Overview
What is Guaranty Fund Management Services Inc?
Guaranty Fund Management Services Inc, located in Boston, Massachusetts, serves as a nonprofit organization. Their primary mission involves offering management and supervisory services to assist member associations in fulfilling their statutory responsibilities related to handling claims against insolvent property and casualty insurers. Covered by insolvency statutes in seven states and the District of Columbia, they help ensure that claims are resolved promptly and efficiently. With a dedicated workforce of 36 employees, Guaranty Fund Management Services Inc plays a crucial role in supporting the discharge of these responsibilities.
Official website here: www.gfms.org
Is Guaranty Fund Management Services Inc legitimate?
Guaranty Fund Management Services Inc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Guaranty Fund Management Services Inc 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,333,038
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,319,630
For more financial information, click here
Official website here: www.gfms.org
What is the mission statement of Guaranty Fund Management Services Inc?
Guaranty Fund Management Services Inc's mission is to offer management and supervisory assistance to insolvent or liquidated insurance companies, as mandated by insolvency laws in seven states and the District of Columbia. The organization provides these services to its member associations, helping them effectively manage and settle claims against these insurers in a timely and efficient manner, fulfilling their statutory obligations. In essence, Guaranty Fund Management Services Inc plays a crucial role in safeguarding policyholders' interests and ensuring the orderly resolution of insurance-related issues involving insolvent companies.
Official website here: www.gfms.org
Who is the CEO of Guaranty Fund Management Services Inc?
Barbara Law is the President & Ceo of Guaranty Fund Management Services Inc. The CEO's salary of Guaranty Fund Management Services Inc is $453,251 and their total compensation is $498,168.
Official website here: www.gfms.org
What is the revenue of Guaranty Fund Management Services Inc?
Guaranty Fund Management Services Inc's revenue in 2022 was $6,776,547.
Official website here: www.gfms.org
Who are the executives of Guaranty Fund Management Services Inc and what are their salaries?
The average compensation at Guaranty Fund Management Services Inc during 2022 was $101,463. There are 36 employees at Guaranty Fund Management Services Inc.
Here are 19 key members and their salaries (Guaranty Fund Management Services Inc's CEO's salary is $453,251 and their total compensation is $498,168):
- Compensation: $453,251
- Related: $0
- Other: $44,917
- Compensation: $219,219
- Related: $0
- Other: $24,372
- Compensation: $187,359
- Related: $0
- Other: $50,318
- Compensation: $206,858
- Related: $0
- Other: $10,455
- Compensation: $131,998
- Related: $0
- Other: $40,796
- Compensation: $117,993
- Related: $0
- Other: $40,446
- Compensation: $146,385
- Related: $0
- Other: $7,020
- Compensation: $118,731
- Related: $0
- Other: $33,545
- Compensation: $144,799
- Related: $0
- Other: $7,020
- Compensation: $129,376
- Related: $0
- Other: $19,842
- Compensation: $125,930
- Related: $0
- Other: $9,812
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.gfms.org
Where can I find the form 990 for Guaranty Fund Management Services Inc?
Guaranty Fund Management Services Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gfms.org
Learn more at the official website: www.gfms.org
Mission Statement of Guaranty Fund Management Services Inc
Guaranty Fund Management Services Inc, as outlined in its mission statement, is dedicated to providing management and supervisory services in relation to insolvent and/or liquidated insurers. This task falls under the purview of insolvency statutes in seven states and the District of Columbia. The organization's role is to assist member associations in fulfilling their statutory obligations to manage and settle claims efficiently against these insolvent property and casualty insurers. By offering these services, Guaranty Fund Management Services Inc plays a crucial role in ensuring that covered claims are handled promptly and effectively, providing a measure of stability and resolution in complex insurance situations.
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Impact
October, 2024
Guaranty Fund Management Services Inc plays a crucial role in the insurance industry by offering management and supervisory services for insolvent and liquidated insurers across seven states and the District of Columbia. Their primary impact lies in their ability to assist member associations in managing claims efficiently and promptly, ensuring that policyholders receive the benefits they are entitled to even in the wake of insurer insolvencies.
By providing essential oversight and administrative support during the claims process, Guaranty Fund Management Services helps maintain the stability of the insurance market and protects the interests of consumers. Their work not only alleviates the financial burden on affected policyholders but also fosters trust in the insurance system by demonstrating a commitment to accountability and responsiveness in challenging circumstances.
Overall, the impact of Guaranty Fund Management Services extends beyond immediate claims handling; it contributes to the overall health of the insurance ecosystem by ensuring that obligations to consumers are met, even in testing times.
This information is meant to be a general summary of Guaranty Fund Management Services Inc. 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: -$16,716
- Program Service Revenue: $6,793,263
- Gross Receipts: $6,779,722
Assets and Liabilities:
- Total Assets: $6,773,417
- Total Liabilities: $10,474,054
- Net Assets: -$3,700,637
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Management Services
Revenue
$6,793,263
Organization Details
Founding Year
1980
Phone
(617) 227-7020Principal Officer
Barbara Law
Main Address
One Bowdoin Square, Boston, MA, 02114
Website
www.gfms.orgNTEE Category
Code: Y20 - Mutual benefit
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