Maine State Employees Assoc Income Protection Plan & Trust Agreement
- Assets
- $7.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Augusta, ME
- Founding
- 01/1985
- Data as of
- 06/2023
- EIN
- 22-2553196
Organization Overview
Maine State Employees Assoc Income Protection Plan & Trust Agreement is located in Augusta, ME. The organization was established in 1985. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations Government), under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine State Employees Assoc Income Protection Plan & Trust Agreement is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2023, Maine State Employees Assoc Income Protection Plan & Trust Agreement generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $1.9m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 8 years. 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 MEMBERS OF THE MAINE SERVICE EMPLOYEES ASSOCIATION WITH INCOME PROTECTION BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLAIMS PAID ON BEHALF OF MEMBERS OF MSEA INCOME PROTECTION PLAN & TRUST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurian Doucette Veba Com., V | OfficerTrustee | 1 | $0 |
Cheryl Dugal Veba Com. | Trustee | 1 | $0 |
Cynthia Lizotte Veba Com. (p) | Trustee | 1 | $0 |
Mary-Anne Macarthur Veba Com. | Trustee | 1 | $0 |
Rachel Murchison Veba Com. (p) | Trustee | 1 | $0 |
Luc Nya Veba Com. | 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 | $1,549,468 |
| Investment income | $166,161 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,040 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,730,669 |
| 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 | $1,497,984 |
| 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 | $45,961 |
| Fees for services: Accounting | $32,395 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,891 |
| Fees for services: Other | $298,918 |
| Advertising and promotion | $0 |
| Office expenses | $8,474 |
| Information technology | $0 |
| 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 | $2,599 |
| All other expenses | $0 |
| Total functional expenses | $1,909,222 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $321,483 |
| Savings and temporary cash investments | $494,083 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $103,266 |
| 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 | $3,639 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,558,640 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,481,111 |
| Accounts payable and accrued expenses | $35,629 |
| 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 | $342,895 |
| Total liabilities | $378,524 |
| Net assets without donor restrictions | $7,102,587 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $7,481,111 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Correction Officers Health & Welfare Trust Fund Manchester, NH | $7,108,892 | $3,365,111 |
Maine State Employees Assoc Income Protection Plan & Trust Agreement Augusta, ME | $7,481,111 | $1,730,669 |
American Postal Workers Accident Benefit Association Rochester, NH | $1,821,631 | $1,828,396 |
Mcofu Retiree Health And Welfare Plan Tr Manchester, NH | $9,648,273 | $1,466,078 |
Maine State Troopers Association Benefits Trust Augusta, ME | $681,804 | $141,011 |
Bangor Firmens Relief Association Bangor, ME | $637,261 | $39,466 |
Bangor Police Relief Association Bangor, ME | $1,205,138 | $69,624 |