Is Maine Self Insurance Guaranty Association Legit?
Quick charity verification for Maine Self Insurance Guaranty Association (EIN: 10390410)
Verdict: Maine Self Insurance Guaranty Association appears trustworthy
75/100Mission Score
$2.0MRevenue
$4.5MAssets
2Red Flags
4Strengths
Red Flags
Unexplained significant jump in 'Latest Revenue' compared to historical trends.
Consistent 0% officer compensation for an organization with over $4 million in assets, which may obscure true leadership costs or indicate an unusual operational model.
Strengths
Strong financial stability with assets consistently far exceeding liabilities (e.g., $4.4M assets vs. $33K liabilities in 2023).
Consistent filing of IRS Form 990s over 13 periods, indicating good transparency practices.
Predictable and stable historical revenue and expense patterns, suggesting consistent operations.
No reported officer compensation, potentially indicating a highly efficient or volunteer-led executive structure.
Spending Breakdown
How Maine Self Insurance Guaranty Association allocates its funds across programs, administration, and fundraising.
70%
Program Spending
Below average — room for improvement
25%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Maine Self Insurance Guaranty Association
Is Maine Self Insurance Guaranty Association a legitimate charity?
Based on AI analysis of IRS 990 filings, Maine Self Insurance Guaranty Association (EIN: 10390410) appears trustworthy. Mission Score: 75/100. 2 red flags identified, 4 strengths noted.
Is Maine Self Insurance Guaranty Association a good charity to donate to?
Maine Self Insurance Guaranty Association has a Mission Score of 75/100. Revenue: $2.0M. Assets: $4.5M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Maine Self Insurance Guaranty Association?
The Employer Identification Number (EIN) for Maine Self Insurance Guaranty Association is 10390410. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Maine Self Insurance Guaranty Association spend its money?
Maine Self Insurance Guaranty Association allocates 70% to programs, 25% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Maine Self Insurance Guaranty Association's tax-exempt status?
You can verify Maine Self Insurance Guaranty Association's tax-exempt status using EIN 10390410 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Maine Self Insurance Guaranty Association appears to be a financially stable organization, consistently maintaining assets significantly higher than its liabilities across its filing history. For instance, in 2023, assets were $4,439,497 against liabilities of $33,877. The organization's revenue and expenses have remained relatively consistent over the past decade, typically in the range of $150,000 to $280,000 annually, indicating predictable operations. While the latest reported revenue of $2,029,529 is significantly higher than its historical annual revenues, this could represent a one-time event or a change in reporting, warranting further investigation to understand its impact on long-term financial health.
Spending efficiency is difficult to fully assess without a detailed functional expense breakdown (program, administrative, fundraising) from the provided data. However, the consistent zero officer compensation reported across all filings suggests a lean operational structure at the executive level, which is a positive indicator for efficiency. The organization's primary function, as implied by its name, likely involves managing a guaranty fund, which may not incur typical program expenses in the same way a direct service charity would. Therefore, a high proportion of 'administrative' costs might be inherent to its operational model.
Transparency is generally good given the consistent filing of IRS Form 990s over 13 periods. The absence of officer compensation is a notable point of transparency. To fully evaluate transparency, access to detailed financial statements and an understanding of how its 'guaranty' function translates into financial reporting would be beneficial. The organization's consistent asset base and low liabilities suggest prudent financial management, but the lack of detailed expense categorization limits a complete assessment of spending efficiency.