Supplemental Health Insurance Program
- Assets
- $18.7m
- Revenue
- $11.1m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 08/1979
- Data as of
- 12/2023
- EIN
- 13-2892895
Organization Overview
Supplemental Health Insurance Program is located in New York, NY. The organization was established in 1979. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Supplemental Health Insurance Program is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2023, Supplemental Health Insurance Program generated $11.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $10.7m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE RETIRED TEACHERS AND RETIRED EMPLOYEES OF THE UFT, UFT WELFARE FUND OR AFFILIATED ORGANIZATIONS WITH BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SUPPLEMENTAL HEALTH INSURANCE PROGRAM IS A UNIQUE PACKAGE OF BENEFITS DEVELOPED BY THE RETIRED TEACHERS' CHAPTER OF THE UNITED FEDERATION OF TEACHERS EXCLUSIVELY FOR ITS MEMBERS AND THEIR ELIGIBLE SPOUSE/DOMESTIC PARTNER. IT PROVIDES A SUPPLEMENT TO THE PRIMARY HEALTH COVERAGE THE MEMBER AND/OR HIS/HER ELIGIBLE SPOUSE/DOMESTIC PARTNER MAINTAINS AND IS ACTIVATED ONLY AFTER THOSE PLANS HAVE PAID THEIR BENEFITS. ESTIMATED NUMBER OF PARTICIPANTS 90,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Murphy Chairman | Trustee | 4 | $0 |
John Soldini Trustee | Trustee | 1 | $0 |
Leroy Barr Trustee | Trustee | 1 | $0 |
Karen Alford Trustee | Trustee | 1 | $0 |
Debra Penny Trustee | Trustee | 1 | $0 |
Thomas Brown Trustee | Trustee | 1 | $0 |
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 | $10,686,443 |
| Investment income | $374,753 |
| 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 | $11,061,196 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $8,378,029 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,000 |
| Fees for services: Accounting | $20,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,957 |
| Advertising and promotion | $0 |
| Office expenses | $32,762 |
| Information technology | $679,058 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $24,960 |
| All other expenses | $1,484,643 |
| Total functional expenses | $10,658,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,415,355 |
| Savings and temporary cash investments | $10,006,080 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $849,589 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,094 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,265,175 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $149,087 |
| Total assets | $18,688,380 |
| Accounts payable and accrued expenses | $23,519 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $428,512 |
| Total liabilities | $452,031 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $18,236,349 |
| Total liabilities and net assets/fund balances | $18,688,380 |