2024-11-15T09:06:09-07:00 2023-12-31 990 2023-01-01 042712442 GUARANTY FUND MANAGEMENT SERVICES INC GUAR 6172277020 One Bowdoin Square Boston MA 02114 Barbara Law President and CEO 6176034776 2024-11-15 1 2023 2024-10-15 13:58:12Z Barbara Law One Bowdoin Square 2nd Floor Boston MA 02114 7619305 0 X www.gfms.org X 1981 DE 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. 8 8 32 0 0 0 0 0 6793263 7611619 -16716 7686 0 0 6776547 7619305 0 0 0 0 3128029 5092102 0 0 0 1508301 1668072 4636330 6760174 2140217 859131 6773417 6405507 10474054 9247013 -3700637 -2841506 Provide 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. 0 0 6760173 0 7619305 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. The Corporation has been formed to establish and maintain a single efficient management and claims service organization for its member guaranty associations. The objectives of the Corporation include, but are not limited to: (1) Providing management and claims supervisory services to insurance guaranty funds or associations created by statute; (2) Assisting guaranty associations in the discharge of their statutory responsibility to handle promptly and efficiently covered claims against insolvent insurers; (3) Furnishing related or compatible services to insurers and insurer organizations; and (4) Doing any and all things appropriate to accomplish the foregoing purposes. 0 0 0 6760173 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 15 0 32 1 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Heather Holland 6172277020 One Bowdoin Square 2nd Floor Boston MA 02114 Barbara Law President & CEO 37.5 0 X 474809 0 48519 Linda Angelone Senior Vice President HR and Compliance 37.5 0 X 243392 0 28761 Jeffrey Scott Vice President Claims 37.5 0 X 247394 0 21760 Dimitar Kotzev Vice President IT 37.5 0 X 204096 0 52354 Andrea Rossi Vice President Operations 37.5 0 X 146557 0 42099 Heather Holland Treasurer and VP Accounting and Finance 30 0 X 122591 0 42577 Ramzi Ballout Senior Applications Architect 37.5 0 X 154633 0 7534 Keith Legget Claims Manager 37.5 0 X 123894 0 35360 Marjorie Corbet Claims Manager 37.5 0 X 137663 0 20612 Sergey Dmitriev Lead Applications Developer 37.5 0 X 148632 0 7484 Craig Cote Senior Systems Administrator 37.5 0 X 132241 0 10919 Joseph Torti III Director 1 0 X 0 0 0 Theresa Lewis Director 1 0 X 0 0 0 Donald Baldini Director 1 0 X 0 0 0 Harris E Berenson Director 1 0 X 0 0 0 William Cahill Director 1 0 X 0 0 0 Earl Cottam Director 1 0 X 0 0 0 Lincoln Merrill Jr Director 1 0 X 0 0 0 L Noel Patterson Jr Director 1 0 X 0 0 0 2135902 0 317979 15 0 1 0 0 0 Management Services 524298 7611619 7611619 0 0 0 0 0 0 7611619 7686 7686 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7619305 7619305 0 0 0 0 0 0 1450650 0 2384533 262374 728592 265953 0 206342 69770 0 0 0 72603 0 90638 0 0 511337 69932 0 54840 0 0 267441 53947 Computer Maintenance 150684 Temp Staff 12929 107609 6760174 0 0 0 1621911 1906165 526886 391414 257831 233116 6479203 5349535 1283157 1129668 107833 115038 2975799 2630106 6773417 6405507 1369616 664722 2016000 2016000 7088438 6566291 10474054 9247013 X 0 0 0 0 -3700637 -2841506 -3700637 -2841506 6773417 6405507 859131 0 0 0 0 0 X 0 1 X 1 0 0 0 0 0 0 0 0 0 1271505 482538 788967 0 5207698 4866997 340701 0 0 0 0 1129668 Operating lease ROU asset 2622186 Finance lease ROU asset 7920 2630106 short term operating lease liability 527208 short terms finance lease liability 2565 long term operating lease liability 2812316 long term finance lease liability 5479 post retirement 2962483 pension 256240 6566291 7619305 0 0 0 0 0 7619305 0 0 0 7619305 6760174 0 0 0 0 0 6760174 0 0 0 6760174 X X X 0 0 0 Barbara Law President & CEO 434784 0 40025 0 0 0 14850 0 33669 0 523328 0 0 0 Linda Angelone Senior Vice President HR and Compliance 221881 0 21511 0 0 0 10151 0 18611 0 272154 0 0 0 Dimitar Kotzev Vice President IT 196096 0 8000 0 0 0 9113 0 43241 0 256450 0 0 0 Jeffrey Scott Vice President Claims 226349 0 21045 0 0 0 10152 0 11609 0 269155 0 0 0 Andrea Rossi Vice President Operations 133037 0 13520 0 0 0 6380 0 35719 0 188656 0 0 0 Heather Holland Treasurer and VP Accounting and Finance 113891 0 8700 0 0 0 5233 0 37344 0 165168 0 0 0 Sergey Dmitriev Lead Applications Developer 148632 0 0 0 0 0 6601 0 883 0 156116 0 0 0 Ramzi Ballout Senior Applications Architect 148755 0 5878 0 0 0 6647 0 887 0 162167 0 0 0 Marjorie Corbet Claims Manager 132591 0 5072 0 0 0 5446 0 15166 0 158275 0 0 0 Keith Legget Claims Manager 132241 0 0 0 0 0 5821 0 29539 0 167601 0 0 0 Form 990, Part VI, Section A, Line 6 The following are members of Guaranty Fund Management Services, Inc: Massachusetts Insurers Insolvency Fund, Rhode Island Property & Casualty Insurance Guaranty Association, Connecticut Insurance Guaranty Association, Maine Insurance Guaranty Association, Vermont Property and Casualty Insurance Guaranty Association, New Hampshire Insurance Guaranty Association, District of Columbia Insurance Guaranty Association, and Virginia Property and Casualty Insurance Guaranty Association. Form 990, Part VI, Section A, Line 7a Guaranty Fund Management Services, Inc. is governed by a Board of Directors. The Chairperson of the Board of Directors for each of GFMS' members sits on the GFMS Board of Directors. There is an Executive Committee of the Board of Directors consisting of three members. The Executive Committee is selected by the Board of Directors. Governance decisions are made by the Board. Form 990, Part VI, Section B, Line 11b The return is prepared by the Treasurer & VP of Accounting and Finance and reviewed by the President and Audit Committee. Outside tax professionals are consulted as needed. Form 990, Part VI, Section B, Line 12c Board of Directors, Board Committee members, Officers and employees sign a conflict of interest statement and disclose any conflicts on an annual basis. All forms are reviewed and retained by the VP of Operations. Any conflicts disclosed by a Board member are addressed by the Board of Directors in accordance with our policy. Form 990, Part VI, Section B, Line 15 The Company participates in several compensation surveys of similar organizations. In addition, the Company periodically hires a compensation consultant to perform a compensation analysis when market conditions change or a new position is created. This information is presented to the Board of Directors for their review. The Board approves salary grades and ranges, and the overall annual salary increase in the budget review process. Form 990, Part VI, Section C, Line 19 Some documents are listed on the organization's website, the others are available upon request. Form 8868 was submitted and approved before filing deadline.