Automobile Insurers Bureau Of Massachusetts
- Assets
- $2.7m
- Revenue
- $12.2m
- Investments
- $0.0
- Employees
- 24
- Location
- Boston, MA
- Founding
- 11/1944
- Data as of
- 12/2021
- EIN
- 04-1589700
Organization Overview
Automobile Insurers Bureau Of Massachusetts is located in Boston, MA. The organization was established in 1944. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Automobile Insurers Bureau Of Massachusetts employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Automobile Insurers Bureau Of Massachusetts is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Automobile Insurers Bureau Of Massachusetts generated $12.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 2.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A VOLUNTARY TRADE ASSOCIATION SUPPORTING COMPANIES THAT WRITE MOTOR VEHICLE INSURANCE IN MASSACHUSETTS. ACTIVITIES INCLUDE INSURANCE RATE, RULE AND FORMS FILINGS AND INSURANCE DATA ANALYSIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BUREAU SUBMITTED RATE FILINGS FOR COMMERCIAL AUTOMOBILES ON BEHALF OF ITS MEMBER COMPANIES, ADVISORY RATE FILINGS FOR PRIVATE PASSENGER AUTOMOBILES AND FILINGS FOR POLICY RULES AND FORMS CHANGES AS NEEDED.
THE BUREAU PROVIDED ACTUARIAL ANALYSIS AND SUPPORT FOR ITS MEMBER COMPANIES, INCLUDING LOSS COST ANALYSIS, ACCIDENT YEAR QUARTERLY COMPARISONS, LOSS TREND ANALYSIS AND TOWN INDEX ANALYSIS.
THE BUREAU CONTINUED TO UPDATE AND MAINTAIN A DETAIL CLAIM DATABASE FOR MEMBER COMPANY USE TO INVESTIGATE AUTOMOBILE INSURANCE CLAIMS, AND FOR REGULATORS AND PROSECUTORS IN FIGHTING INSURANCE FRAUD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Barber President | Officer | 36.25 | $458,024 |
Thomas Simon V.p., Operations | Officer | 18.13 | $299,599 |
William Scully V.p., Chief Actuary | Officer | 36.25 | $239,295 |
Ira Dobrow Applications Development Manager | Officer | 16.31 | $192,660 |
Erik Olson Actuary | Officer | 36.25 | $170,624 |
Jamie Mcdonough Infrastructure Director | Officer | 21.75 | $165,165 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $10,250,931 |
| Investment income | $1,085 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,244,779 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $329,615 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,713,283 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,446,668 |
| Pension plan accruals and contributions | $691,010 |
| Other employee benefits | $298,985 |
| Payroll taxes | $209,632 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,492 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,298,098 |
| Advertising and promotion | $0 |
| Office expenses | $35,912 |
| Information technology | $225,636 |
| Royalties | $0 |
| Occupancy | $542,197 |
| Travel | $1,305 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $5,007,593 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $33,602 |
| All other expenses | $227,909 |
| Total functional expenses | $12,091,937 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,727,605 |
| Savings and temporary cash investments | $58,601 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $90,836 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $90,639 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $777,124 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,744,805 |
| Accounts payable and accrued expenses | $184,565 |
| Grants payable | $0 |
| Deferred revenue | $1,976,639 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $430,742 |
| Total liabilities | $2,591,946 |
| Net assets without donor restrictions | $152,859 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,744,805 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Motor Vehicle Accident Indemnification Corporation New York, NY | $88,183,278 | $45,559,851 |
Risk And Insurance Management Society Inc New York, NY | $15,569,864 | $12,268,578 |
Automobile Insurers Bureau Of Massachusetts Boston, MA | $2,744,805 | $12,244,779 |
Excess Line Association Of New York New York, NY | $36,201,317 | $11,240,697 |
Florida Automobile Joint Underwriting Association Johnston, RI | $4,634,653 | $3,014,358 |
Guaranty Fund Management Services Inc Boston, MA | $2,796,356 | $6,554,035 |
Massachussetts Association Of Insurance Agents Inc Milford, MA | $15,366,665 | $4,849,036 |
Spark Institute Inc Simsbury, CT | $3,290,502 | $1,638,817 |
Professional Insurance Agents Of New York State Inc Glenmont, NY | $9,604,460 | $1,641,025 |
New York State Funeral Directors Association Inc Albany, NY | $12,864,504 | $2,564,009 |
Ceg Of The Capital Region Inc Albany, NY | $954,995 | $1,640,221 |
New England Venture Capital Association Boston, MA | $646,972 | $792,153 |