Vmc Indemnity Company Inc
Nonprofit profile at a glance
- EIN
- 831102018
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- Burlington, VT, USA
- Phone
- 8028601958
- Rating
- 61
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Nonmonetary Support N.E.C.
Reported finances
- Revenue
- $12,522,006
- Expenses
- $12,385,759
- Assets
- $143,009,008
- Liabilities
- $57,861,752
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- DR HOWARD M SCHAPIRO (DIRECTOR & PRESIDENT)
- DR STEPHEN M LEFFLER (DIRECTOR & VICE PRESIDENT)
Highest reported compensation
- DR SUNIL EAPPEN (DIRECTOR & CHAIR): $2,235,745 total reported compensation
- DR STEPHEN M LEFFLER (DIRECTOR & VICE PRESIDENT): $1,073,907 total reported compensation
- RICHARD VINCENT (DIRECTOR & TREASURER): $1,049,652 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Self-insurance of professional liability and general liability risks exclusively to uvmhn inc., its tax-exempt subsidiaries, and their employed individuals.
What it reported doing in 2024
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.
Operating model
- Revenue model
- Earned-program. 79% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.
Rating breakdown
- Financial Efficiency: 58
- Transparency & Controls: 67
- Accountability: 50
- Sustainability: 54
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 47.1%; rating input score 47
- Program expense ratio: 95.5%; rating input score 96
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 30%; rating input score 30; 7th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 1.1%; rating input score 38; 38th percentile among comparable filings
- Total-asset coverage ratio: 11.55; rating input score 92; 92nd percentile among comparable filings
- Liabilities to assets ratio: 0.4; rating input score 36; 36th percentile among comparable filings
- Officer compensation ratio: 6.8%; rating input score 37; 37th percentile among comparable filings
Growth
- Program expense growth: 10.1% per year; rating input score 100; 71st percentile among comparable filings
- Revenue growth: 5.2% per year; rating input score 100; 45th percentile among comparable filings
- Asset growth: 8.8% per year; rating input score 100; 59th percentile among comparable filings
Details
- Where the money goes: 47.1% of revenue deployed · 95.5% of spending went to programs
- Governance: 3 of 10 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $11.8M in reported program spending
- Leadership: top reported pay $2.2M · 13 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 2 contractors listed · $302K reported
- Consistency: 23 of 23 current checks pass
- Schedules: 5 filed schedules · includes executive pay and related organizations
- Filing history: 6 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Related organizations: 23 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 47/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 30/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- Moderate — Sustainability: Operating margin scored 38/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 36/100.
- Moderate — Sustainability: Officer compensation ratio scored 37/100.