VERMONT CAPTIVE INSURANCE ASSOCIAT… - Form 990 Financial Data

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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

1986

Legal Domicile

Principal Officer

IAN DAVIS

Phone

8026588242

Tax Period

2025-01-01 to 2025-12-31

VERMONT CAPTIVE INSURANCE ASSOCIATION, founded in 1986, is a community nonprofit in the Mutual Benefit sector that reported $2.2M in total revenue in fiscal year 2025. Expenses of $2.1M left a modest 3% surplus.

Mission

VCIA PROVIDES MEMBERS WITH LEGISLATIVE LEADERSHIP, EDUCATION, OPPORTUNITIES FOR INFORMATION-SHARING AND A NETWORK OF MUTUAL SUPPORT WITH OTHERS WHO SHARE OBJECTIVES IN ORDER TO ENSURE AN ENVIRONMENT FAVORABLE TO THE CONTINUED GROWTH AND HEALTH OF THE CAPTIVE INDUSTRY AND THE VERMONT CAPTIVE COMMUNITY.THIS WILL BE ACCOMPLISHED THROUGH AN ECONOMICALLY SOUND ASSOCIATION THAT IS ACTIVELY GOVERNED AND SUPPORTED BY A PARTICIPATIVE MEMBERSHIP.

Program Service Accomplishments

Program 1

VCIA HELD ITS 40TH ANNUAL CONFERENCE FEATURING APPROXIMATELY 30 SESSIONS AND FORUMS WHERE MEMBERS AND NON-MEMBERS NETWORK AND HAVE THE ABILITY TO EARN CPE/CLE CREDITS.

Program 2

VCIA HELD TWO EDUCATIONAL WEBINARS, AND ONE REGIONAL ROAD SHOW. MEMBERS AND NON-MEMBERS ARE ABLE TO EARN CPE/CLE CREDIT FOR THE EDUCATIONAL WEBINARS. THE ROAD SHOW SERVES TO EDUCATE PEOPLE ABOUT...

VCIA HELD TWO EDUCATIONAL WEBINARS, AND ONE REGIONAL ROAD SHOW. MEMBERS AND NON-MEMBERS ARE ABLE TO EARN CPE/CLE CREDIT FOR THE EDUCATIONAL WEBINARS. THE ROAD SHOW SERVES TO EDUCATE PEOPLE ABOUT VERMONT'S CAPTIVE INSURANCE INDUSTRY.

Program 3

VCIA CONDUCTS LEGISLATIVE AND LOBBYING ACTIVITIES THOUGHOUT THE YEAR ON BOTH THE STATE AND FEDERAL LEVELS. IN JANUARY, VCIA HELD THEIR ANNUAL LEGISLATIVE DAY IN MONTPELIER, VT. VCIA STAFF AND...

VCIA CONDUCTS LEGISLATIVE AND LOBBYING ACTIVITIES THOUGHOUT THE YEAR ON BOTH THE STATE AND FEDERAL LEVELS. IN JANUARY, VCIA HELD THEIR ANNUAL LEGISLATIVE DAY IN MONTPELIER, VT. VCIA STAFF AND LEGISLATIVE MEMBERS GATHERED TO CONTINUE THE SUCCESSFUL WORKING RELATIONSHIP BETWEEN VCIA AND THE STATE'S ELECTED AND APPOINTED LEADERS. VCIA ALSO HIRES AN ATTORNEY IN WASHINGTON DC TO ATTEND NAIC MEETINGS ON BEHALF OF VCIA.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,131,989

Investment Income $51,224

Other Revenue $2,810

TOTAL REVENUE $2,186,023

Expense Breakdown

Grants Paid $1,000

Salaries & Benefits $1,108,533

Fundraising Expenses $0

Other Expenses $1,002,605

TOTAL EXPENSES $2,112,138

Year-over-Year Comparison

	2025	2024	Change
Revenue	$2,186,023	$2,085,010	+0.0%
Expenses	$2,112,138	$1,956,076	+0.1%
Net Income	$73,885	$128,934	-0.4%

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

130

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

$502,514

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN MEAD	PRESIDENT (TO SEP '25)	40.00	Officer	$164,681	$22,295	$186,976
ANGELA ARMOUR	DIR, MEMBERSHIP & SALES	40.00	Highest	$107,750	$24,930	$132,680
JOCELYN LAMB	SR DIR, FINANCE; ASST TREASURER	40.00	Officer	$101,069	$24,959	$126,028
IAN DAVIS	PRESIDENT (BEGAN ROLE AUG '25)	40.00	Officer	$78,994	$10,044	$89,038
NICOLE NIKKI FITZCHARLES	MGR OF EVENTS, ASST SECRETARY	40.00	Officer	$77,167	$23,305	$100,472
GAIL NEWMAN	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
JULIE BORDO	VICE BOARD CHAIR	2.00	Officer Director	$0	$0	$0
AARON CIULLO	TREASURER	2.00	Officer Director	$0	$0	$0
JASON PALMER	TREASURER (TO SEP '25)	2.00	Officer Director	$0	$0	$0
MELINDA YOUNG	SECRETARY	2.00	Officer Director	$0	$0	$0
JOE CARTER	DIRECTOR	2.00	Director	$0	$0	$0
RYAN GADAPEE	DIRECTOR	2.00	Director	$0	$0	$0
A TRACY HASSETT	DIRECTOR (TO SEP '25)	2.00	Director	$0	$0	$0
CAMERON MACARTHUR	DIRECTOR	2.00	Director	$0	$0	$0
BRENDA STEWART	DIRECTOR	2.00	Director	$0	$0	$0

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
2025	$2,186,023	$2,112,138	$1,692,476	$73,885
2024	$2,085,010	$1,956,076	$1,507,670	$128,934
2023	$2,131,604	$1,914,780	$1,339,501	$216,824
2022	$1,673,963	$1,671,783	$1,105,591	$2,180
2021	$1,046,650	$1,258,863	$1,357,031	$-212,213
2020	$1,154,616	$1,307,144	$1,459,460	$-152,528
2019	$1,593,036	$1,568,769	$1,599,387	$24,267
2018	$1,699,741	$1,613,752	$1,346,396	$85,989

VERMONT CAPTIVE INSURANCE ASSOCIATION