Overview
What is Massachusetts Institute Of Technology Welfare Benefit Plans Trust?
The Massachusetts Institute of Technology Welfare Benefit Plans Trust is a nonprofit organization based in Cambridge, Massachusetts, specifically located at 77 Massachusetts Avenue, NE49-3142. Its main purpose is to offer medical and life insurance benefits to eligible retirees of the Massachusetts Institute of Technology, along with medical coverage for individuals receiving long-term disability benefits for a minimum of three years. The Trust covers approximately 7,155 individuals under its health and life insurance programs.
What are the reviews and ratings of this charity?
The Massachusetts Institute Of Technology Welfare Benefit Plans Trust has received a Two-Star out of Four Star rating from Charity Navigator, with an overall score of 67%. This rating is solely based on Accountability & Finance metrics. While the organization has shown strong financial management, particularly in program expenses, concerns arise from the complete lack of independent board members and missing essential governance policies.
One notable strength of this nonprofit is its commitment to directing nearly all of its expenses toward its program activities, as indicated by a program expense ratio of 98.47%. Additionally, the organization has demonstrated sound financial oversight, receiving full points for its audit and oversight committee and having no material diversions of assets.
However, the organization faces significant limitations, particularly in governance practices. The absence of independent board members and the lack of key policies such as conflict of interest, whistleblower, and document retention policies raise questions about accountability. Furthermore, the nonprofit's failure to provide its website and tax form on its site is also a concerning oversight, impacting transparency and trust.
This AI summary has been generated from information found on Charity Navigator.
Is Massachusetts Institute Of Technology Welfare Benefit Plans Trust legitimate?
Massachusetts Institute Of Technology Welfare Benefit Plans Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Massachusetts Institute Of Technology Welfare Benefit Plans Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Massachusetts Institute Of Technology Welfare Benefit Plans Trust?
The Massachusetts Institute of Technology Welfare Benefit Plans Trust is committed to providing health and life insurance benefits to eligible retirees of Massachusetts Institute of Technology and their dependents. Additionally, individuals receiving long-term disability benefits for a minimum of three years are also covered. In total, approximately 7155 individuals were benefited from these insurance plans. The Trust aims to ensure the well-being of these individuals by offering them essential medical and life insurance coverage.
Who is the CEO of Massachusetts Institute Of Technology Welfare Benefit Plans Trust?
Unavailable
What is the revenue of Massachusetts Institute Of Technology Welfare Benefit Plans Trust?
Massachusetts Institute Of Technology Welfare Benefit Plans Trust's revenue in 2022 was $184,682,000.
Who are the executives of Massachusetts Institute Of Technology Welfare Benefit Plans Trust and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $690,228
- Other: $65,733
- Compensation: $0
- Related: $2,697,163
- Other: $411,047
Where can I find the form 990 for Massachusetts Institute Of Technology Welfare Benefit Plans Trust?
Massachusetts Institute Of Technology Welfare Benefit Plans Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Massachusetts Institute Of Technology Welfare Benefit Plans Trust
The Massachusetts Institute Of Technology Welfare Benefit Plans Trust is a mission-driven organization that aims to extend health and life insurance coverage to eligible retirees of the Massachusetts Institute of Technology (MIT) and their dependents. Additionally, the Trust offers medical benefits to individuals who have been receiving long-term disability benefits for a minimum of three years. These benefits serve approximately 7155 individuals under the MIT Welfare Benefit Plans Trust.
Established with a commitment to providing essential coverage for its members, the Trust focuses on enhancing the wellbeing of retired employees from MIT. By offering comprehensive health and life insurance plans, the organization ensures that its beneficiaries can access necessary medical services and maintain financial security during their retirement years. The Trust's dedication extends beyond retirees, as individuals who have relied on long-term disability benefits for an extended period also become eligible for these important benefits.
In essence, the Massachusetts Institute Of Technology Welfare Benefit Plans Trust acts as a safety net for its members, offering them peace of mind and protection as they navigate the transitions of retirement or extended disability. Through its provisions, the organization demonstrates a strong commitment to the wellbeing and overall welfare of its covered individuals, fostering a sense of security and stability within the community it serves.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Massachusetts Institute of Technology Welfare Benefit Plans Trust significantly impacts the well-being of eligible retirees and individuals facing long-term disability. By providing essential medical and life insurance benefits, the trust offers financial security and peace of mind to approximately 7,155 beneficiaries, including retirees of the Massachusetts Institute of Technology and their dependents, as well as those receiving long-term disability benefits for a minimum of three years.
This support is critical in promoting the health and welfare of individuals during vulnerable stages of life, ensuring access to necessary healthcare services and life coverage. The trust's role in safeguarding the health interests of its beneficiaries underlines the importance of such programs in enhancing the quality of life for retired employees and those who can no longer work due to disabilities. By addressing the healthcare needs of these individuals and their families, the Massachusetts Institute of Technology Welfare Benefit Plans Trust fosters a resilient community and reinforces the commitment to caring for those who have dedicated their careers to education and innovation.
This information is meant to be a general summary of Massachusetts Institute Of Technology Welfare Benefit Plans Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $164,460,000
- Program Service Revenue: $20,222,000
- Gross Receipts: $443,530,000
Assets and Liabilities:
- Total Assets: $957,104,000
- Total Liabilities: $4,693,000
- Net Assets: $952,411,000
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Employer's Contributions
Retiree Contributions
Revenue
$9,964,000
Employer Group Waiver Plan
Revenue
$10,197,000
Other Income
Revenue
$61,000
Organization Details
Founding Year
1992
Phone
(617) 258-9884Main Address
77 Massachusetts Avenue NE49-3142, Cambridge, MA, 02139
NTEE Category
Code: Y330 - Mutual benefit
If you are a representative of Massachusetts Institute Of Technology Welfare Benefit Plans Trust and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.