2024-09-10T14:14:13-05:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 042628271 MASSACHUSETTS BANKER ASSOCIATION GROUP INSURANCE TRUST MASS 6175237595 ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 WILLIAM TSOULES SVP/CFO 6175237595 2024-08-30 1 0 KAREN S NG P01067482 6174399700 2024-09-10 2023 2024-08-08 14:25:15Z WILLIAM TSOULES ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 169616 0 X N/A X 1953 MA THE TRUST IS OPERATED FOR THE PURPOSE OF PROVIDING VARIOUS TYPES OF INSURANCE TO MEMBER BANKS' EMPLOYEES AT COSTS WHICH ARE LESS THAN THOSE OBTAINABLE ON AN INDIVIDUAL BANK BASIS 10 10 0 13 70266 64993 0 0 172857 99350 3632 70266 0 0 176489 169616 0 0 0 0 0 0 0 0 0 78093 200529 78093 200529 98396 -30913 5036501 5054551 22917 71880 5013584 4982671 THE TRUST IS OPERATED FOR THE PURPOSE OF PROVIDING VARIOUS TYPES OF INSURANCE TO MEMBER BANKS' EMPLOYEES AT COSTS WHICH ARE LESS THAN THOSE OBTAINABLE ON AN INDIVIDUAL BANK BASIS. 0 0 70124 PROVIDE INSURANCE COVERAGE TO MEMBER BANKS' EMPLOYEES 70124 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 2 0 1 0 1 1 0 0 0 0 0 0 0 X 10 10 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X WILLIAM TSOULES 6175237595 ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 X CHERYL CORMAN CO-CHAIR/TRUSTEE 1.00 X X 0 0 0 BRETT DEAN CHAIRMAN/TRUSTEE 1.00 X X 0 0 0 CHUCK LEACH TRUSTEE 1.00 X 0 0 0 KARA CLARK TRUSTEE 1.00 X 0 0 0 MICHAEL R WHEELER TRUSTEE 1.00 X 0 0 0 MARIA VAFIADES TRUSTEE 1.00 X 0 0 0 MATTHEW BURKE TRUSTEE 1.00 X 0 0 0 JAMES FERRARA TRUSTEE 1.00 X 0 0 0 KATHLEEN MURPHY TREASURER/TRUSTEE 1.00 X X 0 0 0 MARGARET SULLIVAN TRUSTEE 1.00 X 0 0 0 WILLIAM TSOULES SVP/CFO 1.00 X 0 0 0 CHAD POOK DIRECTOR OF ADMIN 1.00 X 0 0 0 TANYA DUNCAN COO 1.00 X 0 0 0 0 0 0 0 0 0 0 0 OMANDA INCOME 524298 50646 50646 RISK SHARING ARRANGEME 524298 28000 28000 PREMIUM INCOME 524298 20704 20704 99350 70266 70266 169616 99350 70266 0 83829 19350 OMADA PROGRAM 50646 UBIT TAXES 26000 PREMIUM EXPENSES 19478 ADMINISTRATIVE FEES 1226 200529 4535683 4748808 200000 0 10300 0 290518 305743 5036501 5054551 22917 56180 0 15700 22917 71880 X 5013584 4982671 0 0 0 0 5013584 4982671 5036501 5054551 -30913 0 X X 0 1 X 1 0 0 PREMIUMS RECEIVABLE 8765 DUE FROM AFFILIATES 244951 OMADA PROGRAM RECEIVABLE 52027 305743 INCOME TAXES PAYABLE 15700 15700 X 169616 0 169616 0 169616 200529 0 200529 0 200529 PART X, LINE 2: THE TRUST OBTAINED ITS LATEST DETERMINATION LETTER ON FEBRUARY 16, 1977, IN WHICH THE INTERNAL REVENUE SERVICE STATED THAT THE TRUST, AS THEN DESIGNED, WAS IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE. THE TRUST WAS MOST RECENTLY AMENDED EFFECTIVE JANUARY 1, 2014 AS INDICATED IN NOTE 1 TO THE FINANCIAL STATEMENTS. ALTHOUGH THE TRUST HAS BEEN AMENDED SINCE RECEIVING THE DETERMINATION LETTER, THE PLAN ADMINISTRATOR AND THE TRUST'S TAX COUNSEL BELIEVE THAT THE TRUST IS CURRENTLY DESIGNED AND BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE AND THEREFORE BELIEVE THAT THE TRUST IS TAX-EXEMPT. THE TRUST IS A TAX EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(9) OF THE INTERNAL REVENUE CODE, AND IS GENERALLY EXEMPT FROM FEDERAL TAXES PURSUANT TO SECTION 501(A) OF THE CODE. HOWEVER, THE TRUST IS SUBJECT TO FEDERAL AND MASSACHUSETTS INCOME TAX ON UNRELATED TAXABLE INCOME GENERATED FROM INVESTMENTS AND REALIZED CAPITAL GAINS. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE TRUST'S TAX RETURNS, INCLUDING THE POSITION THAT THE TRUST QUALIFIES AS A TAX EXEMPT ORGANIZATION, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE-LIKELY-THAN-NOT TO BE UPHELD UNDER REGULATORY REVIEW. THE TRUST DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2023 AND 2022 WHICH REQUIRE DISCLOSURE OR ACCRUAL. THE TRUST IS CURRENTLY OPEN TO AUDIT UNDER APPLICABLE STATUTES OF LIMITATION BY FEDERAL AND STATE TAX AUTHORITIES FOR THE YEARS ENDED DECEMBER 31, 2020 THROUGH 2023. MBA SERVICE CORPORATION AND SUBS SERVICE PROVIDER 1226 ADMINISTRATIVE FEES 0 FORM 990 PAGE 10 LINE 24D: THE TRUSTEES ARE KEY EXECUTIVES IN THE MEMBER INSTITUTIONS AND ARE INVOLVED IN THE DECISION TO CONTRACT THE GROUP INSURANCE TRUST TO PROVIDE HEALTH & DENTAL COVERAGE TO THE MEMBER INSTITUTION'S EMPLOYEES. THE EXECUTIVES ARE COVERED FOR HEALTH & DENTAL THROUGH THEIR EMPLOYER. THE TRUSTEES DO NOT RECEIVE ANY COMPENSATION FOR THEIR SERVICE TO THE GROUP INSURANCE TRUST. FORM 990, PART VI, SECTION A, LINE 2 TWO TRUSTEES ARE ALSO THE BOARD MEMBERS OF MBA. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE DISTRIBUTED TO THE AUDIT COMMITTEE FOR REVIEW PRIOR TO FILING WITH THE IRS. ALL FINANCIAL STATEMENTS INCLUDING TAX FILINGS ARE REVIEWED BY THE AUDIT COMMITTEE AND THE BOARD ANNUALLY. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD AND MONITORED/ENFORCED AS OUTLINED BY THE POLICY SHOULD ISSUES ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE MBA GROUP INSURANCE TRUST HAS NO EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR 2023.