Overview

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Est.

1980

Fiscal Year Start

Jan 1

Organization Type

Grantseeker

AI Summary

GUARANTY FUND MANAGEMENT SERVICES INC is a nonprofit organization dedicated to providing management and claims supervisory services to member associations, facilitating the efficient handling of claims against insolvent property and casualty insurers. With an operating budget of $8.5 million and total revenue of $7.5 million for the 2024 filing year, the organization aims to support insurance guaranty funds in fulfilling their statutory responsibilities. More information can be found on their website at www.gfms.org.

Mission Statement

Provides management and claims supervisory services to its member associations to assist them in the discharge of their respective statutory responsibilities to handle promptly and efficiently covered claims against insolvent property and casualty insurers. The Corporation has been formed to establish and maintain a single efficient management and claims service organization for its member guaranty associations. The objectives of the Corporation include, but are not limited to: (1) Providing management and claims supervisory services to insurance guaranty funds or associations created by statute; (2) Assisting guaranty associations in the discharge of their statutory responsibility to handle promptly and efficiently covered claims against insolvent insurers; (3) Furnishing related or compatible services to insurers and insurer organizations; and (4) Doing any and all things appropriate to accomplish the foregoing purposes.
Revenues
$7.5M
Expenses
$8.5M
Net Income:
-$953K
Assets
$8.1M
Liabilities
$11.9M
Net Assets:
-$3.8M
Operating Budget
$8.5M
Operating Budget by Year

Due Diligence

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Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Not in Pub 78 list
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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B
Barbara Law
Board Member
T
Theresa Lewis
Board Member
D
Donald Baldini
Board Member

Frequently Asked Questions

What is GUARANTY FUND MANAGEMENT SERVICES INC’s budget?
In 2024, GUARANTY FUND MANAGEMENT SERVICES INC reported an annual operating budget of around $8.5 million. More detailed financial information is available to registered users.
Where does GUARANTY FUND MANAGEMENT SERVICES INC operate?
GUARANTY FUND MANAGEMENT SERVICES INC is headquartered in Boston, MA.