Overview
What is Auxiliaries Multiple Employer Veba?
Auxiliaries Multiple Employer Veba is a collaborative initiative within the California State University System. This nonprofit organization, based in Torrance, California, serves as a shared platform for various auxiliaries to fund their retiree healthcare obligations collectively. Each participating auxiliary contributes towards the insurance premiums for their retired staff members, and the Veba reimburses them accordingly. The Veba covers administrative, investment management, accounting, and legal expenses, which are then allocated to the participating auxiliaries' sub-trust accounts on a monthly basis, based on their account balances. The primary objective of Auxiliaries Multiple Employer Veba is to provide a mechanism for the auxiliaries to manage their retiree welfare benefit plan obligations effectively and collectively.
Is Auxiliaries Multiple Employer Veba legitimate?
Auxiliaries Multiple Employer Veba is a legitimate nonprofit organization registered as a 501(c)(9) entity. Auxiliaries Multiple Employer Veba 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 Auxiliaries Multiple Employer Veba?
Auxiliaries Multiple Employer Veba was established to serve as a collective fund for the auxiliaries of the California State University System to fulfill their retirement welfare benefit plan obligations jointly. Each participating auxiliary has adopted its own retirement welfare benefit plan and is responsible for funding its obligations within the Veba. The Veba is responsible for providing all retiree medical benefits for the participating auxiliaries. Each participating auxiliary pays the insurance premiums for its retirees, and the Veba reimburses each auxiliary according to the auxiliary's instructions. The Veba incurs expenses for administration, investment management, accounting, and legal services, which are then allocated to the participating auxiliaries' sub-trust accounts monthly based on their account balance.
Who is the CEO of Auxiliaries Multiple Employer Veba?
Joseph Illuminate is the Trustee of Auxiliaries Multiple Employer Veba.
What is the revenue of Auxiliaries Multiple Employer Veba?
Auxiliaries Multiple Employer Veba's revenue in 2023 was $7,845,970.
Who are the executives of Auxiliaries Multiple Employer Veba and what are their salaries?
There 10 volunteers at Auxiliaries Multiple Employer Veba.
Here are 13 key members and their salaries:
- Compensation: $0
- Related: $128,758
- Other: $27,617
- Compensation: $0
- Related: $192,333
- Other: $71,767
- Compensation: $0
- Related: $192,600
- Other: $23,905
- Compensation: $0
- Related: $182,000
- Other: $56,000
- Compensation: $0
- Related: $187,008
- Other: $18,696
- Compensation: $0
- Related: $185,000
- Other: $43,000
- Compensation: $0
- Related: $141,067
- Other: $46,082
- Compensation: $0
- Related: $138,575
- Other: $36,028
- Compensation: $0
- Related: $139,750
- Other: $38,000
- Compensation: $0
- Related: $125,000
- Other: $60,500
- Compensation: $0
- Related: $116,397
- Other: $2,445
- Compensation: $0
- Related: $164,420
- Other: $32,691
- Compensation: $0
- Related: $149,334
- Other: $50,101
Where can I find the form 990 for Auxiliaries Multiple Employer Veba?
Auxiliaries Multiple Employer Veba's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Auxiliaries Multiple Employer Veba
Auxiliaries Multiple Employer Veba, a collaborative initiative, was established with the primary objective of providing a shared platform for auxiliaries affiliated with the California State University System. This mechanism enables these auxiliaries to collectively fund their retiree welfare benefit plan obligations. Each participating auxiliary has adopted its own retiree welfare benefit plan, and they commit to fulfilling their obligations under their respective plans within the Veba.
The main purpose of Auxiliaries Multiple Employer Veba is to ensure the provision of retiree medical benefits for all participating auxiliaries. Each auxiliary contributes by paying insurance premiums for their retirees. In turn, the Veba reimburses each auxiliary in accordance with the specific directions provided by the auxiliary itself. The Veba also incurs various expenses related to administration, investment management, accounting, and legal services. These costs are subsequently allocated to the participating auxiliaries' sub-trust accounts on a monthly basis, proportionate to the balance of their individual accounts.
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Impact
October, 2024
The Auxiliaries Multiple Employer VEBA (Voluntary Employees' Beneficiary Association) significantly impacts the financial sustainability of retiree welfare benefit plans for auxiliaries within the California State University system. By providing a cooperative structure, it allows participating auxiliaries to jointly fund their retiree medical benefits, ensuring a more efficient allocation of resources and reducing administrative burdens.
Each auxiliary retains the flexibility to adopt its own retiree welfare benefit plan while benefiting from the centralized mechanism that the VEBA offers. This configuration enables them to manage their obligations on a collective basis, fostering collaboration and shared responsibility among auxiliaries.
Furthermore, the VEBA effectively assures that all retiree medical benefits are covered, as each participating auxiliary pays the necessary insurance premiums for its retirees. The reimbursement process, where the VEBA reimburses auxiliaries based on their specific directives, enhances financial control and planning for these organizations.
The operational expenses incurred by the VEBA for administration, investment management, accounting, and legal services are fairly allocated to each auxiliary's sub-trust account. This monthly allocation ensures transparency and accountability in managing the funds, allowing each auxiliary to better manage its own financial commitments.
Overall, the Auxiliaries Multiple Employer VEBA strengthens the ability of auxiliaries to meet retiree welfare obligations, promotes collaborative funding practices, and facilitates a more structured approach to managing retiree benefits within the California State University system.
This information is meant to be a general summary of Auxiliaries Multiple Employer Veba. 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 2023.
- Investment Income: $4,051,257
- Program Service Revenue: $3,794,713
- Gross Receipts: $15,348,378
Assets and Liabilities:
- Total Assets: $96,503,921
- Total Liabilities: $192,140
- Net Assets: $96,311,781
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER CONTRIBUTIONS
Revenue
$3,794,713
Organization Details
Founding Year
2010
Phone
(310) 212-3344Principal Officer
Joseph Illuminate
Main Address
2355 CRENSHAW BLVD STE 200, TORRANCE, CA, 90501
NTEE Category
Code: Y44 - Mutual benefit
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