Nonprofit · EIN 23-7304306
MASSACHUSETTS INSURERS INSOLVENCY FUND
Tax-exempt · BOSTON, MA 02114
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $7,985,327 | $11,880,515 | -$3,895,188 | $199,525,037 | $0 | $199,525,037 |
| December 31, 2023 | 990 | $4,088,951 | $11,262,672 | -$7,173,721 | $203,420,225 | $0 | $203,420,225 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $1,305,418
- Investment income
- $6,679,909
- Net gain from sales of assets
- -$1,106,522
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $8,341,319
- Compensation of officers, directors and key employees
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $87,667
- Accounting fees
- $58,359
- Travel
- $5,295
Balance sheet and other
- Total assets, start of year
- $203,420,225
- Total assets, end of year
- $199,525,037
- Total liabilities, end of year
- $0
- Net assets, end of year
- $199,525,037
- Publicly traded securities
- $193,521,788
- Gross receipts
- $146,637,708
- Employees
- 0
- Volunteers
- 0
- Year formed
- 1973
- State of legal domicile
- MA
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 |
|---|---|---|---|
| Donald Baldini Chair | representing Liberty Mutual Insurance Co. Trustee or director | 1 | $0 |
| Chris Whitford Vice Chair | representing Safety Insurance Company Trustee or director | 1 | $0 |
| Harris E Berenson Board Member | representing The Hanover Insurance Group Trustee or director | 1 | $0 |
| Eileen Fongemie Board Member | representing MEMIC Indemnity Company Trustee or director | 1 | $0 |
| Samantha Freedman Board Member | representing Government Employees Ins Co Trustee or director | 1 | $0 |
| Chris Hall Board Member | representing Arbella Mutual Insurance Company Trustee or director | 1 | $0 |
| Adam Robitaille Board Member | representing Farmers Prop. & Cas. Ins. Co. Trustee or director | 1 | $0 |
| Kevin Walsh Board Member | representing The Travelers Indemnity Co. Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 8 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Donald Baldini Chair | representing Liberty Mutual Insurance Co. Trustee or director | 1 | $0 |
| Chris Whitford Vice Chair | representing Safety Insurance Company Trustee or director | 1 | $0 |
| Harris E Berenson Board Member | representing The Hanover Insurance Group Trustee or director | 1 | $0 |
| Eileen Fongemie Board Member | representing MEMIC Indemnity Company Trustee or director | 1 | $0 |
| Samantha Freedman Board Member | representing Government Employees Ins Co Trustee or director | 1 | $0 |
| Chris Hall Board Member | representing Arbella Mutual Insurance Company Trustee or director | 1 | $0 |
| Adam Robitaille Board Member | representing Farmers Prop. & Cas. Ins. Co. Trustee or director | 1 | $0 |
| Kevin Walsh Board Member | representing The Travelers Indemnity Co. Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- ONE BOWDOIN SQUARE SECOND FLOOR, BOSTON, MA 02114-2927
- In care of
- % GUARANTY FUND MANAGEMENT SERVICES
- Principal officer (990 for 2024)
- Barbara Petersen Law, One Bowdoin Square, Second Floor, Boston, MA 021142916
- Signed the 990
- Heather Holland, Treasurer
- Phone
- (617) 227-7020
- Website
- www.gfms.org
Mission
During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Massachusetts state statute, Chapter 1 75 D, G. L. Mass., enacted as Chapter 261, Laws 1970.
Program accomplishments
- During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Massachusetts state statute, Chapter 1 75 D, G. L. Mass., enacted as Chapter 261, Laws 1970.Expenses $8,341,319
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
- 23-7304306
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1974
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $199,525,037
- Income (IRS master file)
- $146,637,708
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $7,985,327 | $11,880,515 | $199,525,037 | XML |
| 990 | December 2023 | $4,088,951 | $11,262,672 | $203,420,225 | XML |
| 990 | December 2022 | $903,993 | $10,977,963 | $210,593,946 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | 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 23-7304306).
Questions about MASSACHUSETTS INSURERS INSOLVENCY FUND
- What is the EIN of MASSACHUSETTS INSURERS INSOLVENCY FUND?
- The employer identification number (EIN) of MASSACHUSETTS INSURERS INSOLVENCY FUND is 23-7304306.
- Is MASSACHUSETTS INSURERS INSOLVENCY FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1974.
- Are donations to MASSACHUSETTS INSURERS INSOLVENCY FUND tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MASSACHUSETTS INSURERS INSOLVENCY FUND 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 MASSACHUSETTS INSURERS INSOLVENCY FUND 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 MASSACHUSETTS INSURERS INSOLVENCY FUND 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 MASSACHUSETTS INSURERS INSOLVENCY FUND?
- The 990 for the year ended December 31, 2024 names Barbara Petersen Law.
- Who are the officers and directors of MASSACHUSETTS INSURERS INSOLVENCY FUND?
- The 990 for the year ended December 31, 2024 lists 8 people; 0 received compensation from the organization.
- How much revenue does MASSACHUSETTS INSURERS INSOLVENCY FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $7,985,327, expenses of $11,880,515 and total assets of $199,525,037 at year end.
Other nonprofits in BOSTON
- FIDELITY INVESTMENTS CHARITABLE GIFT FUND EIN 11-0303001 · last filed 990 for 2025
- DANA-FARBER CANCER INSTITUTE EIN 04-2263040 · last filed 990 for 2025
- CHILDRENS HOSPITAL CORPORATION EIN 04-2774441 · last filed 990 for 2025
- TRUSTEES OF BOSTON UNIVERSITY EIN 04-2103547 · last filed 990 for 2025
- NORTHEASTERN UNIVERSITY EIN 04-1679980 · last filed 990 for 2025
- BOSTON MEDICAL CENTER CORPORATION EIN 04-3314093 · last filed 990 for 2025
- COMMONWEALTH CARE ALLIANCE INC EIN 04-3756900 · last filed 990 for 2024
- HARVARD MANAGEMENT PRIVATE EQUITY CORPORATION EIN 04-3070522 · last filed 990 for 2025