Civic Intelligence

Beta Equities Inc

990 • Fiscal year 2017 • EIN 06-1405019

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 13, 2018

PO Box 120073Stamford, CT 06912-0073

(203) 487-8488

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

21st percentile

0.00x

Higher debt load relative to assets than 21% of similar nonprofits.

2017 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2017

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2017 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

41st percentile

$0

Higher top officer pay than 41% of similar nonprofits.

2017 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2017

Asset Growth

1st percentile

-50%

Faster asset growth than 1% of similar nonprofits.

2017 filings • 501(c)2 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2016 to 2017

Assets

Down

$6,630,185

Down $6,762,461 (-50%) from 2016

Net Assets

Down

$6,610,185

Down $6,016,852 (-48%) from 2016

Liabilities

Down

$20,000

Down $745,609 (-97%) from 2016

Revenue

Down

-$3,188,952

Down $15,128,834 (-127%) from 2016

Expenses

Down

$7,683

Down $5,841,526 (-100%) from 2016

Net Income

Down

-$3,196,635

Down $9,287,308 (-152%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800M$600M$400M$200M$0Assets 2010: $551,898,382Liabilities 2010: $9,287,254Net Assets 2010: $542,611,1282010Assets 2011: $495,666,110Liabilities 2011: $7,492,772Net Assets 2011: $488,173,3382011Assets 2012: $671,718,009Liabilities 2012: $30,048,418Net Assets 2012: $641,669,5912012Assets 2013: $798,635,638Liabilities 2013: $32,019,760Net Assets 2013: $766,615,8782013Assets 2014: $552,120,722Liabilities 2014: $11,320,307Net Assets 2014: $540,800,4152014Assets 2015: $454,392,466Liabilities 2015: $25,240,214Net Assets 2015: $429,152,2522015Assets 2016: $13,392,646Liabilities 2016: $765,609Net Assets 2016: $12,627,0372016Assets 2017: $6,630,185Liabilities 2017: $20,000Net Assets 2017: $6,610,1852017Assets 2018: $3,873,715Liabilities 2018: $26,667Net Assets 2018: $3,847,0482018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2017

Assets$6,630,185
Liabilities$20,000
Net Assets$6,610,185

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MRevenue 2010: $53,920,330Expenses 2010: $6,273,722Net Income 2010: $47,646,6082010Revenue 2011: $53,974,995Expenses 2011: $9,522,787Net Income 2011: $44,452,2082011Revenue 2012: $94,552,342Expenses 2012: $8,102,692Net Income 2012: $86,449,6502012Revenue 2013: $141,479,726Expenses 2013: $49,273,697Net Income 2013: $92,206,0292013Revenue 2014: $140,646,391Expenses 2014: $8,666,461Net Income 2014: $131,979,9302014Revenue 2015: $13,350,275Expenses 2015: $8,244,784Net Income 2015: $5,105,4912015Revenue 2016: $11,939,882Expenses 2016: $5,849,209Net Income 2016: $6,090,6732016Revenue 2017: -$3,188,952Expenses 2017: $7,683Net Income 2017: -$3,196,6352017Revenue 2018: $1,070,644Expenses 2018: $27Net Income 2018: $1,070,6172018Revenue 2019: $85,698Expenses 2019: $5Net Income 2019: $85,6932019

Highlighted filing

2017

Revenue-$3,188,952
Expenses$7,683
Net Income-$3,196,635
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 13, 2018
Return Version
2017v2.3
Gross Receipts
$0
Mission and Program Overview

Mission

The corporation holds title to investments generating income which will be turned over to general electric pension trust (gept) after deducting expenses pursuant to irc section 501(c)(2). Gept will use such income less expenses to further its exempt purposes.

To hold title to investments generating income which will be turned over to gept to further its exempt purposes after deducting expenses pursuant to the irc sec. 501(c)(2).

