New York State United Teachers Member Benefits Catastrophe Major
- Assets
- $163.9m
- Revenue
- $48.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Latham, NY
- Founding
- 03/2016
- Data as of
- 12/2021
- EIN
- 47-7358956
Organization Overview
New York State United Teachers Member Benefits Catastrophe Major is located in Latham, NY. The organization was established in 2016. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York State United Teachers Member Benefits Catastrophe Major is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2021, New York State United Teachers Member Benefits Catastrophe Major generated $48.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.5% each year . All expenses for the organization totaled $27.7m during the year ending 12/2021. 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
THE CATASTROPHE MAJOR MEDICAL PLAN ("CMM PLAN") WAS FORMED UNDER TRUST TO PROVIDE SUPPLEMENTAL (EXCESS MAJOR MEDICAL BENEFITS) HEALTH INSURANCE TO THE NYSUT MEMBERSHIP WHO VOLUNTARILY PARTICIPATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPLEMENTED BASIC HOSPITALIZATION AND MAJOR MEDICAL INSURANCE AND LONG TERM CARE. FOR THE YEAR ENDING 12/31/21, THERE WERE, ON AVERAGE, 97,620 COVERED LIVES, AND 58,827 POLICIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samuels Emily B Secretary | OfficerTrustee | 1 | $0 |
Abraham J Philippe Chairperson/trustee | OfficerTrustee | 1 | $0 |
Hartnett Jeffrey S Plan Administrator | Officer | 9 | $0 |
Porter Betsy L Manager, Member Benefits | Officer | 9 | $0 |
Sandra Carner-Shafran Trustee | Trustee | 1 | $0 |
Roderick Sherman Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mercer Health & Benefits Administration Third Party Claims Processor, Recordkeep | 12/30/21 | $2,789,843 |
Stacey Braun Associates Inc Investment Advisory/management | 12/30/21 | $482,021 |
Meyer Suozzi English & Klein Pc Legal | 12/30/21 | $139,761 |
Healthsmart Benefit Solutions Third Party Claims Processor/administrat | 12/30/21 | $2,593,115 |
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 | $40,065,598 |
| Investment income | $2,277,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,258,499 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,601,749 |
| 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 | $19,858,216 |
| 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 | $130,724 |
| Fees for services: Accounting | $43,566 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $500,315 |
| Fees for services: Other | $5,318,703 |
| Advertising and promotion | $91,743 |
| 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 | $40,730 |
| All other expenses | $0 |
| Total functional expenses | $27,748,490 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,047 |
| Savings and temporary cash investments | $14,619,799 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,348,844 |
| 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 | $143,750,371 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $163,944,061 |
| Accounts payable and accrued expenses | $568,467 |
| Grants payable | $0 |
| Deferred revenue | $1,487,246 |
| 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 | $0 |
| Total liabilities | $2,055,713 |
| 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 | $161,888,348 |
| Total liabilities and net assets/fund balances | $163,944,061 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Mutual Employee Health Benefit Tr Springfield, MA | $6,593,525 | $93,603,894 |
United Food & Comm Wkrs Union Local 1262 & Employers Welfare Fund Clifton, NJ | $25,277,473 | $87,753,687 |
Delta Dental Of Delaware Inc Mechanicsburg, PA | $18,629,043 | $77,257,162 |
International Union Of Operating Engineers Welfare Fund 478 Hamden, CT | $131,628,266 | $64,853,595 |
Dentcare Delivery Systems Inc Uniondale, NY | $23,820,779 | $55,088,779 |
Northwest Behavioral Health Partnership Inc New Castle, PA | $31,030,978 | $48,843,347 |
Carepartners Of Connecticut Inc Canton, MA | $21,597,096 | $24,446,230 |
Inspira Health Network Life Inc Vineland, NJ | $17,203,909 | $29,584,528 |
New York State United Teachers Member Benefits Catastrophe Major Latham, NY | $163,944,061 | $48,601,749 |
Retiree Health And Welfare Fund Of The Police Benevolent Association New York, NY | $171,668,298 | $54,323,145 |
Local 298 Health Benefit Fund I Valley Stream, NY | $21,565,304 | $24,797,848 |
Delta Dental Plan Of West Virginia Inc Mechanicsburg, PA | $18,350,283 | $22,759,004 |