GUARANTY ASSOCIATION BENEFITS COMPANY: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- GUARANTY ASSOCIATION BENEFITS COMPANY (EIN 45-3635388)
- Tax period
- 2021-01-01 to 2021-12-31
- Filed
- 2022-07-19
- IRS object ID
- 202212009349301111
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2022-07-19T12:24:41-05:00 | ReturnTs |
| Tax Period End | 2021-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 871353108 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EISNER ADVISORY GROUP LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 111 WOOD AVENUE SOUTH | AddressLine1Txt |
| City | ISELIN | CityNm |
| State Abbreviation | NJ | StateAbbreviationCd |
| ZIP | 088302700 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 453635388 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GUARANTY ASSOCIATION BENEFITS COMPANY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | GUAR | BusinessNameControlTxt |
| Phone | 2028021917 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | FAEGRE DRINKER 1500 K ST NW 1100 | AddressLine1Txt |
| City | WASHINGTON | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | LYNDA LOOMIS | PersonNm |
| Person Title | VICE PRES OPERATIONS | PersonTitleTxt |
| Phone | 2028021917 | PhoneNum |
| Signature | 2022-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | LYNDA | PersonFirstNm |
| Person Last | LOOMIS | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DOUGLAS TAPP | PreparerPersonNm |
| PTIN | P00200641 | PTIN |
| Phone | 7322437000 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | LYNDA LOOMIS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | FAEGRE DRINKER 1500 K ST NW 1100 | AddressLine1Txt |
| City | WASHINGTON | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $2,692,453,856 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.GABENEFITSCO.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2011 | FormationYr |
| Legal Domicile State | DC | LegalDomicileStateCd |
| Activity Or Mission | THE ORGANIZATION OPERATES TO PROTECT, IN ACCORDANCE WITH A COURT-APPROVED LIQUIDATION PLAN, INDIVIDUALS RELYING UPON ANNUITIES ISSUED BY INSOLVENT EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK, IN FURTHERANCE OF THE COMMON INTERESTS OF THE STATE GUARANTY ASSOCIATIONS AND THEIR MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $0 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $59,870,876 | PYInvestmentIncomeAmt |
| CY Investment Income | $52,395,571 | CYInvestmentIncomeAmt |
| PY Other Revenue | $929,979 | PYOtherRevenueAmt |
| CY Other Revenue | $1,851,951 | CYOtherRevenueAmt |
| PY Total Revenue | $60,800,855 | PYTotalRevenueAmt |
| CY Total Revenue | $54,247,522 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $406,522 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $436,254 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $46,267,218 | PYOtherExpensesAmt |
| CY Other Expenses | $44,686,085 | CYOtherExpensesAmt |
| PY Total Expenses | $46,673,740 | PYTotalExpensesAmt |
| CY Total Expenses | $45,122,339 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $14,127,115 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $9,125,183 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,654,485,818 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,687,230,547 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,533,460,123 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,557,392,017 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $121,025,695 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $129,838,530 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE ORGANIZATION OPERATES TO PROTECT, IN ACCORDANCE WITH A COURT-APPROVED LIQUIDATION PLAN, INDIVIDUALS RELYING UPON ANNUITIES ISSUED BY INSOLVENT EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK, IN FURTHERANCE OF THE COMMON INTERESTS OF THE STATE GUARANTY ASSOCIATIONS AND THEIR MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $82,317,204 | ExpenseAmt |
