Guaranty Fund Management Services Inc
- Assets
- $2.8m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 36
- Location
- Boston, MA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 04-2712442
Organization Overview
Guaranty Fund Management Services Inc is located in Boston, MA. The organization was established in 0000. 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, Guaranty Fund Management Services Inc employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Guaranty Fund Management Services Inc 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, Guaranty Fund Management Services Inc generated $6.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $5.1m during the year ending 12/2021. 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
PROVIDE MANAGEMENT AND OTHER SUPERVISORY SERVICES IN CONNECTION WITH INSOLVENT AND/OR LIQUIDATED INSURERS COVERED BY INSOLVENCY STATUTES IN SEVEN STATES AND THE DISTRICT OF COLUMBIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES MANAGEMENT AND CLAIMS SUPERVISORY SERVICES TO ITS MEMBER ASSOCIATIONS TO ASSIST THEM IN THE DISCHARGE OF THEIR RESPECTIVE STATUTORY RESPONSIBILITIES TO HANDLE PROMPTLY AND EFFICIENTLY COVERED CLAIMS AGAINST INSOLVENT PROPERTY AND CASUALTY INSURERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Law President & CEO | Officer | 50 | $443,269 |
Linda Angelone Vice President Hr And Compliance | Officer | 50 | $207,063 |
Dimitar Kotzev Vice President It | Officer | 40 | $174,640 |
Sergey Dmitriev Lead Applications Developer | 37.5 | $138,406 | |
Ramzi Ballout Senior Applications Architect | 37.5 | $128,798 | |
Andrea Rossi Vice President Operations | Officer | 37.5 | $126,502 |
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 | $6,554,780 |
| Investment income | -$745 |
| 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 | $6,554,035 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,253,354 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,280,612 |
| Pension plan accruals and contributions | -$436,443 |
| Other employee benefits | $473,609 |
| Payroll taxes | $258,826 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $175,721 |
| Fees for services: Accounting | $58,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,247 |
| Advertising and promotion | $0 |
| Office expenses | $92,453 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $544,009 |
| Travel | $6,397 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,125 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $83,453 |
| Insurance | $36,437 |
| All other expenses | $69,677 |
| Total functional expenses | $5,104,158 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,800,200 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $502,713 |
| 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 | $237,476 |
| Net Land, buildings, and equipment | $164,099 |
| Investments—publicly traded securities | $91,868 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,796,356 |
| Accounts payable and accrued expenses | $425,307 |
| Grants payable | $0 |
| Deferred revenue | $2,016,000 |
| 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 | $6,195,903 |
| Total liabilities | $8,637,210 |
| Net assets without donor restrictions | $0 |
| 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 | -$5,840,854 |
| Total liabilities and net assets/fund balances | $2,796,356 |
Peer Organizations
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|---|---|---|
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 |
Independent Insurance Agents Of Rhode Island Warwick, RI | $2,326,511 | $759,864 |