Civic Intelligence

Massachusetts Institute of Technology Welfare Benefit Plans Trust

EIN 04-3177556 • 501(c)3 • Cambridge, MA

Profile

To provide health and life insurance benefits to covered eligible retirees of massachusetts institute of technology and their dependents, as well as individuals receiving long-term disability benefits for at least three years.

77 Massachusetts Avenue NE49-3142Cambridge, MA 02139

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

11th percentile

0.02x

Higher debt load relative to assets than 11% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

33rd percentile

0.37x

Higher debt load relative to revenue than 33% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Net Margin

75th percentile

17%

Higher net margin than 75% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Top Officer Pay

74th percentile

$3,748,314

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 5.6% of source-year revenue.

501(c)3 • $1B+ nonprofits • Source year 2024

Asset Growth

52nd percentile

7.7%

Faster asset growth than 52% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

6th percentile

-12%

Faster revenue growth than 6% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,010,214,000

Up $72,491,000 (+7.7%) from 2023

Liabilities

Up

$24,735,000

Up $1,761,000 (+7.7%) from 2023

Net Assets

Up

$985,479,000

Up $70,730,000 (+7.7%) from 2023

Revenue

Down

$66,489,000

Down $9,454,000 (-12%) from 2023

Expenses

Up

$54,982,000

Up $3,998,000 (+7.8%) from 2023

Net Income

Down

$11,507,000

Down $13,452,000 (-54%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2011: $311,861,000Liabilities 2011: $322,000Net Assets 2011: $311,539,0002011Assets 2012: $361,214,000Liabilities 2012: $2,302,000Net Assets 2012: $358,912,0002012Assets 2013: $428,899,000Liabilities 2013: $13,918,000Net Assets 2013: $414,981,0002013Assets 2014: $495,761,000Liabilities 2014: $303,000Net Assets 2014: $495,458,0002014Assets 2015: $549,612,000Liabilities 2015: $691,000Net Assets 2015: $548,921,0002015Assets 2016: $549,354,000Liabilities 2016: $198,000Net Assets 2016: $549,156,0002016Assets 2017: $629,908,000Liabilities 2017: $6,410,000Net Assets 2017: $623,498,0002017Assets 2018: $695,458,000Liabilities 2018: $4,131,000Net Assets 2018: $691,327,0002018Assets 2019: $712,213,000Liabilities 2019: $1,057,000Net Assets 2019: $711,156,0002019Assets 2020: $762,611,000Liabilities 2020: $2,028,000Net Assets 2020: $760,583,0002020Assets 2021: $1,112,555,000Liabilities 2021: $10,226,000Net Assets 2021: $1,102,329,0002021Assets 2022: $957,104,000Liabilities 2022: $4,693,000Net Assets 2022: $952,411,0002022Assets 2023: $937,723,000Liabilities 2023: $22,974,000Net Assets 2023: $914,749,0002023Assets 2024: $1,010,214,000Liabilities 2024: $24,735,000Net Assets 2024: $985,479,0002024

Highlighted filing

2024

Assets$1,010,214,000
Liabilities$24,735,000
Net Assets$985,479,000

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$100M$0-$100MExpenses 2011: $25,540,0002011Expenses 2012: $24,370,0002012Revenue 2013: $34,266,000Expenses 2013: $26,300,000Net Income 2013: $7,966,0002013Revenue 2014: $32,421,000Expenses 2014: $26,422,000Net Income 2014: $5,999,0002014Revenue 2015: $30,513,000Expenses 2015: $30,507,000Net Income 2015: $6,0002015Revenue 2016: -$5,162,000Expenses 2016: $28,398,000Net Income 2016: -$33,560,0002016Revenue 2017: $62,815,000Expenses 2017: $31,709,000Net Income 2017: $31,106,0002017Revenue 2018: $38,585,000Expenses 2018: $31,222,000Net Income 2018: $7,363,0002018Revenue 2019: $23,696,000Expenses 2019: $36,126,000Net Income 2019: -$12,430,0002019Revenue 2020: $31,984,000Expenses 2020: $35,085,000Net Income 2020: -$3,101,0002020Revenue 2021: $66,324,000Expenses 2021: $39,007,000Net Income 2021: $27,317,0002021Revenue 2022: $184,682,000Expenses 2022: $42,698,000Net Income 2022: $141,984,0002022Revenue 2023: $75,943,000Expenses 2023: $50,984,000Net Income 2023: $24,959,0002023Revenue 2024: $66,489,000Expenses 2024: $54,982,000Net Income 2024: $11,507,0002024

Highlighted filing

2024

Revenue$66,489,000
Expenses$54,982,000
Net Income$11,507,000

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,010$24.7$985$66.5$55.0$11.5
2023Detailed filing. Detailed filing data is available for this year.$938$23.0$915$75.9$51.0$25.0
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$957$4.69$952$185$42.7$142
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,113$10.2$1,102$66.3$39.0$27.3
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$763$2.03$761$32.0$35.1$3.10
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$712$1.06$711$23.7$36.1$12.4
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$695$4.13$691$38.6$31.2$7.36
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$630$6.41$623$62.8$31.7$31.1
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$549$0.20$549$5.16$28.4$33.6
2015Detailed filing. Detailed filing data is available for this year.$550$0.69$549$30.5$30.5$0.01
2014Detailed filing. Detailed filing data is available for this year.$496$0.30$495$32.4$26.4$6.00
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$429$13.9$415$34.3$26.3$7.97
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$361$2.30$359$24.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$312$0.32$312$25.5
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$778,897,000
Mission and Program Overview

Mission

To provide health and life insurance benefits to covered eligible retirees of massachusetts institute of technology and their dependents.

