Overview
What is Virginia Private Colleges Benefits Consortium Inc?
Virginia Private Colleges Benefits Consortium Inc is a nonprofit organization located in Bedford, Virginia, with the address 118 E Main Street. They provide various benefits, including medical, prescription drugs, wellness, dental, and vision, to approximately 3,300 faculty and staff at 17 private Virginia colleges and the sponsoring association. Their mission is to establish and maintain one or more health and welfare plans, offering benefits such as life, sickness, and accident coverage, which fall under the definition of an "employee welfare benefit plan" according to the Employee Retirement Income Security Act of 1974. The consortium was organized for the benefit of the employees of these colleges and the sponsoring association.
Official website here: www.cicv.org
What are the reviews and ratings of this charity?
Virginia Private Colleges Benefits Consortium Inc is not currently rated by Charity Navigator. The lack of a rating is due to its status as a non-501(c)(3) organization, which prevents it from being evaluated under the standard metrics used for IRS-registered nonprofits. This absence of a rating does not imply any negative or positive judgment of the organization.
The Consortium's status as an independent organization suggests it operates without ties to larger national or regional networks. However, detailed financial information, salary data, and specifics on impact and accountability are not available, limiting public insight into its operations and efficacy.
Additionally, there are no user reviews available from GreatNonprofits, which means there is no publicly shared user feedback that can further illuminate the organization's performance or community perception.
This AI summary has been generated from information found on Charity Navigator.
Is Virginia Private Colleges Benefits Consortium Inc legitimate?
Virginia Private Colleges Benefits Consortium Inc is a legitimate nonprofit organization registered as a 501(c)(9) entity. Virginia Private Colleges Benefits Consortium Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.cicv.org
What is the mission statement of Virginia Private Colleges Benefits Consortium Inc?
The Virginia Private Colleges Benefits Consortium Inc was established to set up and manage health and welfare plans, providing benefits such as life, sickness, and accident coverage for the faculty and staff of seventeen private Virginia colleges and the sponsoring association. According to the Employee Retirement Income Security Act of 1974, this plan is classified as an "employee welfare benefit plan." Its primary objective is to ensure the well-being of the employees of the member colleges and the consortium by administering these benefits.
Official website here: www.cicv.org
Who is the CEO of Virginia Private Colleges Benefits Consortium Inc?
Tim Klopfenstein is the Director of Virginia Private Colleges Benefits Consortium Inc.
Official website here: www.cicv.org
What is the revenue of Virginia Private Colleges Benefits Consortium Inc?
Virginia Private Colleges Benefits Consortium Inc's revenue in 2022 was $41,253,113.
Official website here: www.cicv.org
Who are the executives of Virginia Private Colleges Benefits Consortium Inc and what are their salaries?
Here are 20 key members and their salaries:
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Official website here: www.cicv.org
Where can I find the form 990 for Virginia Private Colleges Benefits Consortium Inc?
Virginia Private Colleges Benefits Consortium Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cicv.org
Learn more at the official website: www.cicv.org
Mission Statement of Virginia Private Colleges Benefits Consortium Inc
Virginia Private Colleges Benefits Consortium Inc is a not-for-profit organization established to create and manage one or more health and welfare plans for the employees of its member private colleges and universities in Virginia. The primary goal of the Consortium is to provide medical and prescription drug benefits for the faculty and staff of these educational institutions and the sponsoring association.
In simple terms, the Virginia Private Colleges Benefits Consortium, Inc. was formed to ensure that the employees of its member colleges and universities in Virginia have access to comprehensive employee welfare benefit plans, including life, sickness, accident, and similar coverage. According to the Employee Retirement Income Security Act of 1974, this plan is considered an "employee welfare benefit plan." The Consortium offers these benefits to the employees of its various college and university members.
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Impact
October, 2024
Virginia Private Colleges Benefits Consortium Inc significantly enhances the quality of life for the faculty and staff of 17 private colleges in Virginia by providing essential health and welfare benefits. With a focus on comprehensive coverage, the organization delivers medical, prescription drug, wellness, dental, and vision benefits to approximately 3,300 individuals.
By establishing a cooperative framework for these health benefits, the Consortium not only improves access to necessary medical treatments and preventative care but also fosters a supportive environment that contributes to the overall well-being of faculty and staff. This, in turn, helps institutions attract and retain talented educators and staff, ultimately benefiting the student community and enhancing the educational landscape in Virginia.
Moreover, the Consortium’s commitment to maintaining and improving employee welfare plans aligns with broader health and wellness goals, helping mitigate healthcare costs for individuals and institutions alike. This cooperative model exemplifies the power of collaboration among private colleges to address common challenges in providing competitive employee benefits.
This information is meant to be a general summary of Virginia Private Colleges Benefits Consortium Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $199,931
- Program Service Revenue: $41,053,182
- Gross Receipts: $41,253,113
Assets and Liabilities:
- Total Assets: $22,090,377
- Total Liabilities: $3,953,801
- Net Assets: $18,136,576
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HEALTH AND WELFARE PLAN CONTRIBUT
Revenue
$27,722,304
HEALTH AND WELFARE PLAN CONTRIBUT
Revenue
$13,330,878
Organization Details
Founding Year
2009
Phone
(540) 586-1803Principal Officer
Tim Klopfenstein
Main Address
118 E MAIN STREET, BEDFORD, VA, 24523
Website
www.cicv.orgNTEE Category
Code: Y43 - Mutual benefit
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