2025-07-17T14:42:58-05:00 2024-12-31 871353108 EISNER ADVISORY GROUP LLC 111 WOOD AVENUE SOUTH ISELIN NJ 088302700 990 2024-01-01 453635388 GUARANTY ASSOCIATION BENEFITS COMPANY GUAR 2028021917 FAEGRE DRINKER 1500 K ST NW 1100 WASHINGTON DC 20005 LYNDA LOOMIS VICE PRES OPERATIONS 2028021917 2025-06-17 1 1 DOUGLAS TAPP P00200641 7322437000 2024 2025-03-06 01:10:19Z LYNDA LOOMIS FAEGRE DRINKER 1500 K ST NW 1100 WASHINGTON DC 20005 2277764869 0 X WWW.GABENEFITSCO.COM X 2011 DC 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. 7 7 0 0 0 0 0 0 0 0 58696102 57502462 428965 225394 59125067 57727856 0 0 0 0 445402 504290 0 0 0 51451473 45514924 51896875 46019214 7228192 11708642 1367048132 1263433280 1221349521 1105635842 145698611 157797438 X 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. 0 0 79458304 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 2024 BY PROVIDING ANNUITY BENEFIT PAYMENTS IN THE AMOUNTS SET FORTH ABOVE. 79458304 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 6 0 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X LYNDA G LOOMIS 2028021917 C/O FAEGRE 1500 K STREET NW STE WASHINGTON DC 20005 JAMES F DONNELLAN DIRECTOR-MEMBER ELECTED 1.00 X 0 0 0 JOHN E DEITELBAUM DIRECTOR-MEMBER ELECTED 1.00 X 0 0 0 GERMAINE L MARKS DIRECTOR-MEMBER ELECTED 1.00 X 0 0 0 JOHN C COLPEAN DIRECTOR, CHAIRMAN 12.00 X X 0 0 0 ERIK A ANDERSON DIRECTOR - MEMBER ELECTED 1.00 X 0 0 0 MAGARET SPERRY THRU 100824 DIRECTOR - MEMBER ELECTED 1.00 X 0 0 0 KATHERINE L WADE DIRECTOR, PRESIDENT 1.00 X X 20309 0 972 AMANDA BARBERA EFF 100924 DIRECTOR - MEMBER ELECTED 1.00 X 0 0 0 LYNDA G LOOMIS VICE PRESIDENT OPERATIONS 23.00 X 471350 0 0 G THOMAS SULLIVAN SECRETARY 10.00 X 0 0 0 PAMELA E OLSEN TREASURER 10.00 X 0 0 0 MICHAEL MCDONALD SPECIAL COUNSEL 1.00 X 11127 0 532 502786 0 1504 1 0 1 1 LEGAL & GENERAL INVEST MGMT AMERICA INC PO BOX 7247 PHILADELPHIA PA 19170 INVESTMENT MGMT. 1249372 FAEGRE DRINKER BIDDLE & REATH LLC 300 NORTH MERIDIAN ST STE 2500 INDIANAPOLIS IN 46204 LEGAL SERVICES 1202990 NISA INVESTMENT ADVISORS LLC 101 S HANLEY ROAD STE 1700 ST LOUIS MO 63105 INVESTMENT ADVISORS 858892 WILLIS TOWERS WATSON US LLC 233 SOUTH WACKER DRIVE STE 1800 CHICAGO IL 60606 ACTUARIES 756700 COMPUTER SCIENCES CORP PO BOX 8500-52283 PHILADELPHIA PA 19178 3RD PTY. ADMIN. 654999 5 57502462 57502462 2220037013 2220037013 0 OTHER INCOME 525990 225394 225394 225394 57727856 0 0 57727856 X 504290 1332912 1070740 408707 2321370 655794 341608 1928 262 463633 ANNUITY BENEFITS PAYMEN 79458304 DATA PROCESSING 47973 LICENSES AND PERMITS 44492 INT & PEN ST WITHHOLDIN 7821 -40640620 46019214 67196255 26962423 399156 388893 1257269213 1211499740 80000 42183508 24502224 1367048132 1263433280 43718687 17592028 1177630834 1088043814 1221349521 1105635842 X 0 0 108446136 108446136 37252475 49351302 145698611 157797438 1367048132 1263433280 11708642 390185 0 X X 0 1 X 1 0 0 AGGREGATE LIFE RESERVE 1125758730 INTEREST MAINTENANCE RESERVE -37714916 1088043814 X 55406482 0 55406482 2321374 2321374 57727856 43697840 0 43697840 2321374 2321374 46019214 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, 2024 AND 2023, 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, 2024 AND 2023. SCHEDULE D, PART XI, LINE 4B INVESTMENT MANAGEMENT FEES: $2,157,639 CUSTODY FEES-US BANK: $163,731 SCHEDULE D, PART XII, LINE 4B INVESTMENT MANAGEMENT FEES: $2,157,639 CUSTODY FEES-US BANK: $163,731 0 0 0 LYNDA G LOOMIS VICE PRESIDENT OPERATIONS 471350 0 0 0 0 0 0 0 0 0 471350 0 0 0 PART II, LINE 1 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. LYNDA G LOOMIS VICE PRESIDENT OPERATIONS 471350 SEE SUPPLEMENTAL INFORMATION 0 KATHERINE L WADE DIRECTOR, PRESIDENT 21281 SEE SUPPLEMENTAL INFORMATION 0 MICHAEL MCDONALD SPECIAL COUNSEL 11659 SEE SUPPLEMENTAL INFORMATION 0 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. 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 L, PART IV, LINE 3D THE ORGANIZATION'S SPECIAL COUNSEL, WHICH IS A MANAGEMENT OFFICIAL, IS NOT COMPENSATED DIRECTLY BY THE ORGANIZATION. THE ORGANIZATION'S SPECIAL COUNSEL IS ALSO COUNSEL TO 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 COUNSEL, WHO ALSO SERVES AS COUNSEL OF THE ORGANIZATION. AN APPROPRIATE PORTION OF THE TIME SPENT ON THE ORGANIZATION'S BEHALF BY NOLHGA'S COUNSEL IS CHARGED TO THE ORGANIZATION. THUS, THE ORGANIZATION'S SPECIAL COUNSEL RECEIVES NO ADDITIONAL COMPENSATION FOR SERVING AS THE ORGANIZATION'S SPECIAL COUNSEL, BUT THE ORGANIZATION REIMBURSES NOLHGA FOR THE PORTION OF TIME NOLHGA'S COUNSEL 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 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 -7,089,774. CHANGES IN ANNUITY RESERVES -33,550,846.