Electrical Insurance Trustees
- Assets
- $782.6m
- Revenue
- $369.1m
- Investments
- $627.0m
- Employees
- 28
- Location
- Alsip, IL
- Founding
- 09/1966
- Data as of
- 06/2023
- EIN
- 36-1033970
Organization Overview
Electrical Insurance Trustees is located in Alsip, IL. The organization was established in 1966. 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. As of 06/2023, Electrical Insurance Trustees employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical Insurance Trustees 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, Electrical Insurance Trustees generated $369.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $280.2m during the year ending 06/2023. While expenses have increased by 4.8% per year over the past 8 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
PROVIDE MEDICAL BENEFITS TO PLAN PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEDICAL, DEATH, DISABILITY AND UNEMPLOYMENT BENEFITS TO ELIGIBLE PARTICIPANTS AND DEPENDENTS IN ACCORDANCE WITH PROVISIONS OF THE PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Finn Trustee | Trustee | 5 | $0 |
John P Dalton Trustee | Trustee | 5 | $0 |
Kevin Connolly Trustee | Trustee | 5 | $0 |
Brian Brown Trustee | Trustee | 5 | $0 |
Michael B Plummer Trustee | Trustee | 5 | $0 |
Kenneth Bauwens Trustee/chairman | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Crossblue Shield Of Illinois Medical Claims Processor | 6/29/23 | $6,861,190 |
Legacy Professionals Llp Auditing, Payroll Compliance Audits | 6/29/23 | $610,380 |
The Segal Company Actuary And Consultant | 6/29/23 | $464,119 |
Healthequity Hra Claims Processor | 6/29/23 | $392,301 |
Vitech Software Provider | 6/29/23 | $374,843 |
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 | $301,365,574 |
| Investment income | $19,238,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,437,727 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $369,143,380 |
| 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 | $270,474,238 |
| Compensation of current officers, directors, key employees. | $478,839 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,672,186 |
| Pension plan accruals and contributions | $700,000 |
| Other employee benefits | $515,348 |
| Payroll taxes | $162,927 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $325,276 |
| Fees for services: Accounting | $652,283 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $966,852 |
| Fees for services: Other | $1,009,639 |
| Advertising and promotion | $0 |
| Office expenses | $854,730 |
| Information technology | $169,922 |
| Royalties | $0 |
| Occupancy | $813,450 |
| Travel | $4,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $70,340 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $544,237 |
| Insurance | $581,071 |
| All other expenses | $0 |
| Total functional expenses | $280,203,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $239,515 |
| Savings and temporary cash investments | $106,541,511 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,346,487 |
| 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 | $198,879 |
| Net Land, buildings, and equipment | $15,259,676 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $627,008,046 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $782,594,114 |
| Accounts payable and accrued expenses | $1,885,142 |
| Grants payable | $0 |
| Deferred revenue | $577,413 |
| 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 | $28,673,743 |
| Total liabilities | $31,136,298 |
| 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 | $751,457,816 |
| Total liabilities and net assets/fund balances | $782,594,114 |