| Desc | THE ORGANIZATION OPERATES TO PROTECT, IN ACCORDANCE WITH A COURT-APPROVED LIQUIDATION PLAN, INDIVIDUALS RELYING UPON ANNUITIES ISSUED BY INSOLVENT EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK ("ELNY"), IN FURTHERANCE OF THE COMMON INTERESTS OF THE STATE GUARANTY ASSOCIATIONS AND THEIR MEMBERS. THE ORGANIZATION'S OBLIGATIONS COMMENCED ON AUGUST 8, 2013, WHEN THE ORDER OF LIQUIDATION AGAINST ELNY BECAME EFFECTIVE. THE ORGANIZATION MET ITS OBLIGATIONS IN 2021 BY PROVIDING ANNUITY BENEFIT PAYMENTS IN THE AMOUNTS SET FORTH ABOVE. | Desc |
| Total Program Service Expenses | $82,317,204 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | Yes (1) | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | Yes (1) | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 7 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LYNDA G LOOMIS | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2028021917 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | C/O FAEGRE 1500 K STREET NW STE | AddressLine1Txt |
| City | WASHINGTON | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (12 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| PETER G GALLANIS | ||||||
| DIRECTOR, PRESIDENT | 10.00 | Yes (X) | Yes (X) | $85,375 | $0 | $5,571 |
| THOMAS F ENGLISH | ||||||
| DIRECTOR-MEMBER ELECT. THRU 10/24/21 | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JOHN J FALKENBACH | ||||||
| DIRECTOR-MEMBER ELECT. THRU 10/24/21 | 12.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| JAMES F DONNELLAN | ||||||
| DIRECTOR-MEMBER ELECTED | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JOHN E DEITELBAUM | ||||||
| DIRECTOR-MEMBER ELECTED | 1.00 | Yes (X) | $0 | $0 | $0 | |
| G THOMAS SULLIVAN | ||||||
| DIRECTOR, SECRETARY ELECT. 10/27/21 | 10.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| GERMAINE L MARKS | ||||||
| DIRECTOR - MEMBER ELECTED | 1.00 | Yes (X) | $0 | $0 | $0 | |
| ERIK A ANDERSON | ||||||
| DIRECTOR - MEMBER ELECTED 10/25/21 | 1.00 | Yes (X) | $0 | $0 | $0 | |
| MAGARET SPERRY | ||||||
| DIRECTOR - MEMBER ELECTED 10/25/21 | 1.00 | Yes (X) | $0 | $0 | $0 | |
| LYNDA G LOOMIS | ||||||
| VICE PRESIDENT OPERATIONS | 23.00 | Yes (X) | $345,308 | $0 | $0 | |
| JOHN C COLPEAN | ||||||
| TREASURER THRU 12/31/21, CHAIRMAN | 10.00 | Yes (X) | $0 | $0 | $0 | |
| PAMELA E OLSEN | ||||||
| TREASURER APPOINTED 12/31/21 | 10.00 | Yes (X) | $0 | $0 | $0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $430,683 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $5,571 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 1 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | Yes (1) | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| LEGAL & GENERAL INVEST MGMT AMERICA INC | |||||
| 71 S WACKER STREET STE 800 | CHICAGO | IL | 60606 | INVESTMENT MGMT. | $1,856,315 |
| NISA INVESTMENT ADVISORS LLC | |||||
| 101 S HANLEY ROAD STE 1700 | ST LOUIS | MO | 63105 | INVESTMENT ADVISORS | $1,134,377 |
| FAEGRE DRINKER BIDDLE & REATH LLC | |||||
| 300 N MERIDIAN STREET STE 2500 | INDIANAPOLIS | IN | 46204 | LEGAL SERVICES | $576,863 |
| COMPUTER SCIENCES CORP | |||||
| PO BOX 8500-52283 | PHILADELPHIA | PA | 19178 | 3RD PTY. ADMIN. | $536,183 |
| LYNDA G LOOMIS | |||||
| C/O FAEGRE DRINKER 1500 K ST NW | WASHINGTON | DC | 20005 | VP OF OPERATIONS | $345,308 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $52,395,571 | TotalRevenueColumnAmt |
