3m Employees Welfare Benefits Association Trust I
- Assets
- $455.6m
- Revenue
- $103.9m
- Investments
- $141.1m
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 06/1977
- Data as of
- 12/2021
- EIN
- 41-1294448
Organization Overview
3m Employees Welfare Benefits Association Trust I is located in St Paul, MN. The organization was established in 1977. 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. 3m Employees Welfare Benefits Association Trust I is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, 3m Employees Welfare Benefits Association Trust I generated $103.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $122.0m during the year ending 12/2021. While expenses have increased by 2.0% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FINANCE HEALTH CARE BENEFITS PROVIDED TO RETIRED 3M EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCE HEALTH CARE BENEFITS PROVIDED TO RETIRED 3M EMPLOYEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
The Bank Of New York Mellon Trustee | 1 | $64,019 | |
Michael A Anderson President | Officer | 1 | $0 |
David J Overstreet Secretary | Officer | 1 | $0 |
Dennis P Duerst Treasurer | Officer | 1 | $0 |
Kimberly M Torseth Assistant Treasurer | Officer | 1 | $0 |
Matthew J Ginter Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Western Asset Management Investment Manager | 12/30/21 | $556,080 |
Hewitt Recordkeeping Svcs | 12/30/21 | $1,734,667 |
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 | $70,000 |
| Investment income | $11,390,751 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $92,335,222 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $103,855,863 |
| 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 | $109,569,490 |
| Compensation of current officers, directors, key employees. | $56,790 |
| 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 | $4,410 |
| Fees for services: Accounting | $34,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $737,910 |
| Fees for services: Other | $1,914,101 |
| 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 | $0 |
| All other expenses | $7,699 |
| Total functional expenses | $121,975,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,652,380 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $309,953,103 |
| Investments—other securities | $141,083,787 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,947,683 |
| Total assets | $455,636,953 |
| Accounts payable and accrued expenses | $971,656 |
| 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 | $38,161,367 |
| Total liabilities | $39,133,023 |
| 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 | $416,503,930 |
| Total liabilities and net assets/fund balances | $455,636,953 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wea Insurance Corporation Madison, WI | $792,635,009 | $692,190,590 |
Us Bancorp Comp Welfare Benefit Plan Milwaukee, WI | $0 | $532,086,986 |
The Travelers Companies Inc St Paul, MN | $45,092,183 | $378,506,075 |
International Operating Engineers Union 49 Health And Welfare Fund Bloomington, MN | $286,515,108 | $232,318,179 |
Carpenters & Joiners Welfare Fund Bloomington, MN | $314,491,427 | $228,602,525 |
Hy-Vee Employee Benefit Plan Tr West Des Moines, IA | $28,091,611 | $202,937,537 |
Xcel Energy Inc Voluntary Employees Benefciary Trust For Active Employ Minneapolis, MN | $29,715,150 | $175,187,105 |
Iowa Bankers Benefit Plan Johnston, IA | $64,300,979 | $182,717,522 |
Wells Fargo & Company Short Term Disability Plan & Trust Minneapolis, MN | $25,708,519 | $165,255,713 |
Minnesota Laborers Health And Welfare Fund Mendota Heights, MN | $803,063,036 | $178,568,553 |
Operating Engineers Local 139 Pewaukee, WI | $445,469,053 | $196,264,611 |
Cnh Welfare Benefit Trust Racine, WI | $154,103,739 | $173,990,533 |