Insurance Fraud Bureau Of Massachusetts

Organization Overview

Insurance Fraud Bureau Of Massachusetts is located in Boston, MA. The organization was established in 1991. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Insurance Fraud Bureau Of Massachusetts employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Fraud Bureau Of Massachusetts is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, Insurance Fraud Bureau Of Massachusetts generated $11.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $10.7m during the year ending 12/2021. While expenses have increased by 10.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2020, Insurance Fraud Bureau Of Massachusetts has awarded 20 individual grants totaling $1,060,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE ORGANIZATION IS AN ENTITY AUTHORIZED BY MASSACHUSETTS GENERAL LAWS TO PREVENT, DETECT AND INVESTIGATE INSURANCE FRAUD. THE BUREAU WORKS WITH LAW ENFORCEMENT AND PUBLIC PROSECUTORS ON MATTERS INVOLVING POTENTIAL CRIME VIOLATION OF INSURANCE FRAUD LAWS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE BUREAU RECEIVED AND EVALUATED 2,932 SUSPECTED INSURANCE FRAUD REFERRALS FROM THE INSURANCE INDUSTRY, MEMBERS OF THE PUBLIC AND OTHER SOURCES, OF WHICH 1,191 WERE ACCEPTED FOR FURTHER INVESTIGATION, RESULTING IN 872 NEW INVESTIGATIVE CASES. AFTER INITIAL INVESTIGATION, 761 CASES WERE CLOSED WITHOUT CRIMINAL PROSECUTION DUE TO INSUFFICIENT EVIDENCE OF A CRIME.


THE BUREAU REFERRED 209 CASES TO FEDERAL, STATE, AND LOCAL PROSECUTORS DURING THE YEAR, AND SUPPORTED THOSE PROSECUTORS IN THE LOCATION OF WITNESSES, WITNESS INTERVIEWS, DELIVERY OF SUBPOENAS AND ADDITIONAL INVESTIGATION. 127 INDIVIDUALS WERE INITIALLY CHARGED WITH INSURANCE FRAUD AND OTHER CRIMES DURING 2021, AND COURT CASES INVOLVING 186 INDIVIDUALS REACHED A FINAL DISPOSITION.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$11,015,186
Investment income $120,804
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $11,153,060

Grants Awarded

Over the last fiscal year, Insurance Fraud Bureau Of Massachusetts has awarded $530,000 in support to 10 organizations.

Grant RecipientAmount

SUFFOLK COUNTY DA

PURPOSE: Regulatory funding

$92,500

ESSEX COUNTY DA

PURPOSE: Regulatory funding

$80,000

HAMPDEN COUNTY DA

PURPOSE: Regulatory funding

$55,000

BRISTOL COUNTY DA

PURPOSE: Regulatory funding

$52,500

MIDDLESEX COUNTY DA

PURPOSE: Regulatory funding

$50,000

WORCESTER COUNTY DA

PURPOSE: Regulatory funding

$50,000
View Grant Profile

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