Minnesota Bankers Association Employee Benefits Trust
- Assets
- $2.0m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Eden Prairie, MN
- Founding
- 11/1994
- Data as of
- 06/2022
- EIN
- 41-1767627
Organization Overview
Minnesota Bankers Association Employee Benefits Trust is located in Eden Prairie, MN. The organization was established in 1994. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Bankers Association Employee Benefits Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2022, Minnesota Bankers Association Employee Benefits Trust generated $3.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $3.6m during the year ending 06/2022. While expenses have increased by 0.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MINNESOTA BANKERS ASSOCIATION EMPLOYEE BENEFITS TRUST (MBA EBT) IS A VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION (VEBA) THAT PROVIDES GROUP INSURANCE BENEFITS FOR THE EMPLOYEES OF MEMBER BANKS OF THE MINNESOTA BANKERS ASSOCIATION. GROUP INSURANCE PRODUCTS PRESENTLY INCLUDE DENTAL, LIFE, AND DISABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MBA LIFE PLAN PROVIDES BASIC AND OPTIONAL LIFE INSURANCE TO 3,612 EMPLOYEES OF MINNESOTA BANKS.THE MBA DISABILITY PLAN PROVIDES LONG-TERM AND SHORT-TERM DISABILITY INSURANCE TO 3,526 EMPLOYEES OF MINNESOTA BANKS.THE MBA DENTAL PLAN PROVIDES DENTAL INSURANCE TO 2,368 EMPLOYEES OF MINNESOTA BANKS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heather Johnson Chair | OfficerTrustee | 1 | $0 |
Joseph Witt President, CEO | Officer | 3.7 | $0 |
Teresa Rice Secretary | Officer | 0 | $0 |
Chelsea Bennett Trustee | Trustee | 1 | $0 |
Sara Bode Trustee | Trustee | 1 | $0 |
Douglas Tate Trustee | Trustee | 1 | $0 |
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 | $3,474,468 |
| Investment income | $5,414 |
| 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 | $3,479,882 |
| 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. | $36,001 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $234,101 |
| Pension plan accruals and contributions | $17,515 |
| Other employee benefits | $47,132 |
| Payroll taxes | $17,413 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $360 |
| Advertising and promotion | $148 |
| Office expenses | $1,503 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,593 |
| Travel | $1,143 |
| 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 | $1,048 |
| Total functional expenses | $3,578,973 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $747,593 |
| Savings and temporary cash investments | $1,250,891 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $235 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $881 |
| Total assets | $1,999,600 |
| Accounts payable and accrued expenses | $27,157 |
| 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 | $126,918 |
| Total liabilities | $154,075 |
| 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 | $1,845,525 |
| Total liabilities and net assets/fund balances | $1,999,600 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Union Of Operating Engineers Minneapolis, MN | $24,562,358 | $20,752,936 |
Minnesota Teamsters Construction Division Fringe Benefit Funds Mendota Heights, MN | $30,866,404 | $23,683,343 |
Minnesota Nurses Association St Paul, MN | $18,618,225 | $17,502,340 |
National Pork Producers Council Des Moines, IA | $42,247,883 | $19,050,439 |
Carpenters And Joiners Apprenticeship And Journeymen St Paul, MN | $20,144,324 | $15,253,021 |
International Union Of Operating Engineers 139 Pewaukee, WI | $24,439,793 | $14,629,454 |
Service Employees International Union St Paul, MN | $3,226,378 | $12,392,421 |
Wisconsin Fox River Valley Sheet Metal Workers Welfare Trust Waukesha, WI | $17,147,311 | $12,962,825 |
Pipe Trades Health Care Services Inc White Bear Lake, MN | $1,989,770 | $11,324,397 |
International Brotherhood Of Teamsters Blaine, MN | $9,219,386 | $11,430,169 |
Laborers International Union Of North America Minneapolis, MN | $22,106,073 | $10,887,732 |
Mra-The Management Association Inc Waukesha, WI | $15,359,430 | $10,314,261 |