Overview
What is City Of Burbank Welfare Benefit Plan Tr?
The City of Burbank Welfare Benefit Plan Trust, abbreviated as City Of Burbank Welfare Benefit Plan Tr, is a defined contribution health and welfare benefit plan established in 1997. This nonprofit entity, based in Spokane, Washington, serves to provide medical benefits that are not covered by Social Security, Medicare, Medicaid, or any other medical insurance contracts or plans. It operates as a tax-free account for participants, where payments or reimbursements can be made for eligible healthcare expenses that are not covered by other insurance plans or deductible under the Internal Revenue Code. The purpose of this trust is to help participants and their dependents manage their medical expenses effectively.
Is City Of Burbank Welfare Benefit Plan Tr legitimate?
City Of Burbank Welfare Benefit Plan Tr is a legitimate nonprofit organization registered as a 501(c)(9) entity. City Of Burbank Welfare Benefit Plan Tr 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 City Of Burbank Welfare Benefit Plan Tr?
The City of Burbank Welfare Benefit Plan Trust, shortened as City Of Burbank Welfare Benefit Plan Tr, has a mission to offer qualifying health and welfare benefits to its participants and their dependents. This is achieved through a health reimbursement arrangement (HRA). The primary objective is to cover medical expenses that are not catered to by Social Security, Medicare, Medicaid, or any other medical insurance plans or contracts. The plan operates on a defined contribution basis and is designed to serve as a tax-exempt account, enabling participants to pay for uncovered medical costs. The payments or reimbursements, however, cannot be made for expenses covered by other insurance plans or deductible under any section of the Internal Revenue Code. The expenditures in question must pertain to the participants, their spouses, and/or their dependents.
Who is the CEO of City Of Burbank Welfare Benefit Plan Tr?
Steven R Sherman is the Trustee of City Of Burbank Welfare Benefit Plan Tr.
What is the revenue of City Of Burbank Welfare Benefit Plan Tr?
City Of Burbank Welfare Benefit Plan Tr's revenue in 2022 was $645,126.
Who are the executives of City Of Burbank Welfare Benefit Plan Tr and what are their salaries?
There is 1 key member and their salary:
- Compensation: $13,198
- Related: $0
- Other: $0
Where can I find the form 990 for City Of Burbank Welfare Benefit Plan Tr?
City Of Burbank Welfare Benefit Plan Tr's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of City Of Burbank Welfare Benefit Plan Tr
The City of Burbank Welfare Benefit Plan Trust, in essence, is established to offer qualified health and welfare benefits through a tax-favored arrangement known as a Health Reimbursement Account (HRA). This plan, established in 1997, serves to provide medical benefits that are not covered by Social Security, Medicare, Medicaid, or any other medical insurance contract or plan. The purpose of this trust is to create a tax-free account for participants, enabling them to pay for these uncovered medical expenses. It's worth noting that the reimbursements or payments made from this account cannot be used to cover expenses that are covered by any other insurance contract or plan, as per the Internal Revenue Code. The City of Burbank Welfare Benefit Plan Trust aims to bridge the gap in medical coverage for its participants, ensuring they have access to necessary medical care that might otherwise go unmet.
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Impact
October, 2024
The City of Burbank Welfare Benefit Plan Trust plays a crucial role in enhancing the health and welfare of its participants by providing qualified health benefits through a health reimbursement arrangement (HRA). Established on November 25, 1997, this defined contribution plan facilitates a tax-free account for participants, enabling them to cover medical expenses that traditional Medicare, Social Security, or other insurance plans do not address.
By holding and managing the assets of the welfare benefit plan, the trust ensures that participants, their spouses, and dependents have access to necessary medical reimbursements. This feature creates a safety net for unexpected healthcare costs, promoting the well-being of those involved. Participants can utilize these funds to manage their healthcare expenditures effectively, enhancing their financial stability in the face of medical needs.
Overall, the trust fosters a supportive environment for participants by alleviating the burden of healthcare costs and ensuring that they receive appropriate medical benefits that might otherwise be overlooked. This impact extends not only to individual participants but also contributes to the broader community's health and wellness through accessible and supplemental healthcare funding.
This information is meant to be a general summary of City Of Burbank Welfare Benefit Plan Tr. 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: $210,052
- Program Service Revenue: $435,074
- Gross Receipts: $1,358,235
Assets and Liabilities:
- Total Assets: $10,079,312
- Total Liabilities: $15,117
- Net Assets: $10,064,195
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Plan contributions
Revenue
$435,074
Organization Details
Founding Year
1997
Phone
(509) 534-0600Principal Officer
Steven R Sherman
Main Address
PO Box 5433, Spokane, WA, 992050423
NTEE Category
Code: Y40 - Mutual benefit
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