Maine Guaranteed Access Reinsurance Association (EIN 454331075) - 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

2012

Legal Domicile

Principal Officer

Jolan Ippolito

Phone

2077911335

Tax Period

2023-01-01 to 2023-12-31

Maine Guaranteed Access Reinsurance Association, founded in 2012, is a mid-sized nonprofit in the Health Care sector that reported $94.9M in total revenue in fiscal year 2023. Revenue surged 27% from the prior year, signaling strong growth momentum. Expenses of $122.9M exceeded revenue, resulting in a 30% operating deficit.

Mission

A reinsurance program for the high risk segment of Maine's individual health insurance market.

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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 $63,478,674

Program Service Revenue $28,889,529

Investment Income $2,533,509

Other Revenue $0

TOTAL REVENUE $94,901,712

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $121,991,398

Other Expenses $122,907,117

TOTAL EXPENSES $122,907,117

Year-over-Year Comparison

	2023	2022	Change
Revenue	$94,901,712	$74,938,407	+0.3%
Expenses	$122,907,117	$93,959,932	+0.3%
Net Income	$-28,005,405	$-19,021,525	+0.5%

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

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
Jolan F Ippolito	Chair	2.00	Officer Director	$0	$0	$0
David Reagan	Treasurer (From 09/2023)	2.00	Officer Director	$0	$0	$0
Bill Whitmore	Treasurer (Left 09/2023)	2.00	Officer Director	$0	$0	$0
Christopher Howard	Secretary/Clerk	2.00	Officer	$0	$0	$0
Dr David Howes	Director	2.00	Director	$0	$0	$0
Katherine Pelletreau	Director	2.00	Director	$0	$0	$0
Bruce Nicholson	Director	2.00	Director	$0	$0	$0
Kevin Lewis	Director	2.00	Director	$0	$0	$0
James Lyon	Director	2.00	Director	$0	$0	$0
Ben Johnston	Director	2.00	Director	$0	$0	$0
Ellen Schneiter	Director	2.00	Director	$0	$0	$0
Terry Brann	Director	2.00	Director	$0	$0	$0
Eric Jermyn	Director	2.00	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	$94,901,712	$122,907,117	$98,613,951	$-28,005,405
2022	$74,938,407	$93,959,932	$108,620,526	$-19,021,525
2021	$103,548,873	$71,737,354	$111,387,710	$31,811,519
2020	$96,950,323	$70,257,159	$86,020,616	$26,693,164
2019	$131,643,917	$106,418,865	$69,477,258	$25,225,052
2018	$87,732	$464,295	$4,687,939	$-376,563

Maine Guaranteed Access Reinsurance Association