498 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $14,826 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,705 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,018 |
| Insurance | $18,431 |
| All other expenses | $0 |
| Total functional expenses | $7,076,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,052 |
| Savings and temporary cash investments | $4,620,319 |
| 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 | $98,438 |
| Net Land, buildings, and equipment | $550,728 |
| Investments—publicly traded securities | $72,033,441 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $298,203 |
| Total assets | $77,604,181 |
| Accounts payable and accrued expenses | $35,167 |
| Grants payable | $0 |
| Deferred revenue | $500 |
| 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 | $77,097,516 |
| Total liabilities | $77,133,183 |
| Net assets without donor restrictions | $470,998 |
| 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 | $77,604,181 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tri-County Building Trades Welfare Fund Ona, WV | $25,786,876 | $22,983,725 |
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |
Childrens Hospital Self-Insurance Trust Washington, DC | $0 | $0 |
North Carolina Insurance Guaranty Association Raleigh, NC | $120,494,721 | $22,094,183 |
Southern States Group Benefit Trust Richmond, VA | $1,559,030 | $9,812,364 |
Jackson Utility Division Benefits Program Trust Jackson, TN | $8,539,572 | $8,659,868 |
Property & Casualty Insurance Guaranty Corporation Towson, MD | $24,268,806 | $4,102,215 |
Hedrick Employee Group Benefit Plan Trust Salisbury, NC | $2,627,065 | $8,303,348 |
Asphalt Institute Inc Lexington, KY | $13,937,095 | $7,949,306 |
Piedmont Liability Trust Charlottesville, VA | $77,604,181 | $9,580,879 |
Baptist Healthcare System Inc Louisville, KY | $962,738 | $6,805,562 |
National Association Of Health Underwriters Washington, DC | $5,260,956 | $6,921,904 |