Nea Members Insurance Trust
- Assets
- $132.9m
- Revenue
- $97.7m
- Investments
- $16.5m
- Employees
- 0
- Location
- Gaithersburg, MD
- Founding
- 09/1978
- Data as of
- 08/2023
- EIN
- 52-1126682
Organization Overview
Nea Members Insurance Trust is located in Gaithersburg, MD. The organization was established in 1978. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations 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. Nea Members Insurance Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 08/2023, Nea Members Insurance Trust generated $97.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $125.5m during the year ending 08/2023. While expenses have increased by 4.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CERTAIN EMPLOYEE WELFARE BENEFITS TO NATIONAL EDUCATION ASSOCIATION(NEA) MEMBERS AND THEIR DEPENDENTS, PURSUANT TO THE NEA MEMBERS INSURANCE PLAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE VOLUNTARILY PURCHASE LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE TO THE 3 MILLION NEA MEMBERS AND THEIR DEPENDENTS. PROVIDE THE COMPLIMENTARY LIFE PROGRAM AT NO COST TO THE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Noel Candelaria Chairperson | Trustee | 1 | $0 |
Robert Chanin Trustee | Trustee | 1 | $0 |
Mary Ann Blankenship Trustee | Trustee | 1 | $0 |
Debra Goldberg Trustee | Trustee | 1 | $0 |
Tyrone Hendrix Trustee | Trustee | 1 | $0 |
Susan Hussar Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pearl Insurance Group Llc Insurance Administration | 8/30/23 | $4,527,468 |
Buck Global Llc Actuarial/insurance Consulting | 8/30/23 | $247,573 |
Bny Mellon Assets Servicing Investment Management | 8/30/23 | $110,412 |
Mooney Green Legal | 8/30/23 | $105,879 |
Amba Insurance Administration | 8/30/23 | $3,798,115 |
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 | $89,500,268 |
| Investment income | $4,700,723 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,474,129 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $97,675,120 |
| 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 | $95,078,767 |
| 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 | $3,934,837 |
| Fees for services: Legal | $105,879 |
| Fees for services: Accounting | $44,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $368,626 |
| Fees for services: Other | $2,864,953 |
| Advertising and promotion | $21,746,096 |
| Office expenses | $729,910 |
| Information technology | $572,026 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,258 |
| 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 | $125,453,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,756,110 |
| 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 | $106,735,924 |
| Investments—other securities | $16,538,209 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,855,055 |
| Total assets | $132,885,298 |
| Accounts payable and accrued expenses | $13,637,246 |
| Grants payable | $0 |
| Deferred revenue | $9,914,190 |
| 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 | $5,536,659 |
| Total liabilities | $29,088,095 |
| 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 | $103,797,203 |
| Total liabilities and net assets/fund balances | $132,885,298 |