Overview
What is Staplcotn Medical Plan Trust?
Staplcotn Medical Plan Trust is a nonprofit organization established to manage the assets associated with a self-insured medical plan. This plan, named Staplcotn Medical Plan, offers healthcare benefits to eligible employees of Staple Cotton Cooperative Association and Staple Cotton Discount Corporation, along with their dependents. At the end of 2023, there were 310 individuals insured under this plan. Throughout the year, various expenses such as claims, reinsurance premiums, administrative costs, and bank fees were incurred, totaling $1,928,229. Conversely, insurance premiums were collected from both the associations and plan participants, amounting to $1,500,241. Additionally, the Trust earned interest income through certificates of deposit and U.S. Treasuries, amounting to $64,455. The main purpose of Staplcotn Medical Plan Trust is to maintain the financial resources required to fund the healthcare benefits for the eligible employees and their dependents under the Staplcotn Medical Plan.
Is Staplcotn Medical Plan Trust legitimate?
Staplcotn Medical Plan Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Staplcotn Medical Plan 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 Staplcotn Medical Plan Trust?
The Staplcotn Medical Plan Trust's primary role is to manage the assets associated with a self-insured medical plan, known as the Staplcotn Medical Plan. This plan provides healthcare benefits to employees of Staple Cotton Cooperative Association and Staple Cotton Discount Corporation, along with their eligible dependents. The trust's mission is to facilitate the payment of claims, administrative expenses, and premiums related to this medical plan. As of December 31, 2023, there were 310 individuals insured under the plan. In 2023, the trust paid out claims, administrative expenses, and various fees totaling approximately $2,002,627, while also collecting premiums and earning interest income.
What is the revenue of Staplcotn Medical Plan Trust?
Staplcotn Medical Plan Trust's revenue in 2024 was $1,657,438.
Who are the executives of Staplcotn Medical Plan Trust and what are their salaries?
Here are 4 key members and their salaries:
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Where can I find the form 990 for Staplcotn Medical Plan Trust?
Staplcotn Medical Plan Trust's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Staplcotn Medical Plan Trust
Staplcotn Medical Plan Trust is an organization with a primary objective of managing the assets associated with the Staplcotn Medical Plan, a self-insured medical plan. This plan provides healthcare benefits to the employees of Staple Cotton Cooperative Association and Staple Cotton Discount Corporation, as well as their eligible dependents. The organization's role is essential in ensuring the smooth operation of this medical plan, which was responsible for insuring 310 individuals as of December 31, 2023. The trust's activities involve managing claims, payments, and expenses associated with the plan. In 2023, claims paid on behalf of participants totaled $1,928,229. Reinsurance premiums, administrative expenses, accounting fees, and bank fees were also paid during this year. Additionally, insurance premiums were collected from the associated companies and participants in the plan, while proceeds were received from a reinsurance policy. Furthermore, the trust's interest-bearing sweep account, certificates of deposit, and short-term U.S. Treasuries generated interest income of $64,455 in 2023.
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Impact
October, 2024
The Staplcotn Medical Plan Trust plays a vital role in promoting the health and well-being of employees within the Staple Cotton Cooperative Association and Staple Cotton Discount Corporation, alongside their eligible dependents. By managing a self-insured medical plan, the Trust ensures that 310 insured individuals have access to healthcare benefits, which directly contributes to their quality of life and financial security regarding medical expenses.
In 2023, the Trust disbursed nearly $1.93 million in claims, illustrating its commitment to providing essential healthcare services. The management of reinsurance premiums, administrative expenses, and interest income from investments reflects a structured and responsible financial strategy aimed at sustaining the health benefits offered to participants.
Furthermore, the collection of over $1.5 million in insurance premiums indicates a strong partnership between the Trust and participating organizations, ensuring that the plan remains funded and viable for the future. The Trust's approach to healthcare benefits not only reduces the burden of medical costs on employees but also enhances workforce stability and satisfaction, ultimately contributing to a healthier community within Greenwood, MS.
This information is meant to be a general summary of Staplcotn Medical Plan 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 2024.
- Investment Income: $51,909
- Program Service Revenue: $1,605,529
- Gross Receipts: $1,657,438
Assets and Liabilities:
- Total Assets: $1,037,185
- Total Liabilities: $0
- Net Assets: $1,037,185
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Insurance premiums
Revenue
$1,605,529
Reinsurance proceeds
Revenue
$0
Program 3
Revenue
$0
Program 4
Revenue
$0
Program 5
Revenue
$0
Organization Details
Founding Year
1988
Principal Officer
James M Moffatt
NTEE Category
Code: Y40 - Mutual benefit
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