Massachusetts Insurers Insolvency Fund
- Assets
- $210.6m
- Revenue
- $904.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 04/1974
- Data as of
- 12/2022
- EIN
- 23-7304306
Organization Overview
Massachusetts Insurers Insolvency Fund is located in Boston, MA. The organization was established in 1974. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Insurers Insolvency Fund 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 12/2022, Massachusetts Insurers Insolvency Fund generated $904.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (28.2%) each year. All expenses for the organization totaled $11.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DURING THE YEAR THE ASSOCIATION PROVIDED PROTECTION TO POLICYHOLDERS & CLAIMANTS OF INSOLVENT INSURERS IN ACCORDANCE WITH THE MASSACHUSETTS STATE STATUTE, CHAPTER 1 75 D, G. L. MASS., ENACTED AS CHAPTER 261, LAWS 1970.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR THE ASSOCIATION PROVIDED PROTECTION TO POLICYHOLDERS AND CLAIMANTS OF INSOLVENT INSURERS IN ACCORDANCE WITH THE MASSACHUSETTS STATE STATUTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Baldini Chair Representing Liberty Mutual Insurance Co. | Trustee | 1 | $0 |
Chris Whitford Vice Chair Representing Safety Insurance Company | Trustee | 1 | $0 |
Harris E Berenson Board Member Representing The Hanover Insurance Group | Trustee | 1 | $0 |
Eileen Fongemie Board Member Representing Memic Indemnity Company | Trustee | 1 | $0 |
Chris Hall Board Member Representing Arbella Mutual Insurance Company | Trustee | 1 | $0 |
Adam Robitaille Board Member Representing Farmers Prop. & Cas. Ins. Co. | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tmesys Llc Rx Drug Service | 12/30/22 | $737,396 |
Matrix Home Care Llc Home Health Care Services | 12/30/22 | $180,407 |
Mccarthy Kenney & Reidy Pc Legal | 12/30/22 | $116,841 |
Nixon Peabody Llp Legal | 12/30/22 | $105,263 |
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 | $921,234 |
| Investment income | $2,496,947 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,514,188 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $903,993 |
| 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 | $8,449,643 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,160,011 |
| Fees for services: Legal | $147,610 |
| Fees for services: Accounting | $35,256 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,280 |
| 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 | $13,820 |
| All other expenses | $45,808 |
| Total functional expenses | $10,977,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,189,642 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $205,404,304 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $210,593,946 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $210,593,946 |
| Total liabilities and net assets/fund balances | $210,593,946 |