| Exclusion | $52,395,571 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,638,206,334 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,638,206,334 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $0 | SecuritiesAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 525990 | BusinessCd |
| Total Revenue Column | $1,851,951 | TotalRevenueColumnAmt |
| Exclusion | $1,851,951 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,851,951 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $54,247,522 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $54,247,522 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $436,254 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $245,436 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $576,863 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $363,210 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,267,467 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $529,125 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $65,540 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,741 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $225 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $173 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $437,334 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| ANNUITY BENEFITS PAYMEN | $82,317,204 |
| LICENSES AND PERMITS | $96,274 |
| DATA PROCESSING | $43,291 |
| INT & PEN ST WITHHOLDIN | $9,585 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | -$43,267,383 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $45,122,339 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,019,949 | BOYAmt |
| EOY | $18,539,752 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $362,240 | BOYAmt |
| EOY | $370,782 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $1,730 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $1,730 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $173 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,613,739,751 | BOYAmt |
| EOY | $1,648,323,178 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,363,705 | BOYAmt |
| EOY | $19,996,835 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,654,485,818 | BOYAmt |
| EOY | $1,687,230,547 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,703,984 | BOYAmt |
| EOY | $12,929,492 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,524,756,139 | BOYAmt |
| EOY | $1,544,462,525 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,533,460,123 | BOYAmt |
| EOY | $1,557,392,017 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $108,446,136 | BOYAmt |
| EOY | $108,446,136 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,579,559 | BOYAmt |
| EOY | $21,392,394 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $121,025,695 | BOYAmt |
| EOY | $129,838,530 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,654,485,818 | BOYAmt |
| EOY | $1,687,230,547 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $9,125,183 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$312,348 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Other | Yes (X) | MethodOfAccountingOtherInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,730 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,730 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| AGGREGATE LIFE RESERVE | $1,192,630,457 |
| INTEREST MAINTENANCE RESERVE | $351,832,068 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,544,462,525 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $50,980,055 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $50,980,055 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $3,267,467 | InvestmentExpensesNotIncldAmt |
