Overview
What is Fairway Fordincvoluntary Employee Benefit Trust?
Fairway Fordincvoluntary Employee Benefit Trust is a nonprofit entity based in Greenville, South Carolina. Its primary role involves managing insurance benefits for The Fairway Ford, Inc. Health and Welfare Benefit Plan. Participants of this plan elect to contribute premiums, which the trust then utilizes. The trust's main responsibilities include processing and settling insurance claims, purchasing stop-loss insurance for major claims, and procuring additional insurance products on behalf of participating individuals. Additionally, the trust handles administrative tasks, such as filing necessary forms and meeting requirements set forth by the Affordable Care Act.
Is Fairway Fordincvoluntary Employee Benefit Trust legitimate?
Fairway Fordincvoluntary Employee Benefit Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Fairway Fordincvoluntary Employee Benefit 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
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What is the mission statement of Fairway Fordincvoluntary Employee Benefit Trust?
The Fairway Fordincvoluntary Employee Benefit Trust's primary role is to manage insurance premiums paid by electing participants. It fulfills this duty by (1) processing and settling covered claims, (2) purchasing stop-loss insurance to protect against major medical expenses, and (3) procuring additional insurance products on behalf of the participants. Furthermore, the trust also performs administrative tasks, such as filing necessary forms and paying associated fees, in accordance with the Affordable Care Act provisions.
Who is the CEO of Fairway Fordincvoluntary Employee Benefit Trust?
Afmckissickiii is the Principal Officer of Fairway Fordincvoluntary Employee Benefit Trust.
What is the revenue of Fairway Fordincvoluntary Employee Benefit Trust?
Fairway Fordincvoluntary Employee Benefit Trust's revenue in 2022 was $1,884,189.
Who are the executives of Fairway Fordincvoluntary Employee Benefit Trust and what are their salaries?
There 3 volunteers at Fairway Fordincvoluntary Employee Benefit Trust.
Here are 3 key members and their salaries:
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- Other: $0
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- Compensation: $0
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- Other: $0
Where can I find the form 990 for Fairway Fordincvoluntary Employee Benefit Trust?
Fairway Fordincvoluntary Employee Benefit Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Fairway Fordincvoluntary Employee Benefit Trust
Fairway Fordincvoluntary Employee Benefit Trust, as a trust, plays a crucial role in managing insurance benefits for its electing participants. Its primary mission is threefold. Firstly, it receives insurance premiums on behalf of Fairway Ford, Inc.'s Health and Welfare Benefit Plan, which are contributions made by participants due to their election. Secondly, the trust uses these premiums to pay out covered claims, ensuring that eligible individuals receive the necessary financial support during challenging times. Lastly, the trust takes additional precautions by purchasing stop loss insurance to safeguard against major claims, protecting the trust and its participants from substantial financial burdens.
In addition to handling insurance claims and purchasing insurance policies, Fairway Fordincvoluntary Employee Benefit Trust also performs various administrative tasks. These tasks include filing required forms and paying fees mandated by the Affordable Care Act provisions. Moreover, upon the request of electing participants, the trust purchases additional insurance products to further enhance their benefits package. By performing these duties, the trust aims to provide comprehensive insurance coverage and support to its participants, ensuring they have the necessary protection in times of need.
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Impact
October, 2024
Fairway Fordincvoluntary Employee Benefit Trust plays a crucial role in managing health and welfare benefits for employees of Fairway Ford, Inc. By receiving insurance premiums from participating employees, the trust ensures that members have access to essential health coverage. It directly impacts participants by paying covered claims, which alleviates financial burdens associated with healthcare costs.
Additionally, the trust purchases stop-loss insurance to protect against significant claims, providing a safety net that contributes to the overall financial stability of the health plan. This safeguard is essential for maintaining affordable health benefits for employees, particularly in cases of major medical expenses.
The trust also engages in administrative tasks necessary for compliance with the Affordable Care Act, ensuring that all required filings and fees are managed appropriately. This administrative support is vital for the seamless operation of the benefits system, allowing participants to focus on their health needs rather than bureaucratic challenges.
Overall, the Fairway Fordincvoluntary Employee Benefit Trust enhances the wellbeing of employees by providing critical health coverage, managing risks associated with major claims, and ensuring compliance with healthcare regulations.
This information is meant to be a general summary of Fairway Fordincvoluntary Employee Benefit 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.
- Program Service Revenue: $1,884,189
- Gross Receipts: $1,884,189
Assets and Liabilities:
- Total Assets: $206,168
- Total Liabilities: $23,229
- Net Assets: $182,939
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Group Ins. Premiums
Revenue
$1,288,488
Optional Group Ins. Prem.
Revenue
$48,293
Specific Reimbursement
Revenue
$533,123
Other Revenue
Revenue
$14,285
Organization Details
Founding Year
1997
Phone
(864) 752-6673Principal Officer
Afmckissickiii
Main Address
2323 Laurens Road, Greenville, SC, 29607
NTEE Category
Code: Y43 - Mutual benefit
If you are a representative of Fairway Fordincvoluntary Employee Benefit 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.