Rhode Island Property & Casualty Insurance Guaranty Association
- Assets
- $20.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 04/1976
- Data as of
- 12/2021
- EIN
- 51-0188685
Organization Overview
Rhode Island Property & Casualty Insurance Guaranty Association is located in Boston, MA. The organization was established in 1976. 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. Rhode Island Property & Casualty Insurance Guaranty Association 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, Rhode Island Property & Casualty Insurance Guaranty Association generated $1.2m 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 (19.6%) each year. All expenses for the organization totaled $6.6m 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
DURING THE YEAR THE ASSOCIATION PROVIDED PROTECTION TO POLICYHOLDERS & CLAIMANTS OF INSOLVENT INSURERS IN ACCORDANCE WITH THE RHODE ISLAND STATE STATUTE, THE RHODE ISLAND PROPERTY & CASUALTY INSURANCE GUARANTY ASSOCIATION ACT (THE "ACT"), R.I.G.L. S. 27-34, ET SEQ.
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 RHODE ISLAND STATE STATUTE.
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Board, Officers & Key Employees
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Law Office Of Mark B Morse Llc Legal | 12/30/21 | $145,034 |
Tmesys Llc Rx Drug Service | 12/30/21 | $103,570 |
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 | $908,283 |
| Investment income | $254,939 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,084 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,211,306 |
| 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 | $4,891,689 |
| 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 | $201,235 |
| Fees for services: Legal | $25,422 |
| Fees for services: Accounting | $8,550 |
| 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 | $245 |
| 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 | $0 |
| All other expenses | $5,458 |
| Total functional expenses | $6,558,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,460,868 |
| 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 | $18,750,793 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,211,661 |
| 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 | $20,211,661 |
| Total liabilities and net assets/fund balances | $20,211,661 |
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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 |
Workers Compensation Rating & Inspection Bureau Of Massachusetts Boston, MA | $5,354,102 | $14,107,394 |
Granite Group Insurance Trust Barre, VT | $1,580,238 | $11,150,658 |
Bakers Union Local 453 Welfare Fund Mount Kisco, NY | $6,346,834 | $11,690,505 |
Insurance Fraud Bureau Of Massachusetts Boston, MA | $5,432,137 | $11,153,060 |
New Hampshire Bankers Association Insurance Trust Concord, NH | $1,655,893 | $8,712,913 |
Massachusetts Insurers Insolvency Fund Boston, MA | $220,667,916 | $27,762,839 |