Maine Financial Institutions Employee Ben Tr
- Assets
- $15.3m
- Revenue
- $31.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Westbrook, ME
- Founding
- 05/2010
- Data as of
- 12/2021
- EIN
- 01-6133041
Organization Overview
Maine Financial Institutions Employee Ben Tr is located in Westbrook, ME. The organization was established in 2010. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Financial Institutions Employee Ben Tr is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Maine Financial Institutions Employee Ben Tr generated $31.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $29.3m during the year ending 12/2021. While expenses have increased by 1.0% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VEBA TRUST WAS FORMED FOR THE PURPOSE OF FUNDING AND ADMINISTERING EMPLOYEE BENEFIT PLANS ESTABLISHED AND MAINTAINED BY MEMBERS OF THE MAINE BANKERS ASSOCIATION FOR THEIR RESPECTIVE EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAINE FINANCIAL INSTITUTIONS EMPLOYEE BENEFITS TRUST FUNDS AND ADMINISTERS THE MAINE BANKERS ASSOCIATION EMPLOYEE BENEFIT PLAN (THE PLAN) ESTABLISHED AND MAINTAINED BY CERTAIN MAINE FINANCIAL INSTITUTIONS FOR THEIR RESPECTIVE EMPLOYEES.THE PLAN OFFERS HEALTH, LIFE, ACCIDENTAL DEATH AND DISMEMBERMENT, HOSPITAL, SURGICAL, PRESCRIPTION DRUG, DENTAL, VISION, ACCIDENT EXPENSES, BASIC AND MAJOR MEDICAL, LONG- AND SHORT-TERM DISABILITY COVERAGE, AND SPONSORS PARTICIPATION BASED WELLNESS PROGRAMS FOR PARTICIPATING MEMBERS OF MAINE BANKERS ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Tracy Chairman | OfficerTrustee | 1 | $0 |
Christopher W Pinkham Past President | Officer | 0.36 | $0 |
Marc P Owen SVP & Treasurer | Officer | 12.28 | $0 |
Marcia M Ferguson SVP Of Insurance | Officer | 32 | $0 |
James J Roche President | Officer | 0.44 | $0 |
Steve Decastro Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Maine Bankers Association Mgmt. Administrative | 12/30/21 | $781,982 |
Wellness Workdays Wellness Program Admin. | 12/30/21 | $119,846 |
Tracey Allen Llc Wellness Program Admin. | 12/30/21 | $454,457 |
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 | $31,132,325 |
| Investment income | $84,807 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,217,132 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,163 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $17,065 |
| 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 | $225 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,564 |
| All other expenses | $0 |
| Total functional expenses | $29,318,033 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,478 |
| Savings and temporary cash investments | $14,955,842 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,760 |
| 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 | $228,330 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,345,410 |
| Accounts payable and accrued expenses | $1,311,046 |
| 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 | $89,942 |
| Total liabilities | $1,400,988 |
| Net assets without donor restrictions | $13,944,422 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $15,345,410 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Financial Institutions Employee Ben Tr Westbrook, ME | $15,345,410 | $31,217,132 |
Awane Ins Tr Peterborough, NH | $16,348,379 | $19,422,061 |
New Hampshire Automobile Dealers Association Inc Health Insur Trust Bow, NH | $206,922 | $11,743,692 |
New Hampshire Motor Transport Assoc- Employee Benefit Trust Concord, NH | $855,526 | $9,821,627 |
Me Credit Union League Ins Tr Westbrook, ME | $2,599,679 | $6,458,602 |
Maine Oil Dealers Association Insurance Trust Brunswick, ME | $2,556,150 | $3,628,585 |
Unitil Non-Union Voluntary Employee Benefit Trust Hampton, NH | $9,647,842 | $2,389,254 |
Unitil Union Voluntary Employee Benefit Trust Hampton, NH | $12,682,946 | $7,786,941 |
Roman Catholic Diocese Of Portland Diocesan Priests Medical Benefits Portland, ME | $5,929,831 | $1,181,943 |
Exeter Health Resources Inc Short Term Disability Tr Exeter, NH | $495,980 | $968,968 |
Allied Government Solutions Health And Welfare Plan & Tr Dover, NH | $164,376 | $675,581 |
Ila Local 861 - Employer Health & Portland, ME | $55,268 | $277,416 |