The board of the GAMA Foundation for Education and Research says the foundation will team up with the new organization that the foundation’s sister, GAMA International, is forming with the Association for Advanced Life Underwriting (AALU).
(Related: AALU to Join With GAMA International)
The GAMA Foundation sponsors research and produced educational resources aimed at managers in life and annuity distribution organizations.
AALU and GAMA International announced plans in July to merge their organizations by June 2020.
The GAMA Foundation will continue to be an independent organization, but it “will be aligning its brand and messaging with the new organization,” according to an announcement sent out by the GAMA Foundation, GAMA International and AALU.
Debra Grommons, the GAMA Foundation’s chief executive officer, said in a statement that she believes the foundation’s mission is perfectly aligned with the founding principles of the new GAMA International-AALU organization.
“We’re thrilled for the opportunity to expand our research and provide solutions to all financial security professionals, from field leaders to advisors,” Grommons said.
The GAMA Foundation is a Falls Church, Virginia-based nonprofit organization with a 501(c)(3) charter. Supporters can deduct contributions to the foundation from their taxable income.
The foundation files its tax returns under the name “General Agents and Managers Conference.”
The most recent foundation Form 990 return available on the Candid website, for calendar year 2016, shows that the foundation reported a $52,570 operating loss for 2016 on $1.1 million in revenue and $4.5 million in total assets. The GAMA Foundation said it had no employees of its own and 140 volunteers.
GAMA International is separate Falls Church-based nonprofit group with a 501(c)(6) charter. It can operate without paying taxes on its income, but supporters can’t treat payments they make to the group as tax-deductible contributions.