Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: UNDERWRITING REVENUE (PREMIUMS)

  total $15,804,377 · related or exempt $15,804,377

• 3 · Investment income

  total $3,068,047 · excluded $3,068,047

• 7a · Gross sales of assets other than inventory

  securities $56,675,182

• 7b · Less cost or other basis and sales expenses

  securities $55,863,153

• 7c · Gain or loss

  securities $812,029

• 7d · Net gain or loss

  total $812,029 · excluded $812,029

Functional expenses

Part IX, the statement of functional expenses.

• 11a · Fees: management

  total $112,367 · management and general $112,367

• 11b · Fees: legal

  total $20,100 · management and general $20,100

• 11c · Fees: accounting

  total $61,967 · management and general $61,967

• 11f · Fees: investment management

  total $149,607 · management and general $149,607

• 11g · Fees: other

  total $432,000 · program services $432,000

• 13 · Office expenses

  total $3,269 · management and general $3,269

• 14 · Information technology

  total $111,000 · management and general $111,000

• 17 · Travel

  total $2,087 · program services $2,087

• 24a · Other expenses: UNDERWRITING EXPENSES (

  total $8,702,733 · program services $8,702,733

• 24b · Other expenses: LOSS CONTROL EXPENSE

  total $1,152,806 · program services $1,152,806

• 24c · Other expenses: VERMONT PREMIUM TAX

  total $70,275 · program services $70,275

• 24d · Other expenses: MISCELLANEOUS ADMINISTR

  total $1,475 · program services $1,475

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $696,904 · end of year $4,434,236

• 2 · Savings and temporary cash investments

  beginning of year $105,246 · end of year $143,756

• 4 · Accounts receivable

  beginning of year $773,191 · end of year $508,354

• 9 · Prepaid expenses and deferred charges

  beginning of year $23,509 · end of year $63,750

• 11 · Investments: publicly traded securities

  beginning of year $78,949,000 · end of year $86,900,291

• 15 · Other assets

  beginning of year $4,587,346 · end of year $7,403,602

• 17 · Accounts payable and accrued expenses

  beginning of year $446,614 · end of year $1,664,927

• 25 · Other liabilities

  beginning of year $41,388,925 · end of year $45,432,981

• 27 · Net assets without donor restrictions

  beginning of year $43,299,657 · end of year $52,356,081

The filer's explanations (Part III)

PART I, LINE 3

VMC INDEMNITY COMPANY, INC. RELIED ON THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVM HEALTH NETWORK"), THE PARENT ORGANIZATION OF UVM MEDICAL CENTER, TO ESTABLISH SENIOR EXECUTIVE COMPENSATION. UVM HEALTH NETWORK UTILIZED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

PART I, LINE 4B

THE UNIVERSITY OF VERMONT HEALTH NETWORK, BY AND THROUGH ITS AFFILIATED SUBSIDIARIES, MAINTAINS A SUPPLEMENTAL RETIREMENT BENEFIT PLAN (SRP) UNDER CONTRACTUAL ARRANGEMENTS WITH SEVERAL PERSONS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A. PURSUANT TO THE TERMS OF THE SRP, ANNUAL CREDITS WERE MADE EQUAL TO A FIXED PERCENTAGE OF BASE SALARY. THE FOLLOWING PERSONS PARTICIPATED IN THE SRP IN CALENDAR YEAR 2022, AND THEIR RESPECTIVE FIXED PERCENTAGE IS DESIGNATED IN PARENTHESES: SUNIL EAPPEN (12.24%); ERIC MILLER (8.68%); ANNA NOONAN (8.68%); DR. JASON SANDERS (8.68%). DEFERRED AMOUNTS VEST ON THE EARLIER OF: (I) JANUARY 1 OF THE THIRD PLAN YEAR AFTER THE PLAN YEAR FOR WHICH THE ACCOUNT WAS CREATED; OR (II) THE PARTICIPANT'S 65TH BIRTHDAY. SECRETARY ERIC MILLER AND DIRECTOR ANNA T. NOONAN RECEIVED SRP DISTRIBUTIONS REFLECTED IN SCH J, PART II, COL (B)(III) AND (F) WITH RESPECT TO THEIR ROLES AS NETWORK GENERAL COUNSEL AND CVMC PRESIDENT & COO, RESPECTIVELY. FOR THE PLANS NOTED ABOVE, AMOUNTS DEFERRED FOR CALENDAR YEAR 2022 ARE INCLUDED ON SCHEDULE J, PART II, COLUMN C. AMOUNTS DEFERRED REMAIN SUBJECT TO FORFEITURE IF CERTAIN CONDITIONS ARE NOT MET.

Related corporations and trusts

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

• UVMHN VENTURES INC

  C · HOLDING COMPANY · VT · controlled entity

• UVM HEALTH NETWORK CREDENTIALING & ENROLLMENT

  C · ADMIN SVC · VT · controlled entity

• CHARITABLE REMAINDER TRUSTS (6)

  T · SUPPORT · VT · controlled entity

• PERPETUAL TRUSTS (10)

  T · SUPPORT · VT · controlled entity

• CHARITABLE IRREVOCABLE TRUSTS (8)

  T · SUPPORT · VT · controlled entity

• CHAMPLAIN VALLEY HEALTH NETWORK

  C · ADMIN SVCS · NY · controlled entity

• MEDIQUEST INC

  C · MED OFFICE LEASE · NY · controlled entity

• YANKEE MEDICAL INC

  C · HOME MEDICAL EQUIPMENT · VT · controlled entity