| Revenue Not Reported Fincl Stmt | $3,267,467 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $54,247,522 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $41,854,872 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $41,854,872 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $3,267,467 | InvestmentExpensesNotIncld2Amt |
| Expenses Not Rpt Fincl Stmt | $3,267,467 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $45,122,339 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | GABC HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE (THE "IRS") AS A NON-PROFIT ORGANIZATION DESCRIBED UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, AND THEREFORE IS EXEMPT FROM FEDERAL INCOME TAXES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY GABC, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2021 AND 2020, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE SPECIAL-PURPOSE FINANCIAL STATEMENTS. GABC RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY AS AN OPERATING EXPENSE. THERE WAS NO INCOME TAX-RELATED INTEREST OR PENALTIES RECORDED FOR THE PERIODS ENDED DECEMBER 31, 2021 AND 2020. |
| SCHEDULE D, PART XI, LINE 4B | INVESTMENT MANAGEMENT FEES: $3,029,693 CUSTODY FEES-US BANK: $237,774 |
| SCHEDULE D, PART XII, LINE 4B | INVESTMENT MANAGEMENT FEES: $3,029,693 CUSTODY FEES-US BANK: $237,774 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LYNDA G LOOMIS | ||||||||||||||
| VICE PRESIDENT OPERATIONS | $345,308 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $345,308 | $0 | $0 | $0 |
| PETER G GALLANIS | ||||||||||||||
| DIRECTOR, PRESIDENT | $85,375 | $0 | $0 | $0 | $0 | $0 | $2,767 | $0 | $2,804 | $0 | $90,946 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II, LINE 1 | FormAndLineReferenceDesc |
| Explanation | THE ORGANIZATION'S PRESIDENT, WHICH IS ITS TOP MANAGEMENT OFFICIAL, IS NOT COMPENSATED DIRECTLY BY THE ORGANIZATION. THE ORGANIZATION'S PRESIDENT IS ALSO THE PRESIDENT OF THE NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS ("NOLHGA") WHICH IS AN UNRELATED ENTITY. THE ORGANIZATION HAS ENTERED INTO AN AGREEMENT WITH NOLHGA FOR VARIOUS SERVICES TO BE PROVIDED TO THE ORGANIZATION BY NOLHGA (E.G., PROVIDING IMPORTANT IT SERVICES TO THE ORGANIZATION AND OVERSIGHT AND TRACKING OF THE ORGANIZATION'S ADMINISTRATIVE COSTS AND EXPENSES, ETC.). THE SERVICES PROVIDED TO THE ORGANZIZATION UNDER THE AGREEMENT ALSO INCLUDE ADVICE AND LEADERSHIP BY NOLHGA'S PRESIDENT, WHO ALSO SERVES AS PRESIDENT OF THE ORGANIZATION. AN APPROPRIATE PORTION OF THE TIME SPENT ON THE ORGANIZATION'S BEHALF BY NOLHGA'S PRESIDENT IS CHARGED TO THE ORGANIZATION. THUS, THE ORGANIZATION'S PRESIDENT RECEIVES NO ADDITIONAL COMPENSATION FOR SERVING AS THE ORGANIZATION'S PRESIDENT, BUT THE ORGANIZATION REIMBURSES NOLHGA FOR THE PORTION OF TIME NOLHGA'S PRESIDENT DEVOTES TO THE ORGANIZATION. THE TERMS OF THE AGREEMENT WERE NEGOTIATED ON BEHALF OF THE ORGANIZATION BY ITS OUTSIDE COUNSEL, WITH OVERSIGHT BY THE CHAIRMAN OF THE BOARD. ONCE FINAL, THE AGREEMENT WAS PRESENTED TO AND APPROVED BY THE ORGANIZATION'S BOARD. | ExplanationTxt |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (2 entries)
| Relationship DescriptionRelationshipDescriptionTxt | TransactionTransactionAmt | TransactionTransactionDesc | Sharing Of RevenuesSharingOfRevenuesInd |
|---|---|---|---|
| LYNDA G LOOMIS | |||
| VICE PRESIDENT OPERATIONS | $345,308 | SEE SUPPLEMENTAL INFORMATION | 0 |
| PETER G GALLANIS | |||
| DIRECTOR, PRESIDENT | $90,946 | SEE SUPPLEMENTAL INFORMATION | 0 |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE L, PART IV, LINE 1D | THE VICE PRESIDENT OPERATIONS IS A NON-EMPLOYEE OFFICER THAT IS COMPENSATED UNDER A SERVICE CONTRACT. THE ORGANIZATION'S PRESIDENT AND CHAIRMAN OVERSAW THE NEGOTIATION OF THE SERVICE CONTRACT ON BEHALF OF THE ORGANIZATION. BOTH THE PRESIDENT AND THE CHAIRMAN ARE FAMILIAR WITH THE SERVICES THE VICE PRESIDENT OF OPERATIONS IS OBLIGATED TO PROVIDE UNDER THE SERVICE CONTRACT AND THE COST OF SIMILAR SERVICES PROVIDED TO STATE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS, WHICH ARE SIMILAR TO THE ORGANIZATION. |
