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Prudential Welfare Benefits Tr

Not tax-deductible

Newark, NJMutual-benefit / member-servingSince 2001Mutual/MembershipEIN 25-6702878Revenue $277.5M in FY2024

On file with the IRS751 Broad Street 21st Floor, 07102-3754 · Newark, NJTax-exempt since Mar 2001

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The Prudential Welfare Benefits Trust is intended to fund medical, dental, disability, and other welfare benefits payable to participants and their dependents in the Prudential Welfare Benefits Plan.

Run by 3 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $6.9M a year · 3% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$277.5M
+2% vs prior year
Spent
$276.8M
Net assets
$21.6M
By yearFY2020–FY2024
Revenue
$277.5M
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$262.7M
FY2021$233.0M
FY2022$240.9M
FY2023$271.9M
FY2024$277.5M
Expenses
$276.8M
FY2024▲ +1.0%
Tap a bar for its year
Expenses by fiscal year
FY2020$251.8M
FY2021$278.5M
FY2022$239.6M
FY2023$274.1M
FY2024$276.8M
Net assets
$21.6M
FY2024▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$70.1M
FY2021$23.0M
FY2022$21.3M
FY2023$20.7M
FY2024$21.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2001.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
Gary Neubeck
Member of Inv. Oversight C
$0Pt VII · Sec A
Sara Bonesteel
Member of Inv. Oversight C
$0Pt VII · Sec A
Kate Tekker
Member of Inv. Oversight C
$0Pt VII · Sec A
$0Pt VII · Sec A
See Prudential Welfare Benefits Tr executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides medical, dental, and disability benefits to participants and their families.

Questions for Prudential Welfare Benefits Tr

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Payments to insurance carriers and contract administrators for medical, dental, disability, and other welfare benefits to participants and their dependents in the prudential welfare benefits plan.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$277.5M
Ln 12
Fees for servicesLn 2g$276.5M
Investment incomeLn 3$1.0M
Money outPt IX
$276.8M
Ln 25
Owns and owesPt X
$21.6M
net assets · Ln 32
Total assetsLn 16$21.6M
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$276.5M
Investment incomeLn 3$1.0M
Gains on assetsLn 7−$290K
Total revenueLn 12$277.5M
Assets in detailPt X, end of year
InvestmentsLn 11–13$21.6M
Total assetsLn 16$21.6M
LiabilitiesLn 26$0
Net assetsLn 32$21.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
InvestmentsLn 11–13$20.7M$21.6M
Total assetsLn 16$20.7M$21.6M
LiabilitiesLn 26$0$0
Net assetsLn 32$20.7M$21.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$276.8M
Investment management feesLn 11f$19K
Total functional expensesLn 25$276.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $277.5M$276.8M$757K$21.6M 990 PDF
FY2023 $271.9M$274.1M−$2.2M$20.7M 990 PDF
FY2022 $240.9M$239.6M$1.3M$21.3M 990 PDF
FY2021 $233.0M$278.5M−$45.5M$23.0M 990 PDF
FY2020 $262.7M$251.8M$10.8M$70.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $277,539,445 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $272,012,758$276,515,474
I-10 Investment incomePrior year −$87,747$1,023,971
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $271,925,011$277,539,445
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $274,057,728$276,762,812
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $32,258$19,145
I-18 Total expensesPrior year $274,089,986$276,781,957
I-19 Revenue less expensesPrior year −$2,164,975$757,488
Part VI · Governance 0 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $277,539,445 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $276,515,474$276,515,474
VIII-3 Investment incomeRelated to mission $1,313,507$1,313,507
VIII-7 Net gain or loss on sales of assetsRelated to mission −$289,536−$289,536
VIII-12 Total revenueRelated to mission $277,539,445 · Unrelated business $0 · Excluded from tax $0$277,539,445
Part IX · Statement of functional expenses $276,781,957 across 2 lines filed
IX-4 Benefits paid to or for members$276,762,812
IX-11f Investment management fees$19,145
IX-25 Total functional expenses$276,781,957
Part X · Balance sheet $21,647,302 assets, 6 lines filed
X-11 Publicly traded securitiesStart of year $12,575,655$14,920,351
X-12 Other securitiesStart of year $8,173,393$6,726,951
X-16 Total assetsStart of year $20,749,048$21,647,302
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $20,749,048$21,647,302
X-33 Total liabilities and net assetsStart of year $20,749,048$21,647,302
Part XI · Reconciliation of net assets $21,647,302 net assets at year end
XI-1 Total revenue$277,539,445
XI-2 Total expenses$276,781,957
XI-3 Revenue less expenses$757,488
XI-4 Net assets at start of year$20,749,048
XI-5 Net unrealized gains (losses) on investments$140,766
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$21,647,302

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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