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Nassief Group Reinsurance Ltd

IRS exemption revoked

Franklin, TNMutual-benefit / member-servingMutual / membership EIN 34-1817536Revenue $55 in FY2022

On file with the IRS2015 Moultrie Circle · Franklin, TNTax-exempt since Aug 1998

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Reinsurance provided by a reinsurer (qualifying as an insurance company for federal tax purposes) of insurance products and contracts producted by one or more affiliated automobile dealerships.

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $20K a year · 9273% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: -30.5 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$289K
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$55
Spent
−$14K
To programs
100%
Net assets
$354K
By yearFY2020–FY2022
Revenue
$55
FY2022
Tap a bar for its year
Revenue by fiscal year
FY2020$579
FY2021$0
FY2022$55
Expenses
−$14K
FY2022▲ +44%
Tap a bar for its year
Expenses by fiscal year
FY2020−$18K
FY2021−$26K
FY2022−$14K
Net assets
$354K
FY2022▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$313K
FY2021$339K
FY2022$354K

From the FY2022 Form 990 · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on May 15, 2026

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2022. IRS ruling in Aug 1998.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
Marybeth Nassief
Officer / Director / 25% Ownership
$0Pt VII · Sec A
Helen Nassief
Vice President / Director / 25% Ownership
$0Pt VII · Sec A
Todd Nassief
Officer / Director / 25% Ownership
$0Pt VII · Sec A
Sam Nassief
Officer / Director / 25% Ownership
$0Pt VII · Sec A
George Nassief
President / Director / 0% Ownership
$0Pt VII · Sec A
Ann Nassief
Secretary / Director / 0% Ownership
$0Pt VII · Sec A
Ronald Depiero
Director / 0% Ownership
$0Pt VII · Sec A
See Nassief Group Reinsurance Ltd executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo
  • Loans to or from officersSch L · Pt II4 listed

Programs and updates

Provides reinsurance for insurance products sold by affiliated car dealerships.

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Provided by the organization

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1 program · −$14K · in their own filed words · FY2022
01

Reinsurance provided by a reinsurer (qualifying as an insurance company for federal tax purposes) of insurance products and contracts producted by one or more affiliated automobile dealerships.

−$14Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$55
Ln 12
Investment incomeLn 3$55
Money outPt IX
−$14K
Ln 25
Owns and owesPt X
$354K
net assets · Ln 32
Cash and savingsLn 1–2$37K
Total assetsLn 16$642K
LiabilitiesLn 26$289K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$55
Gains on assetsLn 7$0
Total revenueLn 12$55
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$37K
Cash and savings togetherLn 1–2$37K
Land, buildings, equipmentLn 10c$258K
Total assetsLn 16$642K
LiabilitiesLn 26$289K
Net assetsLn 32$354K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$45K$37K
Land, buildings, equipmentLn 10c$258K$258K
Total assetsLn 16$650K$642K
LiabilitiesLn 26$311K$289K
Net assetsLn 32$339K$354K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$6K$6K
Other expenses (24a–d)Ln 24−$21K−$21K$0$0
Total functional expensesLn 25−$14K−$14K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $55−$14K$15K$354K 990 PDF
FY2021 $0−$26K$26K$339K 990 PDF
FY2020 $579−$18K$18K$313K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $55 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$55
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $0$55
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year −$25,934−$14,500
I-18 Total expensesPrior year −$25,934−$14,500
I-19 Revenue less expensesPrior year $25,934$14,555
Part VI · Governance 0 of 4 board members independent, 5 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
Part VIII · Statement of revenue $55 across 6 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $55 · Unrelated business $0 · Excluded from tax $0$55
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $55 · Unrelated business $0 · Excluded from tax $0$55
Part IX · Statement of functional expenses −$14,500 across 2 lines filed
IX-11c Accounting feesPrograms $6,500$6,500
IX-24 Other expenses (24a–d)Programs −$21,000 · Management $0 · Fundraising $0−$21,000
IX-25 Total functional expensesPrograms −$14,500 · Management $0 · Fundraising $0−$14,500
Part X · Balance sheet $642,296 assets, 17 lines filed
Asset lines not itemized here account for $3,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $44,642$36,839
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $344,457$344,457
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $258,000$258,000
X-16 Total assetsStart of year $650,099$642,296
X-17 Accounts payable and accrued expensesStart of year $0$0
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $311,053$288,695
X-26 Total liabilitiesStart of year $311,053$288,695
X-32 Total net assets or fund balancesStart of year $339,046$353,601
X-33 Total liabilities and net assetsStart of year $650,099$642,296
Part XI · Reconciliation of net assets $353,601 net assets at year end
XI-1 Total revenue$55
XI-2 Total expenses−$14,500
XI-3 Revenue less expenses$14,555
XI-4 Net assets at start of year$339,046
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$353,601

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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