Teamsters Benefit Trust

Not tax-deductible

Fremont, CAMutual-benefit / member-servingSince 1982EIN 94-2848389Revenue $399.7M in FY2024

On file with the IRSteamstersbenefittrust.comPo Box 5820, 94537-5820 · Fremont, CATax-exempt since Jan 1990

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To provide health and welfare benefits to multiemployer plan participants.

Mission: Form 990 Part I, line 1

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
5 of 5
filings with a surplus
Average surplus $52.9M a year · 15% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
<1 mo
of spending, in cash
Concern: 0.3 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$54.0M
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 12 voting members
Concern: none of 12 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$399.7M
+5% vs prior year
Spent
$379.8M
Net assets
$975.0M
By yearFY2020–FY2024
Revenue
$399.7M
FY2024▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$337.7M
FY2021$360.0M
FY2022$367.4M
FY2023$366.7M
FY2024$379.8M
FY2024$399.7M
Expenses
$379.8M
FY2024▲ +14%
Tap a bar for its year
Expenses by fiscal year
FY2020$302.6M
FY2021$303.4M
FY2022$300.1M
FY2023$306.6M
FY2024$334.4M
FY2024$379.8M
Net assets
$975.0M
FY2024▲ +13%
Tap a bar for its year
Net assets by fiscal year
FY2020$477.5M
FY2021$607.0M
FY2022$582.0M
FY2023$698.1M
FY2024$865.3M
FY2024$975.0M

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

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1990.

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

Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Co-Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Co-Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
See Teamsters Benefit Trust 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

Offers health and welfare benefits to those in need.

Provided by the organization

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1 program · in their own filed words · FY2024
01

Provided health and welfare benefits to eligible participants and their dependents in this collectively bargained multiemployer trust.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$399.7M
Ln 12
Fees for servicesLn 2g$373.7M
Investment incomeLn 3$25.7M
Other incomeLn 4–11$264K
Money outPt IX
$379.8M
Ln 25
Owns and owesPt X
$975.0M
net assets · Ln 32
Cash and savingsLn 1–2$8.9M
Total assetsLn 16$1.0B
LiabilitiesLn 26$54.0M
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$373.7M
Investment incomeLn 3$25.7M
Other incomeLn 4–11$264K
Gains on assetsLn 7$0
Total revenueLn 12$399.7M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$8.9M
Cash and savings togetherLn 1–2$8.9M
InvestmentsLn 11–13$967.5M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$461K
Total assetsLn 16$1.0B
LiabilitiesLn 26$54.0M
Net assetsLn 32$975.0M
OperationsPt I, VI
EmployeesI 52
VolunteersI 60
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
Cash and savingsLn 1–2$15.3M$8.9M
InvestmentsLn 11–13$854.0M$967.5M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$910.8M$1.03B
LiabilitiesLn 26$45.5M$54.0M
Net assetsLn 32$865.3M$975.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$363.2M
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$9.0M
Legal feesLn 11b$333K
Accounting feesLn 11c$727K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$2.6M
Other fees for servicesLn 11g$2.7M
Advertising and promotionLn 12$0
Office expensesLn 13$724K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$75K
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$242K
Other expenses (24a–d)Ln 24$156K
Total functional expensesLn 25$379.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $379.8M$334.4M$45.5M$865.3M 990 PDF
FY2023 $366.7M$306.6M$60.1M$698.1M 990 PDF
FY2022 $367.4M$300.1M$67.3M$582.0M 990 PDF
FY2021 $360.0M$303.4M$56.7M$607.0M 990 PDF
FY2020 $337.7M$302.6M$35.1M$477.5M 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 $399,670,007 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $355,795,100$373,731,004
I-10 Investment incomePrior year $23,725,993$25,675,368
I-11 Other revenuePrior year $302,201$263,635
I-12 Total revenuePrior year $379,823,294$399,670,007
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $317,994,418$363,217,909
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $16,365,812$16,540,000
I-18 Total expensesPrior year $334,360,230$379,757,909
I-19 Revenue less expensesPrior year $45,463,064$19,912,098
Part VI · Governance 0 of 12 board members independent, 1 to look at
VI-1a Voting members of the governing body12
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 $399,670,007 across 9 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $373,731,004$373,731,004
VIII-3 Investment incomeUnrelated business $440,138 · Excluded from tax $25,235,230$25,675,368
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $263,635$263,635
VIII-12 Total revenueRelated to mission $373,994,639 · Unrelated business $440,138 · Excluded from tax $25,235,230$399,670,007
Part IX · Statement of functional expenses $379,757,909 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$363,217,909
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$9,020,185
IX-11b Legal fees$333,435
IX-11c Accounting fees$727,292
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$2,611,362
IX-11g Other fees for services$2,651,636
IX-12 Advertising and promotion$0
IX-13 Office expenses$723,768
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$74,567
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$241,801
IX-24 Other expenses (24a–d)$155,954
IX-25 Total functional expenses$379,757,909
Part X · Balance sheet $1,028,970,619 assets, 22 lines filed
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $15,296,423$8,908,977
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $39,273,988$51,010,175
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $1,750,843$1,117,292
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $609,485,319$655,135,296
X-12 Other securitiesStart of year $244,485,429$312,337,679
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $461,200$461,200
X-16 Total assetsStart of year $910,753,202$1,028,970,619
X-17 Accounts payable and accrued expensesStart of year $20,315,863$26,798,999
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $96,483$173,226
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $25,071,400$27,016,200
X-26 Total liabilitiesStart of year $45,483,746$53,988,425
X-32 Total net assets or fund balancesStart of year $865,269,456$974,982,194
X-33 Total liabilities and net assetsStart of year $910,753,202$1,028,970,619
Part XI · Reconciliation of net assets $974,982,194 net assets at year end
XI-1 Total revenue$399,670,007
XI-2 Total expenses$379,757,909
XI-3 Revenue less expenses$19,912,098
XI-4 Net assets at start of year$865,269,456
XI-5 Net unrealized gains (losses) on investments$89,800,640
XI-10 Net assets at end of year$974,982,194

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

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