Nonprofit · EIN 04-2712442
GUARANTY FUND MANAGEMENT SERVICES INC
Tax-exempt · BOSTON, MA 02114
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $7,535,338 | $8,488,351 | -$953,013 | $8,107,923 | $11,902,442 | -$3,794,519 |
| December 31, 2023 | 990 | $7,619,305 | $6,760,174 | $859,131 | $6,405,507 | $9,247,013 | -$2,841,506 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $7,530,984
- Investment income
- $4,354
- Net gain from sales of assets
- $44
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,673,264
- Other salaries and wages
- $2,757,718
- Salaries, compensation and benefits (total)
- $6,949,884
- Professional fundraising fees
- $0
- Legal fees
- $67,771
- Accounting fees
- $96,794
- Occupancy
- $507,800
- Travel
- $65,811
- Depreciation
- $268,137
Balance sheet and other
- Total assets, start of year
- $6,405,507
- Total assets, end of year
- $8,107,923
- Total liabilities, end of year
- $11,902,442
- Net assets, end of year
- -$3,794,519
- Land, buildings and equipment
- $1,005,813
- Gross receipts
- $7,650,376
- Employees
- 33
- Volunteers
- 0
- Year formed
- 1981
- State of legal domicile
- DE
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Barbara Law | President & CEO Officer | 37.5 | $580,986 | $48,474 |
| Jeffrey Scott | Vice President Claims Officer | 37.5 | $294,305 | $38,672 |
| Linda Angelone | Senior Vice President HR and Compliance Officer | 37.5 | $257,947 | $27,979 |
| Dimitar Kotzev | Vice President IT Officer | 37.5 | $202,021 | $55,283 |
| Andrea Rossi | Vice President Operations Officer | 37.5 | $152,981 | $43,531 |
| Ramzi Ballout | Senior Applications Architect Highest-paid employee | 37.5 | $169,418 | $8,096 |
| Sergey Dmitriev | Lead Applications Developer Highest-paid employee | 37.5 | $147,194 | $22,474 |
| Heather Holland | Treasurer and VP Accounting and Finance Officer | 30 | $123,034 | $46,045 |
| Keith Legget | Claims Manager Highest-paid employee | 37.5 | $130,748 | $35,457 |
| Marjorie Corbet | Claims Manager Highest-paid employee | 37.5 | $144,381 | $21,196 |
| Craig Cote | Senior Systems Administrator Highest-paid employee | 37.5 | $138,807 | $10,729 |
| Joseph Torti III | Director Trustee or director | 1 | $0 | $0 |
| Theresa Lewis | Director Trustee or director | 1 | $0 | $0 |
| Donald Baldini | Director Trustee or director | 1 | $0 | $0 |
| Harris E Berenson | Director Trustee or director | 1 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| William Cahill | Director Trustee or director | 1 | $0 |
| Earl Cottam | Director Trustee or director | 1 | $0 |
| Lincoln Merrill Jr | Director Trustee or director | 1 | $0 |
| L Noel Patterson Jr | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Barbara Law | President & CEO Officer | 37.5 | $474,809 | $48,519 |
| Linda Angelone | Senior Vice President HR and Compliance Officer | 37.5 | $243,392 | $28,761 |
| Jeffrey Scott | Vice President Claims Officer | 37.5 | $247,394 | $21,760 |
| Dimitar Kotzev | Vice President IT Officer | 37.5 | $204,096 | $52,354 |
| Andrea Rossi | Vice President Operations Officer | 37.5 | $146,557 | $42,099 |
| Heather Holland | Treasurer and VP Accounting and Finance Officer | 30 | $122,591 | $42,577 |
| Ramzi Ballout | Senior Applications Architect Highest-paid employee | 37.5 | $154,633 | $7,534 |
| Keith Legget | Claims Manager Highest-paid employee | 37.5 | $123,894 | $35,360 |
| Marjorie Corbet | Claims Manager Highest-paid employee | 37.5 | $137,663 | $20,612 |
| Sergey Dmitriev | Lead Applications Developer Highest-paid employee | 37.5 | $148,632 | $7,484 |
| Craig Cote | Senior Systems Administrator Highest-paid employee | 37.5 | $132,241 | $10,919 |
| Joseph Torti III | Director Trustee or director | 1 | $0 | $0 |
| Theresa Lewis | Director Trustee or director | 1 | $0 | $0 |
| Donald Baldini | Director Trustee or director | 1 | $0 | $0 |
| Harris E Berenson | Director Trustee or director | 1 | $0 | $0 |
| William Cahill | Director Trustee or director | 1 | $0 | $0 |
| Earl Cottam | Director Trustee or director | 1 | $0 | $0 |
| Lincoln Merrill Jr | Director Trustee or director | 1 | $0 | $0 |
| L Noel Patterson Jr | Director Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1 BOWDOIN SQ, BOSTON, MA 02114-2927
- In care of
- % LINDA ANGELONE
- Principal officer (990 for 2024)
- Barbara Law, One Bowdoin Square, 2nd Floor, Boston, MA 02114
- Signed the 990
- Barbara Law, President and CEO
- Phone
- (617) 227-7020
- Website
- www.gfms.org
Mission
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.
Program accomplishments
- 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.Expenses $8,488,351 · revenue $7,535,338
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 04-2712442
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $8,107,923
- Income (IRS master file)
- $7,650,376
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $7,535,338 | $8,488,351 | $8,107,923 | IRS |
| 990 | December 2023 | $7,619,305 | $6,760,174 | $6,405,507 | XML |
| 990 | December 2022 | $6,776,547 | $4,636,330 | $6,773,417 | IRS |
| 990 | December 2021 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-2712442).
Questions about GUARANTY FUND MANAGEMENT SERVICES INC
- What is the EIN of GUARANTY FUND MANAGEMENT SERVICES INC?
- The employer identification number (EIN) of GUARANTY FUND MANAGEMENT SERVICES INC is 04-2712442.
- Is GUARANTY FUND MANAGEMENT SERVICES INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6).
- Which annual return does GUARANTY FUND MANAGEMENT SERVICES INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of GUARANTY FUND MANAGEMENT SERVICES INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did GUARANTY FUND MANAGEMENT SERVICES INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of GUARANTY FUND MANAGEMENT SERVICES INC?
- The 990 for the year ended December 31, 2024 names Barbara Law.
- Who are the officers and directors of GUARANTY FUND MANAGEMENT SERVICES INC?
- The 990 for the year ended December 31, 2024 lists 19 people; 11 received compensation from the organization, the highest $580,986 (Barbara Law, President & CEO).
- How much revenue does GUARANTY FUND MANAGEMENT SERVICES INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $7,535,338, expenses of $8,488,351 and total assets of $8,107,923 at year end.
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