Electrical Insurance Trustees
- Assets
- $773.9m
- Revenue
- $263.1m
- Investments
- $685.7m
- Employees
- 24
- Location
- Chicago, IL
- Founding
- 09/1966
- Data as of
- 06/2021
- EIN
- 36-1033970
Organization Overview
Electrical Insurance Trustees is located in Chicago, IL. The organization was established in 1966. 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. As of 06/2021, Electrical Insurance Trustees employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical Insurance Trustees is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2021, Electrical Insurance Trustees generated $263.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $273.0m during the year ending 06/2021. While expenses have increased by 6.0% per year over the past 6 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
PROVIDE MEDICAL BENEFITS TO PLAN PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEDICAL, DEATH, DISABILITY AND UNEMPLOYMENT BENEFITS TO ELIGIBLE PARTICIPANTS AND DEPENDENTS IN ACCORDANCE WITH PROVISIONS OF THE PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Madix Executive Director | Officer | 45 | $381,519 |
Daniel Sheffield Director Of Information Sy | 45 | $151,152 | |
Lori Seljan Director Of Accounting | 45 | $135,908 | |
Tracy Sohst Director Of Participant Services | 45 | $110,608 | |
Tanya Baird Director Of Pension | 45 | $101,936 | |
John P Dalton Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Crossblue Shield Of Illinois Medical Claims Processor | 6/29/21 | $7,118,194 |
Mercer Health Benefits Llc Actuary | 6/29/21 | $412,258 |
Healthequity Hra Claims Processor | 6/29/21 | $380,192 |
William Blair Investment Management | 6/29/21 | $601,708 |
Legacy Professionals Llp Auditing, Payroll Compliance Audits | 6/29/21 | $364,140 |
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 | $237,224,887 |
| Investment income | $17,770,532 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,148,144 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $263,143,563 |
| 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 | $264,079,746 |
| Compensation of current officers, directors, key employees. | $367,824 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,514,932 |
| Pension plan accruals and contributions | $700,000 |
| Other employee benefits | $453,210 |
| Payroll taxes | $130,147 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $208,979 |
| Fees for services: Accounting | $476,012 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,245,968 |
| Fees for services: Other | $1,049,250 |
| Advertising and promotion | $0 |
| Office expenses | $683,003 |
| Information technology | $276,942 |
| Royalties | $0 |
| Occupancy | $719,446 |
| Travel | $7,787 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,218 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $471,129 |
| Insurance | $449,066 |
| All other expenses | $0 |
| Total functional expenses | $273,042,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$212,109 |
| Savings and temporary cash investments | $60,628,686 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,652,332 |
| 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 | $276,232 |
| Net Land, buildings, and equipment | $1,873,334 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $685,716,310 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $773,934,785 |
| Accounts payable and accrued expenses | $2,194,022 |
| Grants payable | $0 |
| Deferred revenue | $598,629 |
| 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 | $23,165,089 |
| Total liabilities | $25,957,740 |
| 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 | $747,977,045 |
| Total liabilities and net assets/fund balances | $773,934,785 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Line Construction Benefit Fund Lombard, IL | $1,499,726,971 | $1,007,885,123 |
Wea Insurance Corporation Madison, WI | $792,635,009 | $692,190,590 |
Accenture United States Benefit Chicago, IL | $73,988,977 | $691,324,713 |
Us Bancorp Comp Welfare Benefit Plan Milwaukee, WI | $0 | $532,086,986 |
Safeway Inc Welfare Benefit Tr Chicago, IL | $0 | $500,055,601 |
Exelon Corporation Employees Benefit Trust Chicago, IL | $65,808,636 | $520,300,939 |
Midwest Operating Engineers Welfare Fund Countryside, IL | $1,803,952,687 | $632,490,889 |
United Airlines Employee Sick Leave Tr Chicago, IL | $37,583,032 | $320,362,024 |
Christian Brothers Employee Benefit Trust Romeoville, IL | $200,286,111 | $339,796,574 |
Chicago District Council Of Carpenters Welfare Fund Chicago, IL | $1,016,590,757 | $296,188,790 |
Carpenters Health & Welfare Trust Fund Of St Louis St Louis, MO | $168,277,664 | $240,301,966 |
Electrical Insurance Trustees Chicago, IL | $773,934,785 | $263,143,563 |