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Nonprofit · EIN 45-4331075

MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION

Tax-exempt · PORTLAND, ME 04101

Financials

$94.9M$122.9M2023$79.8M$61.1M2024
Revenue Expenses · by fiscal year end
Financials of MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$79,759,393$61,102,268$18,657,125$86,951,138$33,434,953$53,516,185
December 31, 2023990$94,901,712$122,907,117-$28,005,405$98,613,951$61,994,173$36,619,778
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$45,726,151
of which government grants
$45,726,151
Program service revenue
$29,141,368
Investment income
$4,891,874
Net gain from sales of assets
$1,584,100
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Legal fees
$135,700
Accounting fees
$45,675
Travel
$1,703
Program services (functional)
$60,283,091
Management and general (functional)
$819,177

Balance sheet and other

Total assets, start of year
$98,613,951
Total assets, end of year
$86,951,138
Total liabilities, end of year
$33,434,953
Net assets, end of year
$53,516,185
Publicly traded securities
$73,501,412
Net assets without donor restrictions
$53,516,185
Gross receipts
$176,496,044
Employees
0
Volunteers
13
Year formed
2012
State of legal domicile
ME

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.

NameTitleHours / weekCompensation
Jolan F IppolitoChair
Trustee or director, Officer
2$0
Ben JohnstonTreasurer (from 04/2024)
Trustee or director, Officer
2$0
David ReaganTreasurer (left 04/2024)
Trustee or director, Officer
2$0
Dr David HowesDirector
Trustee or director
2$0
Bruce NicholsonDirector
Trustee or director
2$0
Kevin LewisDirector
Trustee or director
2$0
James LyonDirector
Trustee or director
2$0
Ellen SchneiterDirector
Trustee or director
2$0
Terry BrannDirector
Trustee or director
2$0
Eric JermynDirector
Trustee or director
2$0
Scott CremensDirector
Trustee or director
2$0
Kate SkouterisDirector (from 10/2024)
Trustee or director
2$0
Dan DemerittDirector
Trustee or director
2$0
Christopher HowardSecretary/Clerk
Officer
2$0
990 for the year ended December 31, 2023: 13 people
NameTitleHours / weekCompensation
Jolan F IppolitoChair
Trustee or director, Officer
2$0
David ReaganTreasurer (From 09/2023)
Trustee or director, Officer
2$0
Bill WhitmoreTreasurer (Left 09/2023)
Trustee or director, Officer
2$0
Christopher HowardSecretary/Clerk
Officer
2$0
Dr David HowesDirector
Trustee or director
2$0
Katherine PelletreauDirector
Trustee or director
2$0
Bruce NicholsonDirector
Trustee or director
2$0
Kevin LewisDirector
Trustee or director
2$0
James LyonDirector
Trustee or director
2$0
Ben JohnstonDirector
Trustee or director
2$0
Ellen SchneiterDirector
Trustee or director
2$0
Terry BrannDirector
Trustee or director
2$0
Eric JermynDirector
Trustee or director
2$0

Address and contacts

Address (IRS master file)
254 COMMERCIAL STREET, PORTLAND, ME 04101-4664
In care of
% CHRISTOPHER E HOWARD
Principal officer (990 for 2024)
Jolan Ippolito, 254 Commercial Street, Portland, ME 04101
Signed the 990
Jolan Ippolito, Chair
Phone
(207) 791-1335
Return prepared by
Eide Bailly LLP

Mission

To operate the reinsurance program described in the Enabling Act in such manner as to maximize the impact of the Association in lowering the cost of health insurance in Maine's individual market; and to do so without jeopardizing the solvency of the Association.

990 for the year ended December 31, 2024

Program accomplishments

  • The Association was created for the purpose of providing a reinsurance program for the higher risk segment of Maine's individual health insurance market in order to reduce insurance costs in that market and assure availability of affordable health insurance to residents of the State of Maine by providing reinsurance of a significant portion of the coverage provided through individual health insurance policies offered by its Member Insurers. In the normal course of business, the Member Insurers seek to limit their exposure to loss on any single insured and to recover a portion of losses paid by ceding reinsurance to the Association. In 2021 and 2022, the Association covered losses at 90% of claims paid at $65,000 of loss, and at 100% of claims paid in excess of $95,000 of loss, net of amounts (Continued on Sch O)(Continued from Page 2) recoverable from a federal highcost risk pool. In 2023, the Association covered 100% of claims paid in excess of $90,000 (up to $275,000). In 2024, the Association covered 75% of claims paid in excess of $135,000 (up to $275,000).The Association officially commenced operations on January 1, 2012. Premium collections and claims processing began on July 1, 2012. The Association suspended its operations effective January 1, 2014, and the final assessment was assessed in October of 2013. The Association reinitiated its reinsurance program effective January 1, 2019, in accordance with its Amended and Restated Plan of Operation dated January 1, 2019, approved by the Maine Bureau of Insurance in late December 2018. The Association amended its reinsurance program effective January 1, 2022, in accordance with its Amended and Restated Plan of Operation dated January 1, 2022, approved by the Maine Bureau of Insurance, to shift from a prospective to a retrospective model. Effective January 1, 2023, the Plan of Operations was amended and restated for the Association's program to be extended to a merged Individual Market and Small Group Market, referred to as the "Pooled Market". This extended the Association's coverage to small group health plans as well as individual health insurance plans. Effective January 1, 2024, the Plan of Operations was amended and restated for the Association to implement Maine's High-Priced Items and Services (HPIS) statutory regime on a pilot program basis, which requires MGARA to publish, based on carriers' reporting, a list of providers that receive insurance payments in excess of a statutory threshold for certain identified services. Reporting commences in 2025 for the 2024 year.
    Expenses $60,283,091 · revenue $29,141,368

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
45-4331075
Tax-exempt status
501(c)(4): Social welfare organization
Donations deductible
No
Exempt since
2015
Accounting year ends
December
Files
Form 990 or 990-EZ
Category (NTEE)
Health care (E800)
Assets (IRS master file)
$86,951,138
Income (IRS master file)
$176,496,044

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$79,759,393$61,102,268$86,951,138IRS
990December 2023$94,901,712$122,907,117$98,613,951XML
990December 2022$74,938,407$93,959,932$108,620,526IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––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 45-4331075).

Questions about MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION

What is the EIN of MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION?
The employer identification number (EIN) of MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION is 45-4331075.
Is MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 2015.
Are donations to MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION 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 MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION 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 MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION 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 MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION?
The 990 for the year ended December 31, 2024 names Jolan Ippolito.
Who are the officers and directors of MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION?
The 990 for the year ended December 31, 2024 lists 14 people; 0 received compensation from the organization.
How much revenue does MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $79,759,393, expenses of $61,102,268 and total assets of $86,951,138 at year end.

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