Southern States Group Benefit Trust
- Assets
- $1.6m
- Revenue
- $9.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 01/1990
- Data as of
- 06/2022
- EIN
- 54-1515007
Organization Overview
Southern States Group Benefit Trust is located in Richmond, VA. The organization was established in 1990. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. Southern States Group Benefit Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2022, Southern States Group Benefit Trust generated $9.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $10.9m during the year ending 06/2022. While expenses have increased by 3.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MEDICAL BENEFIT PLAN
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL BENEFITS PAID TO EMPLOYEES AND RETIREES AND ELIGIBLE DEPENDENTS OF SOUTHERN STATES COOPERTIVE, INC. AND RELATED CORPORATIONS: THIS TRUST PROVIDED INSURED MEDICAL BENEFITS FOR OUR GROUP OF 681 EMPLOYEES AND RETIREES.
MEDICAL/DEPENDENT CARE FLEX BENEFITS PAID TO EMPLOYEES WHO ELECTED FLEXIBLE SPENDING ACCOUNT EFFECTIVE 1/1/2001. THIS TRUST PROVIDED NON-INSURED MEDICAL/DEPENDENT CARE BENEFITS FOR 62 EMPLOYEES.
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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 | $9,809,950 |
| Investment income | $2,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,812,364 |
| 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 | $10,488,182 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| 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 | $0 |
| Total functional expenses | $10,877,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,557,865 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,165 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,559,030 |
| Accounts payable and accrued expenses | $227,687 |
| 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 | $227,687 |
| 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 | $1,331,343 |
| Total liabilities and net assets/fund balances | $1,559,030 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Catholic Charities Usa Employee Welfare Benefit Tr Alexandria, VA | $13,170,209 | $41,773,256 |
Risk Acceptance Management Corporation Winstonsalem, NC | $0 | $4,248,054 |
Mueller Industries Inc Benefits Tr Collierville, TN | $623,819 | $27,509,005 |
The H T Hackney Co Emloyee Benefit Plans Trust Knoxville, TN | $4,355,910 | $23,918,900 |
Tri-County Building Trades Welfare Fund Ona, WV | $25,786,876 | $22,983,725 |
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |
Childrens Hospital Self-Insurance Trust Washington, DC | $0 | $0 |
North Carolina Insurance Guaranty Association Raleigh, NC | $120,494,721 | $22,094,183 |
Southern States Group Benefit Trust Richmond, VA | $1,559,030 | $9,812,364 |
Jackson Utility Division Benefits Program Trust Jackson, TN | $8,539,572 | $8,659,868 |
Property & Casualty Insurance Guaranty Corporation Towson, MD | $24,268,806 | $4,102,215 |
Hedrick Employee Group Benefit Plan Trust Salisbury, NC | $2,627,065 | $8,303,348 |