Vmc Indemnity Company Inc
- Assets
- $99.5m
- Revenue
- $19.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, VT
- Founding
- 03/2019
- Data as of
- 09/2023
- EIN
- 83-1102018
Organization Overview
Vmc Indemnity Company Inc is located in Burlington, VT. The organization was established in 2019. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vmc Indemnity Company Inc 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 09/2023, Vmc Indemnity Company Inc generated $19.7m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $10.8m during the year ending 09/2023. While expenses have increased by 7.9% per year over the past 4 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
SELF-INSURANCE OF PROFESSIONAL LIABILITY AND GENERAL LIABILITY RISKS EXCLUSIVE FOR UVMHN INC., ITS TAX-EXEMPT SUBSIDIARIES, AND THEIR EMPLOYED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VMC INDEMNITY COMPANY INC. ("VMCIC") PROVIDES ESSENTIAL INSURANCE COVERAGE EXCLUSIVELY TO THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVMHN"), A SECTION 501(C)(3) ORGANIZATION, AND ITS CONTROLLED TAX-EXEMPT AFFILIATES, ALL PURSUANT TO THE VERMONT CAPTIVE INSURANCE COMPANY STATUTE (8 V.S.A. SECTIONS 6001-6003). VMCIC FACILITATES SELF INSURANCE OF PROFESSIONAL LIABILITY AND GENERAL LIABILITY RISKS FOR ORGANIZATIONS AND EMPLOYED PROFESSIONALS WITHIN UVMHN AND PROVIDES STOP LOSS COVERAGE FOR CLAIMS EXCEEDING THE UVMHN SELF-INSURED EMPLOYEE BENEFIT PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr John Brumsted Director & Chair (until 11/2022) | OfficerTrustee | 1 | $0 |
Dr Sunil Eappen Director & Chair (as Of 4/2023) | OfficerTrustee | 1 | $0 |
Dr Howard M Schapiro Director & President | OfficerTrustee | 1 | $0 |
Dr Stephen M Leffler Director & Vice President | OfficerTrustee | 1 | $0 |
Holly Berteau Director | Trustee | 1 | $0 |
Richard Vincent Director & Treasurer | OfficerTrustee | 1 | $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 | $15,804,377 |
| Investment income | $3,068,047 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $812,029 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,684,453 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $112,367 |
| Fees for services: Legal | $20,100 |
| Fees for services: Accounting | $61,967 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $149,607 |
| Fees for services: Other | $432,000 |
| Advertising and promotion | $0 |
| Office expenses | $3,269 |
| Information technology | $111,000 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,087 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,819,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,434,236 |
| Savings and temporary cash investments | $143,756 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $508,354 |
| 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 | $63,750 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $86,900,291 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,403,602 |
| Total assets | $99,453,989 |
| Accounts payable and accrued expenses | $1,664,927 |
| 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 | $45,432,981 |
| Total liabilities | $47,097,908 |
| Net assets without donor restrictions | $52,356,081 |
| 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 | $99,453,989 |