Overview
What is Montana Nonprofit Association Group Benefits Trust?
Montana Nonprofit Association Group Benefits Trust, often abbreviated as MNAGBT, is a specialized group benefits trust designed for Montana-based nonprofit organizations. Established with the intention of providing insurance benefits, the trust has been an essential resource for these organizations. Unfortunately, due to an unusual number of high-value claims, the trust's trustees decided to dissolve it as of May 1, 2020. The Montana Commissioner of Securities and Insurance deemed the trust to be financially unstable and placed it under their supervision in June 2020. Subsequently, a court order authorized the liquidation of the trust's assets, with the Montana State Auditor's office serving as the liquidator. Despite its current transition, MNAGBT's mission to provide group insurance benefits for Montana nonprofit organizations remains noteworthy.
Official website here: www.mnagbt.com
Is Montana Nonprofit Association Group Benefits Trust legitimate?
Montana Nonprofit Association Group Benefits Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Montana Nonprofit Association Group Benefits 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mnagbt.com
What is the mission statement of Montana Nonprofit Association Group Benefits Trust?
The Montana Nonprofit Association Group Benefits Trust, prior to its dissolution, provided group insurance benefits for various nonprofit organizations in Montana. Its mission was centered around offering these benefits, aiming to support the financial well-being of the nonprofit sector. However, due to an unusual number of high-cost claims, the trust was dissolved on May 1, 2020. After being deemed in a hazardous financial condition, the trust was placed under the supervision of the Commissioner of Securities and Insurance in June 2020. The Montana First Judicial District Court subsequently authorized the liquidation of the trust and appointed the Office of the Montana State Auditor as the liquidator. The assets of the trust were then liquidated to distribute funds to its members.
Official website here: www.mnagbt.com
Who is the CEO of Montana Nonprofit Association Group Benefits Trust?
Michael J Fitzgibbons is the Special Deputy Liquidator of Montana Nonprofit Association Group Benefits Trust.
Official website here: www.mnagbt.com
What is the revenue of Montana Nonprofit Association Group Benefits Trust?
Montana Nonprofit Association Group Benefits Trust's revenue in 2023 was $45,181.
Official website here: www.mnagbt.com
Who are the executives of Montana Nonprofit Association Group Benefits Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mnagbt.com
Where can I find the form 990 for Montana Nonprofit Association Group Benefits Trust?
Montana Nonprofit Association Group Benefits Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mnagbt.com
Learn more at the official website: www.mnagbt.com
Mission Statement of Montana Nonprofit Association Group Benefits Trust
Montana Nonprofit Association Group Benefits Trust, often referred to as MNAGBT, was established with a mission to provide group insurance benefits for Montana's nonprofit organizations. The trust aimed to offer a reliable and supportive insurance solution for these organizations, ensuring they could focus on their primary missions without worrying about extensive healthcare costs. However, due to an unusual number of exceptionally high-dollar claims, the trustees decided to dissolve the trust on May 1, 2020.
Unfortunately, the Commissioner of Securities and Insurance (CSI) deemed MNAGBT to be in hazardous financial condition. In response, the CSI ordered MNAGBT to be placed under its supervision in June 2020, citing Montana Code Ann. 33-2-1321. Subsequently, the Montana First Judicial District Court, Lewis and Clark County, issued an order in Civil Action No. BDV-2020-1853 on November 5, 2020, authorizing the liquidation of MNAGBT and directing the CSI, Office of the Montana State Auditor, to act as the liquidator. The court also appointed Michael J. Fitzgibbons as the special deputy liquidator under Case No. BDV-2020-1853 on November 10, 2020. These actions were taken to manage the trust's assets during the liquidation process.
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Impact
October, 2024
Montana Nonprofit Association Group Benefits Trust provided critical group insurance benefits to various organizations in Montana. However, its sustainability faced significant challenges due to an unusually high number of substantial claims, leading to financial instability. The Commissioner of Securities and Insurance deemed the trust to be in hazardous financial condition, prompting supervisory actions.
By May 1, 2020, the decision to dissolve the trust was made. The subsequent order from the Montana First Judicial District Court in November 2020 initiated the liquidation of the trust’s assets. Throughout its operational period, the trust aimed to support nonprofits in managing their insurance needs, but the eventual collapse highlighted the complexities and risks involved in maintaining a mutual benefits system amidst unforeseen financial pressures.
This information is meant to be a general summary of Montana Nonprofit Association Group Benefits 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 2023.
- Investment Income: $2,052
- Gross Receipts: $45,181
Assets and Liabilities:
- Total Assets: $343,286
- Total Liabilities: $436,894
- Net Assets: -$93,608
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Organization Details
Founding Year
2007
Phone
(480) 948-4351Principal Officer
Michael J Fitzgibbons
Main Address
8701 E VISTA BONITA DR 200, SCOTTSDALE, AZ, 85255
Website
www.mnagbt.comNTEE Category
Code: Y43 - Mutual benefit
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