3m Employees Welfare Benefits Association Trust I
- Assets
- $284.2m
- Revenue
- $29.9m
- Investments
- $67.3m
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 06/1977
- Data as of
- 12/2022
- EIN
- 41-1294448
Organization Overview
3m Employees Welfare Benefits Association Trust I is located in St Paul, MN. The organization was established in 1977. 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. 3m Employees Welfare Benefits Association Trust I is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2022, 3m Employees Welfare Benefits Association Trust I generated $29.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (13.8%) each year. All expenses for the organization totaled $97.5m during the year ending 12/2022. 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
FINANCE HEALTH CARE BENEFITS PROVIDED TO RETIRED 3M EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCE HEALTH CARE BENEFITS PROVIDED TO RETIRED 3M EMPLOYEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew J Ginter Director | Trustee | 1 | $0 |
Gregg M Larson Director | Trustee | 1 | $0 |
Marlene M Mcgrath Director | Trustee | 1 | $0 |
The Bank Of New York Mellon Trustee | 1 | $64,019 | |
Michael A Anderson President | Officer | 1 | $0 |
David J Overstreet Secretary | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Willis Towers Watson Us Llc Recordkeeping Svcs | 12/30/22 | $1,258,205 |
Northern Trust Investments Investment Manager Fees | 12/30/22 | $468,883 |
Tempo Holding Company Llc Recordkeeping Svcs | 12/30/22 | $471,514 |
Western Asset Management Investment Manager Fees | 12/30/22 | $138,050 |
Cliftonlarsonallen Llp Audit Fees | 12/30/22 | $139,607 |
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 | $0 |
| Investment income | $9,575,516 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,346,142 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,921,658 |
| 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 | $100,391,711 |
| Compensation of current officers, directors, key employees. | $29,365 |
| 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 | $13,902 |
| Fees for services: Accounting | $111,501 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $552,743 |
| Fees for services: Other | $1,786,348 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $97,473,329 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,825,155 |
| 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 | $211,387,918 |
| Investments—other securities | $67,328,991 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,636,027 |
| Total assets | $284,178,091 |
| Accounts payable and accrued expenses | $3,011,819 |
| 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 | $24,683,864 |
| Total liabilities | $27,695,683 |
| 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 | $256,482,408 |
| Total liabilities and net assets/fund balances | $284,178,091 |