Teamster Benefit Trust
- Assets
- $739.2m
- Revenue
- $366.7m
- Investments
- $217.5m
- Employees
- 2
- Location
- Fremont, CA
- Founding
- 01/1990
- Data as of
- 09/2023
- EIN
- 94-2848389
Organization Overview
Teamster Benefit Trust is located in Fremont, CA. The organization was established in 1990. 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. As of 09/2023, Teamster Benefit Trust employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamster 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 09/2023, Teamster Benefit Trust generated $366.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $306.6m during the year ending 09/2023. While expenses have increased by 0.9% per year over the past 8 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 HEALTH AND WELFARE BENEFITS TO MULTIEMPLOYER PLAN PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS IN THIS COLLECTIVELY BARGAINED MULTIEMPLOYER TRUST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Albanese Trustee | Trustee | 1 | $0 |
Keith Fleming Trustee | Trustee | 1 | $0 |
John Bouchard Trustee | Trustee | 1 | $0 |
Richard Jordan Trustee | Trustee | 1 | $0 |
Dennis Hart Trustee (thru 12/2022) | Trustee | 1 | $0 |
Richard Murphy Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Withumsmithbrown Pc Audit Services | 9/29/23 | $634,615 |
Ingeniorx Administrative | 9/29/23 | $360,375 |
Lipman Insurance Administrators In Administrator | 9/29/23 | $7,845,317 |
Anthem Blue Cross Administrative | 9/29/23 | $869,894 |
Beeson Tayer Bodine Legal Services | 9/29/23 | $326,956 |
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 | $344,688,094 |
| Investment income | $21,252,131 |
| 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 | $366,749,635 |
| 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 | $291,013,657 |
| 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 | $8,295,612 |
| Fees for services: Legal | $274,274 |
| Fees for services: Accounting | $643,684 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,220,161 |
| Fees for services: Other | $2,653,811 |
| Advertising and promotion | $0 |
| Office expenses | $701,471 |
| 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 | $52,878 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $229,085 |
| All other expenses | $518,074 |
| Total functional expenses | $306,602,707 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,404,248 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,318,288 |
| 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 | $1,000,746 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $472,456,273 |
| Investments—other securities | $217,517,041 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $461,200 |
| Total assets | $739,157,796 |
| Accounts payable and accrued expenses | $18,974,334 |
| Grants payable | $0 |
| Deferred revenue | $115,770 |
| 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 | $21,973,500 |
| Total liabilities | $41,063,604 |
| 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 | $698,094,192 |
| Total liabilities and net assets/fund balances | $739,157,796 |