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← GEISINGER INSURANCE CORPORATION RISK RETENTION GROUP

Form 990 for tax year 2023

Filed by GEISINGER INSURANCE CORPORATION RISK RETENTION GROUP.

Totals

Total revenue
$1,963,126
Total expenses
$1,684,727
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,958,173
Investment income
$4,953
Other revenue
$0
Total assets, end of year
$5,054,824
Total liabilities, end of year
$2,445,549
Net assets or fund balances, end of year
$2,609,275
Program services expenses (Part IX)
$1,600,981
Management and general expenses
$83,746
Fundraising expenses
$0
Program service expenses (Part III)
$1,600,981

Program services were 95.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: PREMIUMS EARNED

    total $1,839,159 · related or exempt $1,839,159

  • 2b · Program service revenue: PREMIUMS EARNED

    total $119,014 · unrelated business $119,014

  • 3 · Investment income

    total $4,953 · excluded $4,953

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $11,147 · program services $11,147

  • 11c · Fees: accounting

    total $151,563 · program services $73,761 · management and general $77,802

  • 11f · Fees: investment management

    total $30,583 · program services $30,583

  • 11g · Fees: other

    total $45,964 · program services $40,020 · management and general $5,944

  • 24a · Other expenses: UNRELATED BUS. INC. TAX

    total $29,141 · program services $29,141

  • 24b · Other expenses: PREMIUM TAXES

    total $913,790 · program services $913,790

  • 24c · Other expenses: LOSS ADJUSTMENT EXPENSE

    total $500,000 · program services $500,000

  • 24d · Other expenses: LICENSE, FEES AND DUES

    total $2,539 · program services $2,539

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,414,102 · end of year $2,832,449

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,112,721 · end of year $1,246,011

  • 11 · Investments: publicly traded securities

    end of year $975,020

  • 15 · Other assets

    beginning of year $555 · end of year $1,344

  • 17 · Accounts payable and accrued expenses

    beginning of year $995,731 · end of year $957,765

  • 25 · Other liabilities

    beginning of year $242,504 · end of year $1,487,784

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,260,000 · end of year $1,260,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,029,143 · end of year $1,349,275

Mission and programs · 2023

Mission

GEISINGER INSURANCE CORPORATION, RISK RETENTION GROUP PROVIDES COST EFFECTIVE LIABILITY INSURANCE OPTIONS TO ITS NONPROFIT MEMBERS IN ORDER TO FACILITATE THE ACHIEVEMENT OF THEIR MISSION.

  • GEISINGER INSURANCE CORPORATION, RISK RETENTION GROUP (THE COMPANY) IS A SELF-INSURANCE FUNDING VEHICLE FOR AFFILIATED ENTITIES, AND AS SUCH AN INTEGRAL PART OF EACH OF THEIR NONPROFIT, CHARITABLE HEALTHCARE OPERATIONS. THE COMPANY WAS FORMED PRIMARILY TO ADDRESS THE LACK OF MEDICAL PROFESSIONAL LIABILITY COVERAGE IN THE COMMONWEALTH OF PENNSYLVANIA, AND TO ENABLE GEISINGER TO COMPLY WITH THE PENNSYLVANIA MEDICAL CARE AVAILABILITY AND REDUCTION OF ERROR ACT (MCARE) (1), WHICH REQUIRES PENNSYLVANIA PHYSICIANS AND HEALTHCARE INSTITUTIONS TO OBTAIN PRIMARY PROFESSIONAL LIABILITY COVERAGE FROM A QUALIFIED SELF-INSURANCE TRUST OR AN INSURER LICENSED TO PROVIDE SUCH LIABILITY COVERAGE IN PENNSLYVANIA. THE COMPANY IS ORGANIZED AND OPERATED AS A NONPROFIT MEMBERSHIP CORPORATION UNDER THE VERMONT NONPROFIT CORPORATION ACT, TITLE 11B OF THE VERMONT STATUES ANNOTATED. THE COMPANY'S MEMBERSHIP IS LIMITED TO THE FOLLOWING MEMBER ORGANIZATIONS OF GEISINGER, EACH OF WHICH IS INSURED BY THE COMPANY: GEISINGER MEDICAL CENTER GEISINGER COMMUNITY HEALTH SERVICES GEISINGER WYOMING VALLEY MEDICAL CENTER GEISINGER CLINIC COMMUNITY MEDICAL CENTER DBA: GEISINGER COMMUNITY MEDICAL CENTER GEISINGER-BLOOMSBURG HOSPITAL GEISINGER-LEWISTOWN HOSPITAL GEISINGER JERSEY SHORE HOSPITAL GEISINGER MEDICAL CENTER MUNCY THE COMPANY PROVIDES MEDICAL PROFESSIONAL LIABILITY COVERAGE EXCLUSIVELY TO THE GEISINGER 501(C)(3) MEMBER AFFILIATES.

