Connecticut Insurance Guaranty Association
Nonprofit profile at a glance
- EIN
- 237204066
- IRS 990 coverage
- 2013–2024
- Forms available
- Form 990 2024
- Location
- Boston, MA, USA
- Phone
- 6172277020
- Rating
- 50
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $6,350,285
- Expenses
- $9,655,338
- Assets
- $97,581,985
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
People named in this filing
- Joseph Torti Chair (representing United States Fire Insurance Co.)
- Jennifer A Morrison Vice Chair (representing Amica Mutual Indemnity Company)
- John Cerrone Board Member (representing Nationwide Mutual Insurance Co.)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Connecticut state statute, Chapter 704a, Section 38a-842 of the Connecticut Insurance Laws.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 50
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 7 of 7 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -52%; rating input score 2; 2nd percentile among comparable filings
- Total-asset coverage ratio: 10.11; rating input score 91; 91st percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: -47.9% per year; rating input score 0; 0th percentile among comparable filings
- Revenue growth: -11.3% per year; rating input score 0; 1st percentile among comparable filings
- Asset growth: 1.5% per year; rating input score 100; 18th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 7 of 7 board members independent · 7 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $7.7M in reported program spending
- Leadership: top reported pay $0 · 7 people listed
- Highest-paid contractors: 5 contractors listed · $1.9M reported
- Consistency: 11 of 12 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Filing history: 5 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- High — Sustainability: Operating margin scored 2/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.