Usb Welfare Benefit Plan: Nonprofit Profile, Financials & Form 990 (EIN 41-1849855)

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

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

Where the money goes

100 cents of each dollar spent went to programs.

100%

Program services 100% · $650.8M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

1 person listed on the 990; $7K paid to officers and key staff.

Part VII, Section A · reportable compensation

US Bank National Association

Institutional Trustee

$6,916Pt VII · Sec A

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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 and maintains essential health and income replacement benefits for members.

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Provided by the organization

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1 program · in their own filed words · FY2020

01

This trust is a voluntary employee benefit association (veba) that was established to fund and distribute employee benefits.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$532.1M

Ln 12

Fees for servicesLn 2g$508.1M

Investment incomeLn 3$16.7M

Other incomeLn 4–11$7.2M

Money outPt IX

$650.8M

Ln 25

Programscol B$650.8M

Owns and owesPt X

$0

net assets · Ln 32

Total assetsLn 16$0

LiabilitiesLn 26$0

PeoplePt VI, VII

1

listed · VII A

PaidVII A1

Voting boardVI 1a1

IndependentVI 1b1

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$508.1M

Investment incomeLn 3$16.7M

Other incomeLn 4–11$7.2M

Gains on assetsLn 7$16.5M

Total revenueLn 12$532.1M

Assets in detailPt X, end of year

Total assetsLn 16$0

LiabilitiesLn 26$0

Net assetsLn 32$0

OperationsPt I, VI

EmployeesI 50

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Total assetsLn 16	$119.0M	$0
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$119.0M	$0

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Benefits paid to or for membersLn 4	$590.2M	$590.2M
Pay of current officers, directors and key staffLn 5	$7K	$7K
Management feesLn 11a	$4.3M	$4.3M
Investment management feesLn 11f	$0	$0
Other fees for servicesLn 11g	$23.1M	$23.1M
Other expenses (24a–d)Ln 24	$33.3M	$33.3M
Total functional expensesLn 25	$650.8M	$650.8M	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2020 Latest Viewing	$532.1M	$650.8M	−$118.7M	$0	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 FY2020 990 (6 parts)

Part I · Summary $532,086,986 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $640,982,755$0

I-9 Program service revenue$508,144,781

I-10 Investment incomePrior year $2,423,479$16,747,879

I-11 Other revenuePrior year $27,324,508$7,194,326

I-12 Total revenuePrior year $670,730,742$532,086,986

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to membersPrior year $611,075,899$590,175,000

I-15 Salaries and benefits$6,916

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $39,060,863$60,655,058

I-18 Total expensesPrior year $650,136,762$650,836,974

I-19 Revenue less expensesPrior year $20,593,980−$118,749,988

Part VI · Governance 1 of 1 board members independent, 4 to look at

VI-1a Voting members of the governing body1

VI-1b Independent voting members1

VI-12a Written conflict of interest policyNo

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

Part VIII · Statement of revenue $532,086,986 across 5 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $508,144,781$508,144,781

VIII-3 Investment incomeExcluded from tax $290,723$290,723

VIII-7 Net gain or loss on sales of assetsExcluded from tax $16,457,156$16,457,156

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $7,194,326$7,194,326

VIII-12 Total revenueRelated to mission $508,144,781 · Excluded from tax $23,942,205$532,086,986

Part IX · Statement of functional expenses $650,836,974 across 6 lines filed

IX-4 Benefits paid to or for membersPrograms $590,175,000$590,175,000

IX-5 Pay of current officers, directors and key staffPrograms $6,916$6,916

IX-11a Management feesPrograms $4,300,991$4,300,991

IX-11f Investment management feesPrograms $0$0

IX-11g Other fees for servicesPrograms $23,054,705$23,054,705

IX-24 Other expenses (24a–d)Programs $33,299,362$33,299,362

IX-25 Total functional expensesPrograms $650,836,974 · Management $0 · Fundraising $0$650,836,974

Part X · Balance sheet $0 assets, 4 lines filed

X-16 Total assetsStart of year $118,966,995$0

X-26 Total liabilitiesStart of year $0$0

X-32 Total net assets or fund balancesStart of year $118,966,995$0

X-33 Total liabilities and net assetsStart of year $118,966,995$0

Part XI · Reconciliation of net assets $0 net assets at year end

XI-1 Total revenue$532,086,986

XI-2 Total expenses$650,836,974

XI-3 Revenue less expenses−$118,749,988

XI-4 Net assets at start of year$118,966,995

XI-9 Other changes in net assets−$217,007

XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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