North Carolina Medical Society Employee Benefit Trust
- Assets
- $37.0m
- Revenue
- $53.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 02/2001
- Data as of
- 12/2021
- EIN
- 56-2096193
Organization Overview
North Carolina Medical Society Employee Benefit Trust is located in Raleigh, NC. The organization was established in 2001. 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. North Carolina Medical Society Employee Benefit Trust is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, North Carolina Medical Society Employee Benefit Trust generated $53.9m 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 (8.6%) each year. All expenses for the organization totaled $52.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (9.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, North Carolina Medical Society Employee Benefit Trust has awarded 23 individual grants totaling $299,200. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE TRUST IS A FUNDING MECHANISM FOR A MULTIPLE EMPLOYER WELFARE ARRANGEMENT. MEMBERS OF THE NORTH CAROLINA MEDICAL SOCIETY, THEIR EMPLOYEES, AND DEPEDENTS ARE ELIGIBLE TO ENROLL FOR THE HEALTH, DENTAL, AND LIFE BENEFITS OFFERED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TRUST PROVIDES HEALTH, DENTAL, AND LIFE INSURANCE BENEFITS TO ELIGIBLE MEMBERS OF THE NORTH CAROLINA MEDICAL SOCIETY AND THEIR EMPLOYEES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert P Gossett MD Chairman | OfficerTrustee | 2 | $3,000 |
Kenneth A Holt MD Trustee | Trustee | 1 | $1,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mmic Agency Llc Plan Administration | 12/30/21 | $1,944,343 |
Nc Medical Society Plan Sponsorship & Administration | 12/30/21 | $432,076 |
Blue Cross Blue Shield Of Nc Claims Adjudication & Administration | 12/30/21 | $2,351,619 |
Medical Mutual Insurance Co Of Nc Management & Administration | 12/30/21 | $1,042,500 |
Crum & Forsternorth River Insurance Reinsurance Coverage | 12/30/21 | $1,058,689 |
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 | $53,407,476 |
| Investment income | $530,128 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$15,845 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,921,759 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $45,188,175 |
| Compensation of current officers, directors, key employees. | $4,000 |
| 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 | $3,798,531 |
| Fees for services: Legal | $6,400 |
| Fees for services: Accounting | $38,357 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $32,252 |
| Fees for services: Other | $2,883,277 |
| Advertising and promotion | $0 |
| Office expenses | $3,903 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,542 |
| 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 | $13,652 |
| All other expenses | $4 |
| Total functional expenses | $52,283,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $12,340,354 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,777,788 |
| 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 | $21,919,558 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $37,037,700 |
| Accounts payable and accrued expenses | $276,524 |
| Grants payable | $0 |
| Deferred revenue | $1,466,743 |
| 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 | $3,961,473 |
| Total liabilities | $5,704,740 |
| 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 | $31,332,960 |
| Total liabilities and net assets/fund balances | $37,037,700 |
Grants Awarded
Over the last fiscal year, North Carolina Medical Society Employee Benefit Trust has awarded $119,200 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
CHARLOTTE EYE EAR NOTE & THROAT ASSOCIATES PURPOSE: WELLNESS INITIATIVES | $20,000 |
Chapel Hill, NC PURPOSE: WELLNESS INITIATIVES | $20,000 |
Charlotte, NC PURPOSE: WELLNESS INITIATIVES | $20,000 |
ASHEVILLE EYE ASSOCIATES PURPOSE: WELLNESS INITIATIVES | $16,600 |
CHARLOTTE GASTROENTEROLOGY & HEPATOLOGY PURPOSE: WELLNESS INITIATIVES | $11,900 |
CANCER CARE OF WNC PURPOSE: WELLNESS INITIATIVES | $9,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Delta Dental Of North Carolina Raleigh, NC | $35,946,857 | $106,171,467 |
North Carolina Medical Society Employee Benefit Trust Raleigh, NC | $37,037,700 | $53,921,759 |
Careteam Plus Inc Conway, SC | $12,276,061 | $18,891,024 |
Whitfield Healthcare Foundation Inc Dalton, GA | $80,346,613 | $10,956,602 |
Florida Laborers Health Fund Goodlettsville, TN | $21,527,387 | $8,809,889 |
National Organization Of Life And Health Insurance Guaranty Assocs Herndon, VA | $20,054,477 | $6,345,188 |
Roper St Francis Foundation Ladson, SC | $53,287,068 | $15,997,832 |
West Tennessee Healthcare Foundation Jackson, TN | $50,344,324 | $8,274,920 |
Pqa Inc Alexandria, VA | $9,185,809 | $6,455,435 |
National Medical Fellowships Inc alexandria, VA | $7,616,684 | $5,946,697 |
National Automobile Dealers Association Health Benefit Plan Tysons, VA | $274,352 | $3,896,581 |
Life And Health Insurance Foundation For Education Arlington, VA | $4,929,760 | $3,872,608 |