Insurance Fraud Bureau Of Massachusetts
- Assets
- $5.4m
- Revenue
- $11.2m
- Investments
- $0.0
- Employees
- 48
- Location
- Boston, MA
- Founding
- 06/1991
- Data as of
- 12/2021
- EIN
- 04-3107028
Organization Overview
Insurance Fraud Bureau Of Massachusetts is located in Boston, MA. The organization was established in 1991. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Insurance Fraud Bureau Of Massachusetts employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Fraud 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, Insurance Fraud Bureau Of Massachusetts generated $11.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $10.7m during the year ending 12/2021. While expenses have increased by 10.8% 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.
Since 2020, Insurance Fraud Bureau Of Massachusetts has awarded 20 individual grants totaling $1,060,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS AN ENTITY AUTHORIZED BY MASSACHUSETTS GENERAL LAWS TO PREVENT, DETECT AND INVESTIGATE INSURANCE FRAUD. THE BUREAU WORKS WITH LAW ENFORCEMENT AND PUBLIC PROSECUTORS ON MATTERS INVOLVING POTENTIAL CRIME VIOLATION OF INSURANCE FRAUD LAWS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BUREAU RECEIVED AND EVALUATED 2,932 SUSPECTED INSURANCE FRAUD REFERRALS FROM THE INSURANCE INDUSTRY, MEMBERS OF THE PUBLIC AND OTHER SOURCES, OF WHICH 1,191 WERE ACCEPTED FOR FURTHER INVESTIGATION, RESULTING IN 872 NEW INVESTIGATIVE CASES. AFTER INITIAL INVESTIGATION, 761 CASES WERE CLOSED WITHOUT CRIMINAL PROSECUTION DUE TO INSUFFICIENT EVIDENCE OF A CRIME.
THE BUREAU REFERRED 209 CASES TO FEDERAL, STATE, AND LOCAL PROSECUTORS DURING THE YEAR, AND SUPPORTED THOSE PROSECUTORS IN THE LOCATION OF WITNESSES, WITNESS INTERVIEWS, DELIVERY OF SUBPOENAS AND ADDITIONAL INVESTIGATION. 127 INDIVIDUALS WERE INITIALLY CHARGED WITH INSURANCE FRAUD AND OTHER CRIMES DURING 2021, AND COURT CASES INVOLVING 186 INDIVIDUALS REACHED A FINAL DISPOSITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Dipaolo Executive Director | Officer | 36.25 | $269,693 |
Laura Kessler V.p., General Counsel | Officer | 36.25 | $247,804 |
M Katherine Mulligan Chief Of Investigations | Officer | 36.25 | $177,325 |
Cynthia Ventresca Deputy Chief Of Investigations | 36.25 | $139,207 | |
Stephen Adams Deputy General Counsel | 36.25 | $127,596 | |
Deborah Terry Administrative Manager | 36.25 | $125,584 |
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 | $11,015,186 |
| Investment income | $120,804 |
| 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 | $11,153,060 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $670,189 |
| 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. | $703,169 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,864,291 |
| Pension plan accruals and contributions | $1,538,063 |
| Other employee benefits | $681,411 |
| Payroll taxes | $360,963 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,143 |
| Fees for services: Accounting | $21,336 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,110 |
| Advertising and promotion | $0 |
| Office expenses | $104,357 |
| Information technology | $65,550 |
| Royalties | $0 |
| Occupancy | $794,503 |
| Travel | $155,047 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $115,489 |
| All other expenses | $22,367 |
| Total functional expenses | $10,702,879 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,261,997 |
| Savings and temporary cash investments | $315,365 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $146,443 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,708,332 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,432,137 |
| Accounts payable and accrued expenses | $1,003,457 |
| Grants payable | $0 |
| Deferred revenue | $4,023,697 |
| 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 | $404,983 |
| Total liabilities | $5,432,137 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $5,432,137 |
Grants Awarded
Over the last fiscal year, Insurance Fraud Bureau Of Massachusetts has awarded $530,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
SUFFOLK COUNTY DA PURPOSE: Regulatory funding | $92,500 |
ESSEX COUNTY DA PURPOSE: Regulatory funding | $80,000 |
HAMPDEN COUNTY DA PURPOSE: Regulatory funding | $55,000 |
BRISTOL COUNTY DA PURPOSE: Regulatory funding | $52,500 |
MIDDLESEX COUNTY DA PURPOSE: Regulatory funding | $50,000 |
WORCESTER COUNTY DA PURPOSE: Regulatory funding | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Golub Corporation Employees Benefit Trust Schenectady, NY | $0 | $47,368,126 |
Social Service Employees Union Local 371 Welfare Fund New York, NY | $3,893,562 | $23,163,002 |
Kaiser Found Health Plan Inc Retiree Health & Welfare Plan Tr Boston, MA | $6,263,155,647 | $206,309,367 |
Connecticut Insurance Guaranty Association Boston, MA | $114,038,959 | $6,299,722 |
College Insurance Company Colchester, VT | $74,904,314 | $21,436,710 |
General Hospital Long Term Disability Trust Somerville, MA | $45,869,299 | $18,555,032 |
Centers For Care Health Plan Bronx, NY | $49,972,187 | $33,212,808 |
Lufthansa German Airlines Long Term Disability Benefits Pl Tr Uniondale, NY | $2,508,054 | $15,798,770 |
Welfare Fund Heat And Frost Insulators Local 12 Long Island City, NY | $34,847,538 | $18,361,265 |
First Medical Insurance Compant A Risk Retention Group Colchester, VT | $102,134,145 | $15,354,853 |
Centers For Care Health Plan co Bronx Funding LLC Bronx, NY | $25,788,041 | $17,894,242 |
Rvc Insurance Company Inc Rockville Centre, NY | $295,933,062 | $29,353,576 |