Overview
What is Maryland Independent School Consortium?
The Maryland Independent School Consortium is a nonprofit organization, serving as a Voluntary Employee Beneficiary Association, situated in Crownsville, Maryland. This consortium's primary mission is to offer or facilitate access to welfare benefits, such as health insurance, for eligible employees and their dependents working in private schools and their affiliations within the state. The consortium has entered into an agreement with a major health insurance provider, ensuring that the schools have health insurance contracts that adhere to prearranged plans and premiums. The premiums are paid directly to the health insurance company by each school. In case the relationship between premiums paid and claims incurred surpasses the agreed-upon ratio, the health insurance carrier will reimburse a portion of the excess premium to the consortium. These funds are then utilized to cover the operating expenses of the consortium, support employee wellness initiatives, and contribute to future premiums if the Trustees of the consortium decide to do so.
Is Maryland Independent School Consortium legitimate?
Maryland Independent School Consortium is a legitimate nonprofit organization registered as a 501(c)(9) entity. Maryland Independent School Consortium 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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What is the mission statement of Maryland Independent School Consortium?
The Maryland Independent School Consortium's mission is to facilitate the provision or acquisition of welfare benefits, primarily through health insurance, for eligible employees and their dependents of private schools and their affiliates. By contracting with a major health insurance carrier, the Consortium offers health insurance plans that comply with agreed-upon premiums and plan designs to the eligible employees of each school. In the event of excess premiums paid over claims incurred, a portion of the excess is returned to the Consortium for use in covering operating expenses, funding wellness initiatives, and potentially contributing to future premiums, as decided by the Consortium's Trustees.
Who is the CEO of Maryland Independent School Consortium?
Meg Mcclure is the Chairman of Maryland Independent School Consortium.
What is the revenue of Maryland Independent School Consortium?
Maryland Independent School Consortium's revenue in 2023 was $5,116.
Who are the executives of Maryland Independent School Consortium and what are their salaries?
There 15 volunteers at Maryland Independent School Consortium.
Here are 15 key members and their salaries:
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Where can I find the form 990 for Maryland Independent School Consortium?
Maryland Independent School Consortium's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Maryland Independent School Consortium
The Maryland Independent School Consortium, functioning as a Voluntary Employee Beneficiary Association, is dedicated to procuring or facilitating access to welfare benefits, primarily through insurance, for eligible employees and their dependents of private schools and their affiliates situated in Maryland. The organization's primary mission is to ensure the wellbeing of these individuals by providing them with necessary welfare benefits. To achieve this, the Consortium has entered into agreements with major health insurance carriers, offering health insurance contracts that adhere to agreed-upon plan designs and premiums. The premiums are directly paid by each school to the health insurance carrier. In case the ratio of premiums paid to claims incurred exceeds the agreed-upon ratio, the health insurance carrier is bound to reimburse a portion of the excess premium to the Consortium. These funds are then allocated towards funding the Consortium's operational expenses, promoting wellness initiatives for the employees of member schools, and contributing to future premiums if deemed necessary by the Trustees of the Consortium.
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Impact
October, 2024
The Maryland Independent School Consortium significantly impacts the welfare of employees and their dependents in private schools across Maryland by providing access to vital health insurance benefits. By partnering with a major health insurance carrier, the Consortium ensures that member schools can offer comprehensive health insurance contracts that align with the needs of their workforce.
When participating schools pay premiums directly to the insurance carrier, the Consortium sets up a sustainable model for managing healthcare costs. Should there be an imbalance between premiums paid and claims incurred, the Consortium benefits by receiving reimbursements from the insurance provider. This financial mechanism allows the Consortium to allocate resources effectively, funding not only operational expenses but also wellness initiatives that enhance the quality of life for employees.
Ultimately, the Consortium plays a crucial role in fostering a supportive environment for educators and staff in Maryland's private schools, promoting a culture of health and well-being while ensuring that employees have access to essential welfare benefits.
This information is meant to be a general summary of Maryland Independent School Consortium. 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 2023.
- Investment Income: $5,116
- Gross Receipts: $5,116
Assets and Liabilities:
- Total Assets: $1,053,491
- Total Liabilities: $395,791
- Net Assets: $657,700
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Organization Details
Founding Year
2013
Phone
(410) 923-1171Principal Officer
Meg Mcclure
Main Address
680 Evergreen Road, Crownsville, MD, 21032
NTEE Category
Code: Y20 - Mutual benefit
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