| SCHEDULE L, PART IV, LINE 2D | THE ORGANIZATION'S PRESIDENT, WHICH IS ITS TOP MANAGEMENT OFFICIAL, IS NOT COMPENSATED DIRECTLY BY THE ORGANIZATION. THE ORGANIZATION'S PRESIDENT IS ALSO THE PRESIDENT OF THE NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS ("NOLHGA"). THE ORGANIZATION HAS ENTERED INTO AN AGREEMENT WITH NOLHGA FOR VARIOUS SERVICES TO BE PROVIDED TO THE ORGANIZATION BY NOLHGA (E.G., PROVIDING IMPORTANT IT SERVICES TO THE ORGANIZATION AND OVERSIGHT AND TRACKING OF THE ORGANIZATION'S ADMINISTRATIVE COSTS AND EXPENSES, ETC.). THE SERVICES PROVIDED TO THE ORGANIZATION UNDER THE AGREEMENT ALSO INCLUDE ADVICE AND LEADERSHIP BY NOLHGA'S PRESIDENT, WHO ALSO SERVES AS PRESIDENT OF THE ORGANIZATION. AN APPROPRIATE PORTION OF THE TIME SPENT ON THE ORGANIZATION'S BEHALF BY NOLHGA'S PRESIDENT IS CHARGED TO THE ORGANIZATION. THUS, THE ORGANIZATION'S PRESIDENT RECEIVES NO ADDITIONAL COMPENSATION FOR SERVING AS THE ORGANIZATION'S PRESIDENT, BUT THE ORGANIZATION REIMBURSES NOLHGA FOR THE PORTION OF TIME NOLHGA'S PRESIDENT DEVOTES TO THE ORGANIZATION. THE TERMS OF THE AGREEMENT WERE NEGOTIATED ON BEHALF OF THE ORGANIZATION BY ITS OUTSIDE COUNSEL, WITH OVERSIGHT BY THE CHAIRMAN OF THE BOARD. ONCE FINAL, THE AGREEMENT WAS PRESENTED TO AND APPROVED BY THE ORGANIZATION'S BOARD. |
| SCHEDULE L, PART IV, LINE 2D | THE ORGANIZATION OPERATES TO PROTECT, IN ACCORDANCE WITH A COURT-APPROVED LIQUIDATION PLAN, INDIVIDUALS RELYING UPON ANNUITIES ISSUED BY INSOLVENT EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK ("ELNY"), IN FURTHERANCE OF THE COMMON INTERESTS OF THE STATE GUARANTY ASSOCIATIONS AND THEIR MEMBERS. IN THAT CAPACITY, THE ORGANIZATION IS A PARTY TO VARIOUS AGREEMENTS, INCLUDING AN "AGREEMENT OF RESTRUCTURING" TO WHICH NOLHGA IS A PARTY, AND PETER GALLANIS (THE ORGANIZATION'S PRESIDENT AND A DIRECTOR) IS THE PRESIDENT OF NOLHGA. THE ORGANIZATION IS ALSO A PARTY TO TWO OTHER RELATED AGREEMENTS WITH 39 LIFE INSURANCE COMPANIES, INCLUDING MASS MUTUAL (DIRECTOR JOHN DEITELBAUM IS AN OFFICER), METLIFE (DIRECTOR JAMES DONNELLAN IS AN OFFICER), NEW YORK LIFE (DIRECTOR ERIK ANDERSON IS AN OFFICER) AND PRUDENTIAL (DIRECTOR GERMAINE MARKS IS AN OFFICER). ALL OF THE TRANSACTIONS RELATED TO THE ELNY LIQUIDATION, INCLUDING ALL OF THE FOREGOING, CLOSED AS OF AUGUST 8, 2013, WHEN THE LIQUIDATION ORDER AGAINST ELNY BECAME EFFECTIVE AND THE ORGANIZATION COMMENCED ITS OPERATIONS. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION IS A NON-STOCK, NON-PROFIT MEMBERSHIP ORGANIZATION ORGANIZED UNDER THE DISTRICT OF COLUMBIA NONPROFIT CORPORATION ACT OF 2010. MEMBERSHIP IS RESTRICTED TO THE STATE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS THAT PARTICIPATED IN THE COURT-APPROVED LIQUIDATION PLAN FOR EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ORGANIZATION'S MEMBERS ELECT FOUR (4) OF THE ORGANIZATION'S SEVEN (7) BOARD MEMBERS, BUT EACH PERSON ELIGIBLE FOR ELECTION TO THE BOARD BY THE MEMBERS MUST SATISFY THE REQUIREMENTS IN THE ORGANIZATION'S BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE ORGANIZATION'S MEMBERS RETAIN THE RIGHTS TO APPROVE ALL AMENDMENTS TO THE ORGANIZATION'S ARTICLES OF INCORPORATION AND TO AMEND THE ORGANIZATION'S BYLAWS. IN ADDITION, THE ORGANIZATION'S MEMBERS RETAIN THE RIGHTS PROVIDED UNDER THE DISTRICT OF COLUMBIA NONPROFIT CORPORATION ACT OF 2010 TO APPROVE CERTAIN EXTRAORDINARY ACTIONS BY THE ORGANIZATION (E.G. CERTAIN DISPOSITION OF ASSETS, DISSOLUTION OR MERGER OF THE ORGANIZATION). |
