Overview
What is Massachusetts Banker Association Group Insurance Trust?
The Massachusetts Banker Association Group Insurance Trust is a nonprofit organization situated in Boston, Massachusetts. Its primary mission is to offer a range of insurance policies to employees of member banks at more affordable rates than what could be obtained individually by each bank. The trust operates with the goal of providing cost-effective insurance coverage to its member banks' staff, thereby benefiting both the banks and their employees.
Is Massachusetts Banker Association Group Insurance Trust legitimate?
Massachusetts Banker Association Group Insurance Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Massachusetts Banker Association Group Insurance Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Massachusetts Banker Association Group Insurance Trust?
The Massachusetts Banker Association Group Insurance Trust operates with the objective of providing various types of insurance to the employees of member banks at costs lower than what can be obtained on an individual bank basis. This organization aims to leverage its collective purchasing power to offer affordable insurance solutions to its member banks' workforce. The trust's mission is to serve as a cost-effective insurance provider, thereby benefiting both the banks and their employees. By pooling resources, the trust is able to negotiate better insurance rates, ultimately providing valuable coverage at reduced costs.
Who is the CEO of Massachusetts Banker Association Group Insurance Trust?
William Tsoules is the Trustee of Massachusetts Banker Association Group Insurance Trust.
What is the revenue of Massachusetts Banker Association Group Insurance Trust?
Massachusetts Banker Association Group Insurance Trust's revenue in 2022 was $176,489.
Who are the executives of Massachusetts Banker Association Group Insurance Trust and what are their salaries?
There 13 volunteers at Massachusetts Banker Association Group Insurance Trust.
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Where can I find the form 990 for Massachusetts Banker Association Group Insurance Trust?
Massachusetts Banker Association Group Insurance Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Massachusetts Banker Association Group Insurance Trust
The Massachusetts Banker Association Group Insurance Trust operates with a mission to offer various types of insurance to employees of member banks at costs lower than what could be obtained individually by each bank. By pooling resources, this trust provides a cost-effective solution for insurance coverage, benefiting both the banks and their employees. The trust's primary goal is to leverage its group buying power to offer affordable insurance options, thereby providing financial security to the employees of its member banks.
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Impact
October, 2024
Massachusetts Banker Association Group Insurance Trust significantly impacts its member banks by providing a range of insurance options for their employees at more affordable rates than those typically available on an individual basis. By pooling resources, the Trust allows banks to offer competitive benefits, thereby enhancing employee satisfaction and retention. This collective approach not only reduces costs for member banks but also streamlines the process of securing insurance, enabling banks to focus more on their core operations and service delivery. Overall, the Trust strengthens the financial well-being of its members and their workforce, fostering a more stable and supportive banking environment in Massachusetts.
This information is meant to be a general summary of Massachusetts Banker Association Group Insurance Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,632
- Program Service Revenue: $172,857
- Gross Receipts: $176,489
Assets and Liabilities:
- Total Assets: $5,036,501
- Total Liabilities: $22,917
- Net Assets: $5,013,584
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RISK SHARING ARRANGEME
Revenue
$105,464
OMANDA INCOME
Revenue
$32,881
PREMIUM INCOME
Revenue
$22,762
PERFORMANCE GUARANTEE
Revenue
$11,750
Organization Details
Founding Year
1953
Phone
(617) 523-7595Principal Officer
William Tsoules
Main Address
ONE WASHINGTON MALL 8TH FLOOR, BOSTON, MA, 021082603
NTEE Category
Code: Y40 - Mutual benefit
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