Maine Education Association Benefits Trust
- Assets
- $140.2m
- Revenue
- $567.8m
- Investments
- $0.0
- Employees
- 5
- Location
- Augusta, ME
- Founding
- 04/1994
- Data as of
- 06/2022
- 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 06/2022, 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 06/2022, Maine Education Association Benefits Trust generated $567.8m in total revenue. All expenses for the organization totaled $561.0m during the year ending 06/2022. While expenses have increased by 69.2% per year over the past 7 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
2022
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 |
|---|---|---|---|
Jennifer Kent Executive Director | Officer | 40 | $162,549 |
Robin Colby Chair | OfficerTrustee | 2 | $0 |
Sonya Verney Vice Chair | OfficerTrustee | 2 | $0 |
Jill Plourd Secretary | OfficerTrustee | 2 | $0 |
Patty Scully Trustee | Trustee | 1 | $0 |
Barbara Williams Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cheiron Inc Actuary Services | 6/29/20 | $140,000 |
Eaton Peabody Attorneys At Law Legal Counsel | 6/29/20 | $160,676 |
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 | $566,701,743 |
| Investment income | $1,158,144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$40,276 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $567,819,611 |
| 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 | $558,437,602 |
| Compensation of current officers, directors, key employees. | $211,479 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $280,663 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $174,928 |
| Payroll taxes | $35,352 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $163,149 |
| Fees for services: Accounting | $26,157 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49,735 |
| Fees for services: Other | $285,934 |
| Advertising and promotion | $0 |
| Office expenses | $2,397 |
| 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 | $35,086 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,942 |
| Insurance | $24,511 |
| All other expenses | $0 |
| Total functional expenses | $560,996,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,261,700 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,717,184 |
| 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 | $175,652 |
| Net Land, buildings, and equipment | $29,706 |
| Investments—publicly traded securities | $133,992,356 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $140,176,598 |
| Accounts payable and accrued expenses | $201,082 |
| 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 | $62,049 |
| Total liabilities | $263,131 |
| 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 | $139,913,467 |
| Total liabilities and net assets/fund balances | $140,176,598 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Education Association Benefits Trust Augusta, ME | $140,176,598 | $567,819,611 |
Employees Of Municipal & Other Pub- Lic Employers Of Me Health Ins Tr Augusta, ME | $116,909,918 | $177,623,871 |
Massachusetts Correction Officers Health & Welfare Trust Fund Manchester, NH | $7,834,851 | $3,464,722 |
Maine State Employees Assoc Income Protection Plan & Trust Agreement Augusta, ME | $8,070,829 | $1,941,840 |
American Postal Workers Accident Benefit Association Rochester, NH | $1,296,349 | $1,626,413 |
Mcofu Retiree Health And Welfare Plan Tr Manchester, NH | $10,161,824 | $1,401,304 |
Maine State Troopers Association Benefits Trust Augusta, ME | $795,224 | $158,411 |
Bangor Police Relief Association Bangor, ME | $1,173,107 | $34,027 |
Bangor Firmens Relief Association Bangor, ME | $717,796 | $29,944 |