MAINE INSURANCE GUARANTY ASSOCIATION (EIN 237292624) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1970

Legal Domicile

Principal Officer

Barbara Petersen Law

Phone

6142277020

Tax Period

2023-01-01 to 2023-12-31

MAINE INSURANCE GUARANTY ASSOCIATION, founded in 1970, is a small nonprofit that reported $634K in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum. Expenses of $4.3M exceeded revenue, resulting in a 572% operating deficit.

Mission

During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Maine state statute, Chapter 24-A Section 4433 of the Maine Insurance Laws.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $530,827

Investment Income $103,093

Other Revenue $0

TOTAL REVENUE $633,920

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $3,627,810

Other Expenses $631,262

TOTAL EXPENSES $4,259,072

Year-over-Year Comparison

	2023	2022	Change
Revenue	$633,920	$511,048	+0.2%
Expenses	$4,259,072	$2,741,361	+0.6%
Net Income	$-3,625,152	$-2,230,313	+0.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Lincoln J Merrill Chair	representing Patriot Insurance Company	1	Director	$0	$0	$0
Mark Pettingill Vice Chair	representing Patrons Oxford Insurance Co.	1	Director	$0	$0	$0
William Cahill Board Member	representing Vermont Mutual Insurance Co.	1	Director	$0	$0	$0
Dave McPherson Board Member	representing MMG Insurance Company	1	Director	$0	$0	$0
Adam Robitaille Board Member	representing Farmers P&C Insurance Co.	1	Director	$0	$0	$0
Maisie Russell Board Member	representing Travelers Indemnity Company	1	Director	$0	$0	$0
Doug Taylor Board Member	representing Liberty Mutual Insurance Company	1	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$633,920	$4,259,072	$29,435,995	$-3,625,152
2022	$511,048	$2,741,361	$33,061,147	$-2,230,313
2021	$3,682,476	$3,090,893	$35,291,460	$591,583
2020	$1,279,957	$1,960,027	$34,699,877	$-680,070

MAINE INSURANCE GUARANTY ASSOCIATION