    Expenses $1,600,981 · Revenue $1,958,173

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jaewon Ryu MD JD

    PRESIDENT, D

    Total calculated
    $7,064,026
    From this org
    $0
    From related orgs
    $5,492,112
    Other
    $1,571,914
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $4,389,743 related
    Bonus
    not reported
    Other
    not reported + $1,102,369 related
    Deferred
    not reported + $1,528,292 related
    Nontaxable benefits
    not reported + $43,622 related
    Filer's total
    not reported + $7,064,026 related

  • Kevin V Roberts MBA CPA

    TREASURER, D

    Total calculated
    $3,648,273
    From this org
    $0
    From related orgs
    $3,588,266
    Other
    $60,007
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $1,697,460 related
    Bonus
    not reported
    Other
    not reported + $1,890,806 related
    Deferred
    not reported + $23,292 related
    Nontaxable benefits
    not reported + $36,715 related
    Filer's total
    not reported + $3,648,273 related

  • James E Hartle MD

    VP, DIRECTOR

    Total calculated
    $2,968,536
    From this org
    $0
    From related orgs
    $2,644,773
    Other
    $323,763
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $1,343,926 related
    Bonus
    not reported
    Other
    not reported + $1,300,847 related
    Deferred
    not reported + $288,292 related
    Nontaxable benefits
    not reported + $35,471 related
    Filer's total
    not reported + $2,968,536 related

  • Cindy Sheridan Esquire

    SECRETARY, D

    Total calculated
    $392,898
    From this org
    $0
    From related orgs
    $353,078
    Other
    $39,820
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $328,549 related
    Bonus
    not reported
    Other
    not reported + $24,529 related
    Deferred
    not reported + $23,292 related
    Nontaxable benefits
    not reported + $16,528 related
    Filer's total
    not reported + $392,898 related

  • Tammy Leiby

    DIRECTOR

    Total calculated
    $363,884
    From this org
    $0
    From related orgs
    $314,794
    Other
    $49,090
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $308,763 related
    Bonus
    not reported
    Other
    not reported + $6,031 related
    Deferred
    not reported + $22,142 related
    Nontaxable benefits
    not reported + $26,948 related
    Filer's total
    not reported + $363,884 related

