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Benefitsmn

Not tax-deductible

Saint Paul, MNMutual-benefit / member-servingSince 2020Mutual/MembershipEIN 83-1850611Revenue $15.3M in FY2024

On file with the IRS2314 University Ave W Ste 20, 55114-1863 · Saint Paul, MNTax-exempt since Sep 2020

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Provide health benefits

Run by 7 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
4 of 5
filings with a surplus
Average surplus $15K a year · under 1% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 9 voting members
Worth a look: 3 of 9 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$15.3M
+26% vs prior year
Spent
$15.3M
Net assets
$77K
By yearFY2020–FY2024
Revenue
$15.3M
FY2024▲ +26%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.9M
FY2021$5.9M
FY2022$8.4M
FY2023$12.2M
FY2024$15.3M
Expenses
$15.3M
FY2024▲ +26%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.8M
FY2021$6.0M
FY2022$8.4M
FY2023$12.2M
FY2024$15.3M
Net assets
$77K
FY2024▲ +109%
Tap a bar for its year
Net assets by fiscal year
FY2020$111K
FY2021$14K
FY2022$27K
FY2023$37K
FY2024$77K

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

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2020.

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

Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Benefitsmn 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

Benefitsmn is a member-serving organization based in Saint Paul, MN, formed in 2020.

Questions for Benefitsmn

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Fully-insured benefits for approzximately 1,357 members and their dependents.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$15.3M
Ln 12
Fees for servicesLn 2g$15.3M
Money outPt IX
$15.3M
Ln 25
Owns and owesPt X
$77K
net assets · Ln 32
Cash and savingsLn 1–2$77K
Total assetsLn 16$82K
LiabilitiesLn 26$6K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$15.3M
Total revenueLn 12$15.3M
Assets in detailPt X, end of year
SavingsLn 2$77K
Cash and savings togetherLn 1–2$77K
Total assetsLn 16$82K
LiabilitiesLn 26$6K
Net assetsLn 32$77K
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$76K$77K
Total assetsLn 16$76K$82K
LiabilitiesLn 26$40K$6K
Net assetsLn 32$37K$77K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$15.0M
Management feesLn 11a$170K
Legal feesLn 11b$10K
Accounting feesLn 11c$25K
Other fees for servicesLn 11g$41K
InsuranceLn 23$4K
Other expenses (24a–d)Ln 24$1K
Total functional expensesLn 25$15.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $15.3M$15.3M$40K$77K 990 PDF
FY2023 $12.2M$12.2M$10K$37K 990 PDF
FY2022 $8.4M$8.4M$13K$27K 990 PDF
FY2021 $5.9M$6.0M−$97K$14K 990 PDF
FY2020 $2.9M$2.8M$111K$111K 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 $15,325,119 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $12,172,365$15,325,119
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $12,172,365$15,325,119
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $11,959,033$15,033,969
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $203,578$251,230
I-18 Total expensesPrior year $12,162,611$15,285,199
I-19 Revenue less expensesPrior year $9,754$39,920
Part VI · Governance 3 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members3
VI-13 Written whistleblower policyNo
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-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $15,325,119 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,325,119$15,325,119
VIII-12 Total revenueRelated to mission $15,325,119 · Unrelated business $0 · Excluded from tax $0$15,325,119
Part IX · Statement of functional expenses $15,285,199 across 7 lines filed
IX-4 Benefits paid to or for members$15,033,969
IX-11a Management fees$169,838
IX-11b Legal fees$10,112
IX-11c Accounting fees$25,107
IX-11g Other fees for services$41,053
IX-23 Insurance$3,742
IX-24 Other expenses (24a–d)$1,378
IX-25 Total functional expenses$15,285,199
Part X · Balance sheet $82,451 assets, 9 lines filed
X-2 Savings and temporary cash investmentsStart of year $75,967$76,584
X-4 Accounts receivableStart of year $0$2,660
X-9 Prepaid expenses and deferred chargesStart of year $385$3,207
X-16 Total assetsStart of year $76,352$82,451
X-17 Accounts payable and accrued expensesStart of year $39,747$3,604
X-19 Deferred revenueStart of year $0$2,322
X-26 Total liabilitiesStart of year $39,747$5,926
X-32 Total net assets or fund balancesStart of year $36,605$76,525
X-33 Total liabilities and net assetsStart of year $76,352$82,451
Part XI · Reconciliation of net assets $76,525 net assets at year end
XI-1 Total revenue$15,325,119
XI-2 Total expenses$15,285,199
XI-3 Revenue less expenses$39,920
XI-4 Net assets at start of year$36,605
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$76,525

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

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