GRANITE GROUP INSURANCE TRUST

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1947

Legal Domicile

Principal Officer

ANNE HOULE

Phone

8024763291

Tax Period

2023-11-01 to 2024-10-31

GRANITE GROUP INSURANCE TRUST, founded in 1947, is a mid-sized nonprofit that reported $17.0M in total revenue in fiscal year 2023. Expenses of $15.2M left a modest 11% surplus.

Mission

PROVIDES MEDICAL, DENTAL, VISION, LIFE, AND DISABILITY INSURANCE COVERAGES FOR MEMBER EMPLOYERS AND EMPLOYEES. WE ARE SIGNATURE TO A COLLECTIVE BARGAINING AGREEMENT. THE TRUST ALSO PROVIDES MEDICARE SUPPLEMENT PLAN COVERAGES FOR RETIRED MEMBERS.

Program Service Accomplishments

Program 1

THE GRANITE GROUP INSURANCE TRUST'S MEDICAL COVERAGES ARE THE PRIMARY SOURCE OF REVENUE AND EXPENSES. WE ADMINISTER A MULTI-EMPLOYER GROUP PLAN WHICH IS GOVERNED BY UNIONIZED LABOR CONTRACTS.

Program 2

THE GRANITE GROUP INSURANCE TRUST'S LIFE INSURANCES, SHORT TERM AND LONG TERM DISABILITY BENEFITS ARE SECONDARY PROGRAMS OF OUR PROVIDED GROUP BENEFITS. THE MULTI-EMPLOYER GROUP IS GOVERNED BY...

THE GRANITE GROUP INSURANCE TRUST'S LIFE INSURANCES, SHORT TERM AND LONG TERM DISABILITY BENEFITS ARE SECONDARY PROGRAMS OF OUR PROVIDED GROUP BENEFITS. THE MULTI-EMPLOYER GROUP IS GOVERNED BY UNIONIZED LABOR CONTRACTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $16,977,508

Investment Income $15,648

Other Revenue $0

TOTAL REVENUE $16,993,156

Expense Breakdown

Grants Paid $0

Salaries & Benefits $209,064

Fundraising Expenses $0

Other Expenses $125,602

TOTAL EXPENSES $15,166,210

Year-over-Year Comparison

	2023	2022	Change
Revenue	$16,993,156	$15,954,866	+0.1%
Expenses	$15,166,210	$16,386,351	-0.1%
Net Income	$1,826,946	$-431,485	-5.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$74,685

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATTHEW PEAKE	CHAIRMAN	1.00	Officer Director	$0	$0	$0
SARAH SOMERVILLE	CO-CHAIRMAN	1.00	Officer Director	$0	$0	$0
RAYMOND BETTIS	TRUSTEE	1.00	Director	$0	$0	$0
RICK SAUER	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM CLIFFORD	TRUSTEE	1.00	Director	$0	$0	$0
MARION LENGLET	TRUSTEE	1.00	Director	$0	$0	$0
PAIGE LAMTHI	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT POPE	TRUSTEE	1.00	Director	$0	$0	$0
ANNE HOULE	TREASURER	40.00	Officer	$74,685	$0	$74,685

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$16,993,156	$15,166,210	$3,457,786	$1,826,946
2023	$15,954,866	$16,386,351	$1,119,179	$-431,485
2022	$14,319,099	$14,265,402	$1,468,905	$53,697
2021	$11,150,658	$11,630,186	$1,580,238	$-479,528