| FORM 990, PART VI, SECTION B, LINE 11B | THE ORGANIZATION'S MANAGEMENT WORKED WITH THE ORGANIZATION'S INDEPENDENT AUDIT FIRM TO COMPLETE THE 990. THE ORGANIZATION'S CHAIRMAN CAUSED THE 990 TO BE CIRCULATED ELECTRONICALLY TO ALL BOARD MEMBERS AFTER IT WAS COMPLETED FOR THEIR REVIEW AND COMMENTS. THE TRANSMITTAL ASKED EACH BOARD MEMBER TO NOTIFY THE CHAIRMAN OF ANY QUESTIONS, COMMENTS OR OBSERVATIONS ABOUT THE 990 WITHIN FIVE (5) DAYS, AND ADVISED THE BOARD MEMBERS THAT THE CHAIRMAN WOULD CALL A MEETING OF THE BOARD IF TWO OR MORE BOARD MEMBERS SO REQUESTED. ANY COMMENTS RECEIVED FROM ANY BOARD MEMBER WERE CONSIDERED PRIOR TO FINALIZING THE 990. ANY ADJUSTMENTS DETERMINED BY THE CHAIRMAN AND THE ORGANIZATION'S MANAGEMENT TO BE WARRANTED WERE MADE TO THE FORM 990 BEFORE IT WAS FINALIZED AND FILED WITH THE INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH YEAR THE ORGANIZATION'S OUTSIDE COUNSEL PREPARES A "CERTIFICATE OF COMPLIANCE AND CONFLICT OF INTEREST STATEMENT" THAT IS PRESENTED TO EACH DIRECTOR, OFFICER AND KEY PERSONNEL FOR EXECUTION. OUTSIDE COUNSEL EXPLAINS THE REASON FOR THE STATEMENT. OUTSIDE COUNSEL REVIEWS THE STATEMENTS AND EVALUATES ANY ITEMS THAT MAY BE LISTED BY THE INDIVIDUALS TO DETERMINE IF A CONFLICT MIGHT EXIST AND WOULD ADVISE DISINTERESTED OFFICERS OF THE ORGANIZATION IF ANY ACTIONS WOULD BE ADVISABLE. EACH "CERTIFICATE OF COMPLIANCE AND CONFLICT OF INTEREST STATEMENT" ARE MADE PART OF THE ORGANIZATION'S OFFICIAL MINUTE BOOK. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE ORGANIZATION'S PRESIDENT, WHICH IS ITS TOP MANAGEMENT OFFICIAL, IS NOT COMPENSATED DIRECTLY BY THE ORGANIZATION. THE ORGANIZATION'S PRESIDENT IS ALSO THE PRESIDENT OF THE NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS ("NOLHGA"). THE ORGANIZATION HAS ENTERED INTO AN AGREEMENT WITH NOLHGA FOR VARIOUS SERVICES TO BE PROVIDED TO THE ORGANIZATION BY NOLHGA (E.G., PROVIDING IMPORTANT IT SERVICES TO THE ORGANIZATION AND OVERSIGHT AND TRACKING OF THE ORGANIZATION'S ADMINISTRATIVE COSTS AND EXPENSES, ETC.). THE SERVICES PROVIDED TO THE ORGANIZATION UNDER THE AGREEMENT ALSO INCLUDE ADVICE AND LEADERSHIP BY NOLHGA'S PRESIDENT, WHO ALSO SERVES AS PRESIDENT OF THE ORGANIZATION. AN APPROPRIATE PORTION OF THE TIME SPENT ON THE ORGANIZATION'S BEHALF BY NOLHGA'S PRESIDENT IS CHARGED TO THE ORGANIZATION. THUS, THE ORGANIZATION'S PRESIDENT RECEIVES NO ADDITIONAL COMPENSATION FOR SERVING AS THE ORGANIZATION'S PRESIDENT, BUT THE ORGANIZATION REIMBURSES NOLHGA FOR THE PORTION OF TIME NOLHGA'S PRESIDENT DEVOTES TO THE ORGANIZATION. THE TERMS OF THE AGREEMENT WERE NEGOTIATED ON BEHALF OF THE ORGANIZATION BY ITS OUTSIDE COUNSEL, WITH OVERSIGHT BY THE CHAIRMAN OF THE BOARD. ONCE FINAL, THE AGREEMENT WAS PRESENTED TO AND APPROVED BY THE ORGANIZATION'S BOARD. FORM 990, PART VI, SECTION B, LINE 15B: THE ORGANIZATION'S VICE PRESIDENT OPERATIONS IS A NON-EMPLOYEE OFFICER THAT IS COMPENSATED UNDER A SERVICE CONTRACT. THE ORGANIZATION'S PRESIDENT AND CHAIRMAN OVERSAW THE NEGOTIATION OF THE SERVICE CONTRACT ON BEHALF OF THE ORGANIZATION. BOTH THE PRESIDENT AND THE CHAIRMAN ARE FAMILIAR WITH THE SERVICES THE VICE PRESIDENT OF OPERATIONS IS OBLIGATED TO PROVIDE UNDER THE SERVICE CONTRACT AND THE COST OF SIMILAR SERVICES PROVIDED TO STATE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS. |
| FORM 990, PART VI, SECTION C, LINE 19 | WHEN APPROPRIATE, THE ORGANIZATION'S RELEVANT DOCUMENTS WILL BE DELIVERED IN AN AGREED UPON MANNER UPON REQUEST. |
| FORM 990, PART IX, LINE 24E | RESERVE -16,482,551. CHANGES IN ANNUITY RESERVES -26,784,832. |
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