Overview
What is University Of B C Pension Plan For Members Of The Academic Staff?
The University of B C Pension Plan for Members of the Academic Staff is a nonprofit organization that primarily focuses on providing retirement, termination, and death benefits to academics and administrative executives of the University. Based in Vancouver, British Columbia, Canada, the plan accepts contributions from members, the University, and additional voluntary contributions, as well as transfers from other plans to generate revenues. Their mission is to serve and support the academic and administrative staff of the University, ensuring financial security and peace of mind in their later years.
Official website here: www.faculty.pensions
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star rating)
The University of B C Pension Plan for Members of the Academic Staff has achieved a high level of performance, reflected in its 92% score from Charity Navigator, earning it a Four-Star rating. This score is based solely on its accountability and finance practices, indicating a strong emphasis on transparency and effective financial management.
Key strengths of the organization include a fully independent board, with all eight members meeting the independence criteria. The plan also demonstrates excellent financial oversight, evidenced by a solid audit and oversight committee, and a very high program expense ratio of 92.37%, suggesting that the majority of funds are directed towards the intended purposes rather than administrative costs.
However, the organization does have a limitation noted in its policies; it lacks a whistleblower policy, which could impact its accountability framework. Despite this, the overall financial health and governance structure appear robust, making it a reliable choice for stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is University Of B C Pension Plan For Members Of The Academic Staff legitimate?
University Of B C Pension Plan For Members Of The Academic Staff is a legitimate nonprofit organization registered as a 501(c)(3) entity. University Of B C Pension Plan For Members Of The Academic Staff 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: $359,150
Professional Fundraising Fees: $0
Other Salaries and Wages: $876,229
For more financial information, click here
Official website here: www.faculty.pensions
What is the mission statement of University Of B C Pension Plan For Members Of The Academic Staff?
The University of B C Pension Plan for Members of the Academic Staff, referred to as the Faculty Pension Plan (FPP), is designed to support academics and administrative executives within the University. Its primary role is to offer retirement, termination, and death benefits to those who are eligible. The FPP aims to provide financial security and peace of mind to its members during their academic careers and beyond. The plan relies on contributions from members, the University, and additional voluntary contributions, as well as transfers from other plans, to generate the necessary revenues to cover benefit payments.
Official website here: www.faculty.pensions
What is the revenue of University Of B C Pension Plan For Members Of The Academic Staff?
University Of B C Pension Plan For Members Of The Academic Staff's revenue in 2023 was $205,421,218.
Official website here: www.faculty.pensions
Who are the executives of University Of B C Pension Plan For Members Of The Academic Staff and what are their salaries?
Here are 10 key members and their salaries:
- Compensation: $224,000
- Related: $0
- Other: $0
- Compensation: $135,150
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.faculty.pensions
Where can I find the form 990 for University Of B C Pension Plan For Members Of The Academic Staff?
University Of B C Pension Plan For Members Of The Academic Staff's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.faculty.pensions
Learn more at the official website: www.faculty.pensions
Mission Statement of University Of B C Pension Plan For Members Of The Academic Staff
The University of BC Pension Plan for Members of the Academic Staff, commonly known as the Faculty Pension Plan (FPP), is a vital organization that caters to the retirement and benefit needs of academics and administrative executives within the University. Its mission is geared towards securing the financial future of these individuals through the provision of retirement, termination, and death benefits.
In essence, the Faculty Pension Plan functions as a safety net, offering a sense of security and peace of mind to its members. It ensures that academics and administrative executives can look forward to a stable and comfortable retirement, knowing that their financial needs will be met during their golden years. Moreover, in the unfortunate event of termination or death, the FPP offers essential benefits that can provide much-needed financial support to its members and their families.
The Faculty Pension Plan derives its funding from multiple sources. Members make contributions, which include both mandatory and voluntary payments, while the University also contributes a significant portion of the revenue. The Plan also receives funds from transfers from other pension plans. With these resources, the FPP is able to meet its financial obligations, ensuring the well-being of its members during various stages of their professional lives.
In summary, the University of BC Pension Plan for Members of the Academic Staff, or the Faculty Pension Plan, serves a crucial role in the lives of academics and administrative executives at the University. Its mission is to provide retirement, termination, and death benefits, thereby securing the financial future of its members and offering peace of mind. The Plan's sustainable revenue model, which relies on contributions from members and the University, enables it to fulfill its mission effectively.
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Impact
October, 2024
The University of B.C. Pension Plan for Members of the Academic Staff significantly impacts its members by providing a reliable financial foundation for retirement, ensuring peace of mind for academic professionals and administrative executives. The Faculty Pension Plan (FPP) offers a structured benefits framework that includes retirement, termination, and death benefits, creating a safety net for its members and their families during challenging times.
Members benefit from a consistent revenue stream derived from their own contributions as well as those from the University, along with voluntary additional contributions and transfers from other plans. This collaborative funding model strengthens the financial sustainability of the pension plan, allowing for the payment of benefits to retirees or those who have terminated their service, thus reinforcing trust in the system.
Overall, the FPP enhances the attractiveness of employment at the University, contributing to recruitment and retention of skilled academic staff while fostering a supportive community that values the welfare and future of its members.
This information is meant to be a general summary of University Of B C Pension Plan For Members Of The Academic Staff. 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 2023.
- Investment Income: $109,130,704
- Program Service Revenue: $90,556,322
- Gross Receipts: $205,421,218
Assets and Liabilities:
- Total Assets: $2,785,020,697
- Total Liabilities: $4,991,914
- Net Assets: $2,780,028,783
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Members' contributions
Revenue
$28,910,368
University's contributions
Revenue
$56,423,399
Members' additional voluntary contributions
Revenue
$1,186,657
Transfer from Other Plans
Revenue
$4,035,898
Organization Details
Founding Year
1967
Principal Officer
Derrick Johnstone
Website
www.faculty.pensionsNTEE Category
Code: Y30Z - Mutual benefit
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