Overview
What is Clorox Company Voluntary Employees Beneficiary Association?
The Clorox Company Voluntary Employees Beneficiary Association (VEBA Trust) is a nonprofit establishment established to provide security for active employees of The Clorox Company and its subsidiaries. It serves this purpose by holding funds contributed by both employers and employees, primarily intended for covering medical, dental, and vision benefits. Once, the trust also covered certain retired and disabled participants. However, in 2008, an amendment in the trust agreement led to the removal of current eligible employees from the VEBA Trust, and active employee contributions ceased. From July 1, 2018, a separate plan, The Clorox Company Group Insurance Plan for Retirees, was established to provide benefits for eligible former employees. The contributions made to this organization are exempt from taxation, as confirmed by the IRS Department Letter dated March 18, 2002.
Is Clorox Company Voluntary Employees Beneficiary Association legitimate?
Clorox Company Voluntary Employees Beneficiary Association is a legitimate nonprofit organization registered as a 501(c)(9) entity. Clorox Company Voluntary Employees Beneficiary Association 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 Clorox Company Voluntary Employees Beneficiary Association?
The Clorox Company Voluntary Employees Beneficiary Association (VEBA Trust) is established with the purpose of ensuring financial security for active employees of the Clorox Company and its subsidiaries. Employer and employee contributions made to this organization are exempt from taxation, as stated in an IRS Department letter dated March 18, 2002. The primary function of the VEBA Trust is to fund health and welfare benefits, including medical, dental, and vision coverage, for retired employees of the company. Previously, contributions from active employees were also held in the trust. However, as of July 1, 2008, active employee contributions ceased to be held in the VEBA Trust, and certain benefits and expenses for active employees are now covered through the general assets of the Clorox Company. Subsequently, on July 1, 2018, The Clorox Company Group Insurance Plan for Retirees was established to provide benefits for eligible former employees.
Who is the CEO of Clorox Company Voluntary Employees Beneficiary Association?
Unavailable
What is the revenue of Clorox Company Voluntary Employees Beneficiary Association?
Clorox Company Voluntary Employees Beneficiary Association's revenue in 2022 was $3,665,494.
Who are the executives of Clorox Company Voluntary Employees Beneficiary Association and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $1,918,171
- Other: $0
- Compensation: $0
- Related: $2,509,309
- Other: $0
- Compensation: $0
- Related: $978,872
- Other: $0
- Compensation: $0
- Related: $1,140,554
- Other: $0
- Compensation: $0
- Related: $1,042,394
- Other: $0
- Compensation: $3,988
- Related: $0
- Other: $0
Where can I find the form 990 for Clorox Company Voluntary Employees Beneficiary Association?
Clorox Company Voluntary Employees Beneficiary Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Clorox Company Voluntary Employees Beneficiary Association
The Clorox Company Voluntary Employees Beneficiary Association, often referred to as the VEBA Trust, serves a crucial role in ensuring the financial security of retired employees from the Clorox Company and its subsidiaries. Established with the amendment of a trust agreement in 2000, this organization exempts both employer and employee contributions made to it from taxation, as confirmed by an IRS Department Letter dated March 18, 2002. Initially, the VEBA Trust was responsible for holding and managing funds to cover medical, dental, and vision benefits for active employees.
Eventually, the trust agreement was amended again in 2008, incorporating The Clorox Company Group Insurance Plan for Certain Retired and Disabled Participants (Plan No. 508) into the trust. However, in 2008, active employee contributions ceased to be held in the VEBA Trust, with certain benefits and expenses for active employees now covered through the general assets of the Clorox Company. Finally, in 2018, The Clorox Company Group Insurance Plan for Retirees was established to provide benefits for eligible former employees of The Clorox Company.
In summary, the Clorox Company Voluntary Employees Beneficiary Association was established to provide financial security for retired employees of the Clorox Company and its subsidiaries. By exempting contributions from taxation, the organization ensures that retirees have access to essential health and welfare benefits. Over time, the trust's scope has evolved to include different plans and the separation of active and retired employee benefits, ultimately aiming to provide comprehensive coverage for eligible individuals.
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Impact
October, 2024
The Clorox Company Voluntary Employees Beneficiary Association (VEBA Trust) plays a vital role in ensuring the financial security and well-being of retired employees from Clorox and its subsidiaries. By managing funds contributed by both the employer and employees, the VEBA Trust specifically supports health and welfare benefits, including medical, dental, and vision care.
This organization functions as a financial safety net, allowing retirees to access crucial healthcare services without the burden of substantial out-of-pocket expenses. With employer and employee contributions exempt from taxation, the VEBA Trust is designed to maximize the available resources for retiree benefits, ensuring a sustainable fund that can meet the needs of its beneficiaries.
Since its establishment, the VEBA Trust has adapted to changing circumstances by modifying its structure to better serve its intended purpose. The transition of benefits for active employees to the company's general assets, while continuing to focus on providing for retired employees, reflects a commitment to prioritizing the healthcare needs of those who have dedicated their careers to the Clorox Company.
Overall, the impact of the Clorox Company Voluntary Employees Beneficiary Association is significant, providing retirees with essential health benefits and contributing to their overall quality of life during retirement."
This information is meant to be a general summary of Clorox Company Voluntary Employees Beneficiary Association. 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: $84
- Program Service Revenue: $3,665,410
- Gross Receipts: $3,665,410
Assets and Liabilities:
- Total Assets: $615,394
- Total Liabilities: $0
- Net Assets: $615,394
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Employer Contributions
Revenue
$1,910,870
Employee Contributions
Revenue
$1,754,540
Organization Details
Founding Year
2000
Main Address
PO BOX 24305, Oakland, CA, 94623
NTEE Category
Code: Y43 - Mutual benefit
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