  • Sheri Tremblay CPA Aiaf

    ASST. SECRET

    Total calculated
    $0
    Hours/week
    0.25

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 3
THE ORGANIZATIONS EXECUTIVES ARE COMPENSATED BY RELATED ORGANIZATIONS. THE PROCESS TO REVIEW AND APPROVE THE COMPENSATION OF GEISINGER EMPLOYED BOARD DIRECTORS, OFFICERS, AND EXECUTIVE MANAGEMENT IS DESIGNED TO SATISFY THE REBUTTABLE PRESUMPTION PROCEDURE AVAILABLE FOR INTERMEDIATE SANCTION PURPOSES. THE PROCESS REQUIRES A REVIEW OF COMPENSATION DETERMINATIONS BY DISINTERESTED PARTIES, USE OF APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE PROCESS. ON AN ANNUAL BASIS AN INDEPENDENT, NATIONALLY RECOGNIZED COMPENSATION CONSULTANT COMPLETES A COMPARATIVE ASSESSMENT OF COMPENSATION FOR THE CEO AND SENIOR MANAGEMENT WITHIN GEISINGER. THE CONSULTANT'S REPORT IS PRESENTED TO THE GEISINGER FAMILY COMMITTEE PRIOR TO ANY COMPENSATION ADJUSTMENT. THE REPORT SUPPORTS THE RIGOROUS REVIEW COMPLETED BY THE GEISINGER FAMILY COMMITTEE TO ENSURE THAT THE PROGRAM IS RESPONSIBLE TO THE GEISINGER CHARITABLE MISSION, REFLECTS REASONABLE COMPENSATION WITHIN THE NONPROFIT MARKET AND IS COMPLIANT WITH THE IRS'S INTERMEDIATE SANCTION REQUIREMENTS. THE SURVEY DATA IN THE COMPARATIVE ANALYSIS IS CAPTURED FOR FUNCTIONALLY COMPARABLE POSITIONS IN MULTIPLE SIMILAR NONPROFIT ORGANIZATIONS AND REFLECTS TOTAL REMUNERATION PROVIDED IN THE MARKET. ALL SURVEYS ARE CONDUCTED BY THIRD PARTY ORGANIZATIONS AND NOT CONDUCTED AT THE SPECIFIC DIRECTION OF GEISINGER. ANY COMPENSATION ADJUSTMENTS ARE APPROVED BY THE GEISINGER FAMILY COMMITTEE PRIOR TO THE EFFECTIVE DATE OF THE PAYMENT. THE GEISINGER FAMILY COMMITTEE AT ITS SOLE DISCRETION MAY POSITIVELY OR NEGATIVELY ADJUST ANY RECOMMENDED COMPENSATION
SCHEDULE J, PAGE 1, PART I, LINE 4
JAEWON RYU, MD, JD 0 1,064,507 0 KEVIN V. ROBERTS, MBA, CPA 0 1,488,942 0 JAMES E. HARTLE, MD 0 1,243,526 0
SCHEDULE J, PART III
PART I, LINE 4B - SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN COMPENSATION FOR ELIGIBLE EMPLOYEES MAY BE DEFERRED TO A 457(F) NONQUALIFIED PLAN THAT VESTS WITH COMPLETION OF SERVICE, DEATH AND/OR PERMANENT DISABILITY.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • KEYSTONE ACCOUNTABLE CARE ORG LLC

    ACO · PA

  • GEISINGER ENCOMPASS HEALTH LLC

    PHY THERAP · PA

  • EVANGELICAL-GEISINGER HEALTH LLC

    HEALTHCARE · PA

  • LACKAWANNA PHYS AMB SURG CTRLLC

    HEALTHCARE · PA

  • GEISINGER-HM JOINT VENTURE LLC

    HEALTHCARE · PA

  • KEYSTONE HEALTHCARE PARTNERSHIPLLC

    HOME HLTH · PA

  • PHARMACY INNOVATION ALLIANCE LLC

    PURCHASING · DE

  • KKA VALUE FUND II GMBH & CO

    INVESTMENT · GM

  • KKA CO-INVEST I GMBH & CO KG

    INVESTMENT · GM

  • FORMENTERA PARTNERS FUND II-A LP

    INVESTMENT · TX

  • VOLPI CAPITAL CARBON CO-INVEST SCSP

    INVESTMENT · LU

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ISS SOLUTIONS INC

    CLINIC ENG · PA

  • GEISINGER INDEMNITY INSURANCE CO

    HLTH INSUR · PA

  • GEISINGER QUALITY OPTIONS INC

    HLTH INSUR · PA

  • GEISINGER ASSURANCE COMPANY LTD

    FINANCIAL · CJ

  • CT WAREHOUSE GMBH

    HOLDING CO · GM

  • KKA PROJECT 3 HOLDING GMBH

    HOLDING CO · GM

  • KKA PROJECT 4 HOLDING GMBH

    HOLDING CO · GM

  • RTNX TOP GMBH

    HOLDING CO · GM

  • KKA WAREHOUSE GMBH

    HOLDING CO · GM

  • KKA PROJECT 2 HOLDING GMBH

    HOLDING CO · GM

  • PROJECT 4 WAREHOUSE GMBH

    HOLDING CO · GM

  • SCHRODERS CAPITAL CODA FUND LTD

    INVESTMENT · CJ

  • SCHRODERS CAPITAL CODA MASTER FUND

    INVESTMENT · CJ

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.0
Source object
202443209349309804

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