Michigan Electrical Employees Insurance Fund
- Assets
- $59.2m
- Revenue
- $46.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 09/1956
- Data as of
- 08/2021
- EIN
- 38-2106878
Organization Overview
Michigan Electrical Employees Insurance Fund is located in Lansing, MI. The organization was established in 1956. 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. Michigan Electrical Employees Insurance Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 08/2021, Michigan Electrical Employees Insurance Fund generated $46.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $46.7m during the year ending 08/2021. While expenses have increased by 5.9% 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 HEALTH AND WELFARE BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LIFE, DISABILITY INCOME AND HEALTH CARE BENEFITS FOR ELIGIBLE PLAN PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evan Allardyce Trustee | Trustee | 1 | $0 |
Chad Hunt Trustee | Trustee | 1 | $0 |
Neil Parish Trustee | Trustee | 1 | $0 |
Jonas Talbott Trustee | Trustee | 1 | $0 |
Steven Cook Trustee | Trustee | 1 | $0 |
David Fashbaugh Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tic International Coporation Admin Manager | 8/30/21 | $520,479 |
Morgan Stanley Smith Barney Llc Custodian | 8/30/21 | $281,242 |
Blue Cross Blue Shield Of Michigan Claim Admin | 8/30/21 | $2,161,556 |
Reinhart Boerner Van Deuren Sc Legal Fees | 8/30/21 | $106,071 |
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 | $42,453,741 |
| Investment income | $1,305,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,644,878 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,423,003 |
| 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 | $43,572,072 |
| 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 | $322,020 |
| Fees for services: Legal | $111,423 |
| Fees for services: Accounting | $65,089 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $300,719 |
| Fees for services: Other | $2,161,556 |
| Advertising and promotion | $0 |
| Office expenses | $141,571 |
| 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 | $8,740 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,271 |
| All other expenses | $0 |
| Total functional expenses | $46,698,461 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,622,664 |
| Savings and temporary cash investments | $1,576,231 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,403,781 |
| 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 | $23,548 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $50,599,483 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $59,225,707 |
| Accounts payable and accrued expenses | $2,298,248 |
| 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 | $11,155,000 |
| Total liabilities | $13,453,248 |
| 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 | $45,772,459 |
| Total liabilities and net assets/fund balances | $59,225,707 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cook Group Health Plan Trust Bloomington, IN | $8,118,336 | $121,299,897 |
Gordon Food Service Inc Employees Benefit Trust Grand Rapids, MI | $0 | $113,377,707 |
Wisconsin Laborers Health Fund Deforest, WI | $353,332,580 | $101,359,419 |
Mid Central Operating Engineers Health & Welfare Fund Terre Haute, IN | $164,227,966 | $120,915,120 |
Indiana Laborers Welfare Fund Terre Haute, IN | $297,651,155 | $117,994,109 |
Procter & Gamble Benefit Plan Trust Cincinnati, OH | $69,184,153 | $97,679,425 |
Battelle Voluntary Employees Beneficiary Association Columbus, OH | $17,991,692 | $94,016,707 |
Dte Energy Company Veba Tr Detroit, MI | $1,684,046,247 | $124,695,539 |
Michigan Regional Council Of Carpenters Employee Benes Veba Fd Troy, MI | $71,378,696 | $86,420,144 |
Macys Inc Welfare Benefits Trust Springdale, OH | $7,295,266 | $85,356,698 |
North Central States Regional Council Of Carpenters Health Fund Eau Claire, WI | $165,171,349 | $79,291,900 |
Ufcw Unions & Employers Health & Welfare Plan Of Central Ohio Dayton, OH | $12,895,877 | $72,813,101 |