Massachusetts Institute Of Technology Welfare Benefit Plans T
- Assets
- $1.1b
- Revenue
- $66.3m
- Investments
- $861.8m
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 04/1993
- Data as of
- 06/2021
- EIN
- 04-3177556
Organization Overview
Massachusetts Institute Of Technology Welfare Benefit Plans T is located in Cambridge, MA. The organization was established in 1993. According to its NTEE Classification (Y33) the organization is classified as: Teachers Retirement Fund Associations, 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. Massachusetts Institute Of Technology Welfare Benefit Plans T is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH AND LIFE INSURANCE BENEFITS TO COVERED ELIGIBLE RETIREES OF MASSACHUSETTS INSTITUTE OF TECHNOLOGY AND THEIR DEPENDENTS, AS WELL AS INDIVIDUALS RECEIVING LONG-TERM DISABILITY BENEFITS FOR AT LEAST THREE YEARS.
Describe the Organization's Program Activity:
MEDICAL AND LIFE INSURANCE BENEFITS FOR ELIGIBLE RETIREES, ALONG WITH MEDICAL BENEFITS FOR THOSE RECEIVING LONG TERM DISABILITY BENEFITS FOR AT LEAST THREE YEARS, WERE PROVIDED TO APPROXIMATELY 7082 INDIVIDUALS COVERED UNDER THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT) WELFARE BENEFIT PLANS TRUST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
State Street Bank Financial Custody Services | 6/29/21 | $336,423 |
Pricewaterhousecoopers Llp Tax And Auditing Services | 6/29/21 | $111,498 |
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 | $20,506,000 |
| Investment income | $10,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $45,808,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,324,000 |
| 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 | $36,671,000 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $39,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $39,007,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,037,000 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $200,665,000 |
| Investments—other securities | $861,829,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,024,000 |
| Total assets | $1,112,555,000 |
| Accounts payable and accrued expenses | $2,297,000 |
| 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 | $7,929,000 |
| Total liabilities | $10,226,000 |
| Net assets without donor restrictions | $1,102,329,000 |
| 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 | $1,112,555,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Massachusetts Institute Of Technology Welfare Benefit Plans T has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Optical Society Of America Inc Washington, DC PURPOSE: Educational Outreach | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Institute Of Technology Welfare Benefit Plans T Cambridge, MA | $1,112,555,000 | $66,324,000 |
Wappingers Congress Of Teachers Welfare Trust Fund Wappingers Falls, NY | $4,392,105 | $2,849,557 |
Goshen Teachers Association Insurance Trust Fund Warwick, NY | $784,527 | $612,888 |
Monticello Teachers Association Benefit Trust Fund Monticello, NY | $920,947 | $709,426 |
Boston Public School Teachers Retirement Fund Boston, MA | $1,758,420 | $90,451 |