New York State United Teachers Member Benefits Catastrophe Major
- Assets
- $184.9m
- Revenue
- $40.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Latham, NY
- Founding
- 03/2016
- Data as of
- 12/2023
- EIN
- 47-7358956
Organization Overview
New York State United Teachers Member Benefits Catastrophe Major is located in Latham, NY. The organization was established in 2016. 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. New York State United Teachers Member Benefits Catastrophe Major is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2023, New York State United Teachers Member Benefits Catastrophe Major generated $40.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $28.2m during the year ending 12/2023. While expenses have increased by 7.2% 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
THE CATASTROPHE MAJOR MEDICAL PLAN ("CMM PLAN") WAS FORMED UNDER TRUST TO PROVIDE SUPPLEMENTAL (EXCESS MAJOR MEDICAL BENEFITS) HEALTH INSURANCE TO THE NYSUT MEMBERSHIP WHO VOLUNTARILY PARTICIPATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPLEMENTED BASIC HOSPITALIZATION AND MAJOR MEDICAL INSURANCE AND LONG TERM CARE. FOR THE YEAR ENDING 12/31/23, THERE WERE, ON AVERAGE, 89,445 COVERED LIVES, AND 53,711 POLICIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham J Philippe Chairperson/trustee | OfficerTrustee | 1 | $0 |
Bushey Michele Trustee | Trustee | 1 | $0 |
Franz Laura Trustee | Trustee | 1 | $0 |
Carner-Shafran Sandra Trustee | Trustee | 1 | $0 |
Sherman Roderick Trustee | Trustee | 1 | $0 |
Sill Michael Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthsmart Benefit Solutions Third Party Claims Processor/administrat | 12/30/23 | $2,277,904 |
Amba Administrators Inc Third Party Claims Processor, Recordkeep | 12/30/23 | $1,907,755 |
Stacey Braun Associates Inc Investment Advisory/management | 12/30/23 | $556,616 |
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 | $37,296,104 |
| Investment income | $3,643,336 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$190,630 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,748,810 |
| 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 | $21,320,776 |
| 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 | $25,451 |
| Fees for services: Accounting | $64,176 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $532,059 |
| Fees for services: Other | $4,564,898 |
| Advertising and promotion | $471,339 |
| 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 | $43,239 |
| All other expenses | $0 |
| Total functional expenses | $28,168,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,218 |
| Savings and temporary cash investments | $10,528,933 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,368,924 |
| 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 | $168,945,973 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $184,862,048 |
| Accounts payable and accrued expenses | $1,420,290 |
| Grants payable | $0 |
| Deferred revenue | $1,547,701 |
| 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 | $334,502 |
| Total liabilities | $3,302,493 |
| 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 | $181,559,555 |
| Total liabilities and net assets/fund balances | $184,862,048 |