Iba Group Insurance Trust
- Assets
- $11.4m
- Revenue
- $34.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Indianapolis, IN
- Founding
- 05/1974
- Data as of
- 04/2022
- EIN
- 35-6259970
Organization Overview
Iba Group Insurance Trust is located in Indianapolis, IN. The organization was established in 1974. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-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. Iba Group Insurance Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 04/2022, Iba Group Insurance Trust generated $34.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $34.5m during the year ending 04/2022. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LIFE, ACCIDENT, AND SICKNESS BENEFITS TO ELIGIBLE PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LIFE, ACCIDENT, AND SICKNESS BENEFITS TO ELIGIBLE PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Findlay Chairman | OfficerTrustee | 0.5 | $0 |
Amber Van Til Trustee | Trustee | 0.5 | $0 |
Mike Mellon Trustee | Trustee | 0.5 | $0 |
Robb Blume Trustee | Trustee | 0.5 | $0 |
Shane Pilarski Trustee | Trustee | 0.5 | $0 |
Matt Howrey Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Unitedhealthcare Services Administrative Services | 4/29/22 | $1,322,155 |
Nfp Property & Casualty Services Inc Trust Administrative Services | 4/29/22 | $640,000 |
Orthus Health Wellness Administrative Services | 4/29/22 | $136,266 |
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 | $33,482,104 |
| Investment income | $167,602 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $868,636 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,528,734 |
| 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 | $31,639,852 |
| 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 | $1,640,417 |
| Fees for services: Legal | $75,000 |
| Fees for services: Accounting | $23,619 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,252 |
| Fees for services: Other | $1,020,733 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $48,606 |
| All other expenses | $102 |
| Total functional expenses | $34,477,581 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $810,666 |
| Savings and temporary cash investments | $4,942,661 |
| Pledges and grants receivable | $342,166 |
| Accounts receivable, net | $1,354,526 |
| 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 | $251,706 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,690,161 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,391,886 |
| Accounts payable and accrued expenses | $32,833 |
| 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 | $0 |
| Total liabilities | $32,833 |
| 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 | $11,359,053 |
| Total liabilities and net assets/fund balances | $11,391,886 |
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