Overview
What is Bae Systems Welfare Benefit Trust?
The Bae Systems Welfare Benefit Trust is a nonprofit organization based in Falls Church, Virginia. It serves as a voluntary employees' beneficiary association, focusing on funding various welfare benefits for approximately 40,000 participants. The trust's primary expenses consist of health and welfare benefits, with administrative costs making up the remainder. The organization's revenue comes from employer and participant contributions, investment income, rebates, refunds from insurance carriers, and transfers from other trusts to cover plan liabilities. The trust adheres to the Internal Revenue Code Section 501(c)(9) and functions to ensure the financial assistance of eligible benefits for its members.
Is Bae Systems Welfare Benefit Trust legitimate?
Bae Systems Welfare Benefit Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Bae Systems Welfare 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: $5,700
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Bae Systems Welfare Benefit Trust?
The Bae Systems Welfare Benefit Trust is a voluntary employees' benefit association dedicated to funding welfare benefits in accordance with IRC Section 501(c)(9). The organization's primary focus lies in providing medical, disability, and other benefits for approximately 40,000 participants. The trust's primary expenditures are allocated towards the payment of healthcare and welfare benefits. Administrative expenses related to the trust's exempt purpose make up the remaining expenses. The trust's revenue mostly comes from employer and participant contributions, investment income, rebates from insurance carriers, and refunds. The Trust exists to ensure the financial support needed for the provision of employee benefits.
Who is the CEO of Bae Systems Welfare Benefit Trust?
Jodi Coulter is the Trustee of Bae Systems Welfare Benefit Trust.
What is the revenue of Bae Systems Welfare Benefit Trust?
Bae Systems Welfare Benefit Trust's revenue in 2022 was $418,677,030.
Who are the executives of Bae Systems Welfare Benefit Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $5,700
- Related: $0
- Other: $0
Where can I find the form 990 for Bae Systems Welfare Benefit Trust?
Bae Systems Welfare Benefit Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bae Systems Welfare Benefit Trust
Bae Systems Welfare Benefit Trust is a voluntary employees' beneficiary association established to fund welfare benefits for its approximately 40,000 participants. The trust's primary focus is on providing medical and health-related benefits to its members, as outlined in the Internal Revenue Code Section 501(c)(9).
The organization's mission is to ensure the payment of these essential benefits to its participants. The trust's expenses largely go towards funding these benefits, with a smaller portion allocated to administrative expenses related to the trust's exempt purpose. The trust derives its revenue from various sources, including employer and participant contributions, investment income, rebates and refunds from insurance carriers, and transfers from other trusts to fund plan liabilities.
In summary, Bae Systems Welfare Benefit Trust serves its members by managing and providing funds for their medical, disability, and other welfare benefits. Its mission is to facilitate the payment of these important benefits, ensuring the financial wellbeing and security of its participants.
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Impact
October, 2024
Bae Systems Welfare Benefit Trust plays a crucial role in providing essential health and welfare benefits to approximately 40,000 participants. By serving as a Voluntary Employees Beneficiary Association (VEBA), the Trust ensures that members can access medical, disability, and other vital benefits, thereby enhancing their overall well-being and financial security.
The Trust's impact is significant, as it primarily utilizes revenue from employer and participant contributions, alongside investment income and refunds from insurance carriers, to fund these benefits. This structured financial support allows participants to receive necessary health care and assistance during times of disability or medical need, alleviating the burden of costs that might otherwise be unmanageable.
Administrative expenses related to managing these benefits are kept minimal compared to the aggregate funds allocated for health and welfare support, ensuring that the majority of resources directly enhance participants' quality of life. Through its mission, the Trust upholds the intent of Internal Revenue Code Section 501(c)(9), demonstrating a commitment to mutual benefit among its members. Overall, Bae Systems Welfare Benefit Trust serves as a vital safety net, fostering a supportive environment for its participants and contributing to their overall health and well-being.
This information is meant to be a general summary of Bae Systems Welfare 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.
- Investment Income: $492,728
- Program Service Revenue: $384,559,036
- Gross Receipts: $418,677,030
Assets and Liabilities:
- Total Assets: $54,581,125
- Total Liabilities: $0
- Net Assets: $54,581,125
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER CONTRIBUTIONS
Revenue
$314,943,520
PARTICIPANT CONTRIBUTIONS
Revenue
$69,615,516
Organization Details
Founding Year
1992
Phone
(571) 461-6000Principal Officer
Jodi Coulter
Main Address
2941 FAIRVIEW PARK DRIVE FLOOR 13, FALLS CHURCH, VA, 22042
NTEE Category
Code: Y43 - Mutual benefit
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