Maine Education Association Benefits Trust
- Assets
- $152.2m
- Revenue
- $582.9m
- Investments
- $0.0
- Employees
- 5
- Location
- Augusta, ME
- Founding
- 04/1994
- Data as of
- 06/2023
- EIN
- 01-0479776
Organization Overview
Maine Education Association Benefits Trust is located in Augusta, ME. The organization was established in 1994. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2023, Maine Education Association Benefits Trust employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Education Association Benefits Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2023, Maine Education Association Benefits Trust generated $582.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 65.6% each year . All expenses for the organization totaled $571.5m during the year ending 06/2023. While expenses have increased by 58.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH AND OTHER BENEFITS TO ITS MEMBERS' EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTERS GROUP HEALTH AND OTHER BENEFIT PROGRAMS FOR THE BENEFIT OF THE MEMBERS OF MAINE EDUCATION ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robin Colby Chair | OfficerTrustee | 2 | $0 |
Sonya Verney Vice Chair | OfficerTrustee | 2 | $0 |
Jill Plourd Secretary | OfficerTrustee | 2 | $0 |
Hal Perry Trustee | Trustee | 1 | $0 |
Jesse Hargrove Trustee | Trustee | 1 | $0 |
Donna Longley Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eaton Peabody Attorneys At Law Legal Counsel | 6/29/20 | $160,676 |
Cheiron Inc Actuary Services | 6/29/20 | $140,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $583,131,750 |
| Investment income | $1,519,038 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,780,190 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $582,870,598 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $569,050,584 |
| Compensation of current officers, directors, key employees. | $217,037 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $275,531 |
| Pension plan accruals and contributions | $54,047 |
| Other employee benefits | $136,993 |
| Payroll taxes | $35,566 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $160,249 |
| Fees for services: Accounting | $26,097 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $53,098 |
| Fees for services: Other | $200,866 |
| Advertising and promotion | $0 |
| Office expenses | $2,466 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $61,434 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,864 |
| Insurance | $25,301 |
| All other expenses | $0 |
| Total functional expenses | $571,537,154 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,023,901 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,537,956 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $276,494 |
| Net Land, buildings, and equipment | $23,355 |
| Investments—publicly traded securities | $144,321,572 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $152,183,278 |
| Accounts payable and accrued expenses | $229,854 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $73,643 |
| Total liabilities | $303,497 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $151,879,781 |
| Total liabilities and net assets/fund balances | $152,183,278 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Education Association Benefits Trust Augusta, ME | $152,183,278 | $582,870,598 |
Employees Of Municipal & Other Pub- Lic Employers Of Me Health Ins Tr Augusta, ME | $114,007,131 | $198,593,935 |
Massachusetts Correction Officers Health & Welfare Trust Fund Manchester, NH | $7,108,892 | $3,365,111 |
Maine State Employees Assoc Income Protection Plan & Trust Agreement Augusta, ME | $7,481,111 | $1,730,669 |
American Postal Workers Accident Benefit Association Rochester, NH | $1,821,631 | $1,828,396 |
Mcofu Retiree Health And Welfare Plan Tr Manchester, NH | $9,648,273 | $1,466,078 |
Maine State Troopers Association Benefits Trust Augusta, ME | $681,804 | $141,011 |
Bangor Firmens Relief Association Bangor, ME | $637,261 | $39,466 |
Bangor Police Relief Association Bangor, ME | $1,205,138 | $69,624 |