Puget Sound Benefits Plan
- Assets
- $8.0m
- Revenue
- $4.8m
- Investments
- $139.4k
- Employees
- 7
- Location
- Seattle, WA
- Founding
- 05/1955
- Data as of
- 12/2021
- EIN
- 91-6028312
Organization Overview
Puget Sound Benefits Plan is located in Seattle, WA. The organization was established in 1955. 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 12/2021, Puget Sound Benefits Plan employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Puget Sound Benefits Plan 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, Puget Sound Benefits Plan generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $5.5m during the year ending 12/2021. 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
TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Keck Employer Trustee - Secreta | OfficerTrustee | 1 | $0 |
Suzanne Mode Union Trustee - Chair | OfficerTrustee | 1 | $0 |
Erin Adamson Union Trustee | Trustee | 1 | $0 |
Frank Benish Employer Trustee | Trustee | 1 | $0 |
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 | $4,632,383 |
| Investment income | $167,698 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,365 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,825,446 |
| 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 | $5,032,501 |
| 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 | $335,504 |
| Fees for services: Legal | $11,052 |
| Fees for services: Accounting | $21,379 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,830 |
| Fees for services: Other | $44,100 |
| Advertising and promotion | $0 |
| Office expenses | $22,594 |
| Information technology | $3,000 |
| 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 | $1,968 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,725 |
| All other expenses | $0 |
| Total functional expenses | $5,500,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $405,577 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $594,077 |
| 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 | $3,165 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,846,665 |
| Investments—other securities | $139,398 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,988,882 |
| Accounts payable and accrued expenses | $19,792 |
| 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 | $1,480,429 |
| Total liabilities | $1,500,221 |
| 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 | $6,488,661 |
| Total liabilities and net assets/fund balances | $7,988,882 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington Automotive Industry Association Health Trust Mukilteo, WA | $1,691,162 | $19,762,426 |
Plumbing & Pipefitting Industry Health & Welfare Fund Local Union Portland, OR | $32,096,746 | $20,904,376 |
Western States Local Union Trust Fund Of The Office Employees Inter Portland, OR | $17,918,695 | $19,537,932 |
Northwest Marine Trade Association Health Trust Bellevue, WA | $1,604,208 | $18,588,448 |
Alaska Laborers Construction Industry Health & Security Fund Seattle, WA | $30,372,862 | $20,313,426 |
Boise Fire & Police Tr Mukilteo, WA | $26,253,264 | $19,793,161 |
Cement Masons And Plasterers Health And Welfare Trust Seattle, WA | $34,182,132 | $22,523,981 |
State Of Indiana Health Reimbursement Arrangement Hra Spokane, WA | $344,630,068 | $23,046,860 |
Washington Alliance For Healthcare Insurance Trust Mukilteo, WA | $2,793,878 | $15,858,943 |
Pipe Trades Trust Spokane, WA | $23,491,063 | $18,062,513 |
Associated Employers Tr - Commercial Construction Spokane, WA | $980,681 | $16,528,039 |
Idaho Agc Self-Funded Benefit Tr Boise, ID | $6,885,647 | $14,916,501 |