To provide health and life insurance benefits to covered eligible retirees of massachusetts institute of technology and their dependents, as well as individuals receiving long-term disability benefits for at least three years.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$653,404,000$709,972,000▲ $56,568,000
Investments in Publicly Traded Securities$245,835,000$251,534,000▲ $5,699,000
Cash and Non-Interest-Bearing Accounts$30,704,000$35,650,000▲ $4,946,000
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$937,723,000$1,010,214,000▲ $72,491,000
Other Assets Total$7,780,000$13,058,000▲ $5,278,000
Liabilities
Accounts Payable and Accrued Expenses$4,836,000$12,607,000▲ $7,771,000
Other Liabilities$18,138,000$12,128,000▼ $6,010,000
Total Liabilities$22,974,000$24,735,000▲ $1,761,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$914,749,000$985,479,000▲ $70,730,000
Total Net Assets Fund Balance$914,749,000$985,479,000▲ $70,730,000
Total Liabilities and Net Assets / Fund Balance$937,723,000$1,010,214,000▲ $72,491,000

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$2,000--
Closely Held Equity Interests$3,491,000--
Financial Derivatives$1,521,000--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Glen ShorTrustee
Seth AlexanderTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
State Street BankFinancial Custody Services1 Congress Street, Suite 1, Boston, MA 02114$321,377
Wellington Group Holdings LLPInvestment Manager280 Congress St, Boston, MA 02210$127,610
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$25,358,000
Investment Income
$41,131,000
Other Revenue
$0
Change in Net Assets
$11,507,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$66,489,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$59,223,000
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$125,712,000
Total Revenue per Form 990
$66,489,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,868,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$49,114,000--$49,114,000
Interest$3,158,000--$3,158,000
Other Expenses$1,874,000$836,000-$836,000
Total Functional Expenses$54,146,000$836,000$0$54,982,000

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$54,982,000
Total Expenses per Audited Statements$54,982,000
Total Expenses per Form 990$54,982,000
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investments sold but not yet purchased$12,128,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2 Business Relationship

For fiscal year 2024, the following current trustee of the MIT Welfare Benefit Plans Trust was employed by the Massachusetts Institute of Technology, of which Glen Shor was also an officer and director: Seth Alexander.

Form 990, Part VI, Line 8B Documentation of meetings held by committees of governing body

There are no such committees with authority to act on behalf of the governing body.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Mit welfare benefit plans trust's form 990 is reviewed for accuracy and completeness prior to filing under the direction of the trustees.

Form 990, Part VI, Line 19 Required documents available to the public

The organization's governing documents and financial statements are available upon request. The Massachusetts Institute of Technology (MIT)'s policies are available on MIT's website.

Form 990, Part VI, Lines 12-14 Policies and Procedures

Barring specific action to the contrary, mit welfare benefit plans trust follows applicable written policies and procedures of massachusetts institute of technology.

Filing and Contact Details

Filer

Filer Name
Massachusetts Institute of Technology Welfare Benefit Plans Trust
EIN
04-3177556
Phone
6172532734
Address
77 Massachusetts Avenue NE49-3142, Cambridge, MA 02139

Signing Officer

Name
Jodi Kessler
Title
Director, Tax and Global Operations
Phone
6173248969
Signed
2025-05-14

Organization Details

Formed
1992
Legal Domicile
Ma
Voting Board Members
2
Independent Board Members
0
Employees
0
Volunteers
0
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

U.S. GAAP requires an evaluation of tax positions taken and recognition of a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The MIT Welfare Benefit Plans Trust has analyzed the tax positions taken and has concluded that as of June 30, 2024 and 2023, there are no significant uncertain positions taken or expected to be taken.

Raw XML AppendixShowing 400 of 455 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0MASSACHUSETTS INSTITUTE OF TECHNOLOGY
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IRS990ScheduleD/OtherSecuritiesGrp/Desc4Domestic bonds
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0U.S. GAAP requires an evaluation of tax positions taken and recognition of a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The MIT Welfare Benefit Plans Trust has analyzed the tax positions taken and has concluded that as of June 30, 2024 and 2023, there are no significant uncertain positions taken or expected to be taken.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Seth Alexander
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Glen Shor
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Trustee
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0An employee of the MIT Investment Management Company is eligible for incentive compensation based on the performance of the Institute's investments. A portion of their incentive compensation is paid in an initial calendar year, and the remainder is deferred to being paid in the subsequent calendar year contingent on continued service to MITIMCo through specified dates. Incentive compensation actually paid in calendar year 2023 is reflected in Column B(ii). This includes incentive compensation from prior calendar years for which payment was deferred, contingent on continued service. That amount is listed in Column F. Calendar year 2023 incentive compensation for which payment has been deferred contingent on continued service is included in Column C.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0For fiscal year 2024, the following current trustee of the MIT Welfare Benefit Plans Trust was employed by the Massachusetts Institute of Technology, of which Glen Shor was also an officer and director: Seth Alexander.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THERE ARE NO SUCH COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MIT WELFARE BENEFIT PLANS TRUST'S FORM 990 IS REVIEWED FOR ACCURACY AND COMPLETENESS PRIOR TO FILING UNDER THE DIRECTION OF THE TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization's governing documents and financial statements are available upon request. The Massachusetts Institute of Technology (MIT)'s policies are available on MIT's website.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BARRING SPECIFIC ACTION TO THE CONTRARY, MIT WELFARE BENEFIT PLANS TRUST FOLLOWS APPLICABLE WRITTEN POLICIES AND PROCEDURES OF MASSACHUSETTS INSTITUTE OF TECHNOLOGY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2 Business Relationship
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19 Required documents available to the public
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Lines 12-14 Policies and Procedures
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MASSACHUSETTS INSTITUTE OF TECHNOLOGY
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