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$58,275,200$37,777,027▼ $20,498,173
Investments in Publicly Traded Securities$9,479,460$6,243,656▼ $3,235,804
Cash and Non-Interest-Bearing Accounts$3,854,513$337,582▼ $3,516,931
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-45,648,163$-31,166,842▲ $14,481,321
Total Assets$13,392,646$6,630,185▼ $6,762,461
Other Assets Total$58,673$48,947▼ $9,726
Liabilities
Accounts Payable and Accrued Expenses$765,609$20,000▼ $745,609
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$765,609$20,000▼ $745,609
Net Assets / Fund Balance
Total Net Assets Fund Balance$12,627,037$6,610,185▼ $6,016,852
Total Liabilities and Net Assets / Fund Balance$13,392,646$6,630,185▼ $6,762,461
Compensation and Service Providers

Board Members and Trustees

NameTitle
Donald W ToreyPresident & Director
Diego SyrowiczExecutive Vice President
Gregory W FletcherVice President
Michael M PastoreExec VP/secretary/director
Daniel L FurmanVP & Assistant Secretary
Jim E OldhamVP & Assistant Treasurer
Leslee SpadoneVP & Assistant Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-3,188,952
Other Revenue
$0
Change in Net Assets
$-3,196,635
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,683
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
Interest-$7,128-$7,128
Other Expenses-$555-$555
Total Functional Expenses$0$7,683$0$7,683
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Beta Equities Inc
EIN
06-1405019
In Care Of
% SSGA TAX DEPARTMENT
Phone
2034878488
Address
PO BOX 120073, STAMFORD, CT 06912-0073

Signing Officer

Name
Jim Oldham
Title
VP/asst Treasurer
Phone
2034878488
Signed
2018-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael M Pastore
Formed
1993
Legal Domicile
De
Voting Board Members
2
Independent Board Members
0
Employees
0

Preparer

Firm
PricewaterhouseCoopers LLP
Address
300 Madison Avenue, New York, NY 10017
Preparer
Robert W Friz
Phone
6464713000
Supplemental Narrative

Additional Explanations

Governing Body and Management

Part vi, section a beta equities, inc. ("beta") is a title holding company generally exempt from federal income tax under irc section 501(a) as a title holding company described in irc section 501(c)(2). Beta's purpose is to hold title to investments generating income which will be turned over to general electric pension trust ("gept") after deducting expenses pursuant to irc section 501(c)(2). Gept will use such income to further its exempt purpose. Gept invests on behalf of several pension plans sponsored by general electric company ("ge"). Effective 7/1/2016, ssga funds management, inc. ("fm") was appointed investment advisor. Beta is one of several title holding companies wholly-owned by gept. Line 6 - beta is wholly-owned by gept. Line 7a and 7b - the trustees of gept have delegated to fm (effective 07/01/2016) their authority to make investment management and other decisions regarding beta. Therefore, gept has the power to terminate the directors and officers of beta.

Policies

Part vi, section b line 11b - the supporting information required to timely and accurately complete form 990 is furnished to beta's paid preparer, pricewaterhousecoopers llp ("pwc"). Form 990, as prepared by pwc, is furnished to the officers of beta for final review. The officers of beta review form 990 as prepared by pwc for accuracy, and sign. Part vi, section b lines 12-14 - fm is a registered investment advisers under the investment advisers act of 1940, as amended, and provides investment management services to gept and beta. Both have adopted policies that extend to gept and beta covering, but not limited to, conflicts of interest, integrity concerns and document retention and destruction. Such policies are administered by each firms' compliance department. All employees of gept's sponsor company are required to comply with such policies and must confirm, no less than quarterly, compliance with the conflicts of interest policy. Line 15 - beta does not have any employees.

Disclosure

Part vi, section c, line 19 no documents available to the public.

Average Hours Per Week

Part vii, section a in total, it is estimated that each board member spends less than one hour per week on the activities of this organization.

Part XI, Line 9 - Other Changes in Net Assets

(7,383,000) distributions to general electric pension trust ------------ (7,383,000) total

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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IRS990/PrincipalOfficerNm0MICHAEL M PASTORE
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IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt07383000
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IRS990ScheduleN/DispositionOfAssetsDetail/PersonNm0GENERAL ELECTRIC PENSION TRUST
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PART VI, SECTION A BETA EQUITIES, INC. ("BETA") IS A TITLE HOLDING COMPANY GENERALLY EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(A) AS A TITLE HOLDING COMPANY DESCRIBED IN IRC SECTION 501(C)(2). BETA'S PURPOSE IS TO HOLD TITLE TO INVESTMENTS GENERATING INCOME WHICH WILL BE TURNED OVER TO GENERAL ELECTRIC PENSION TRUST ("GEPT") AFTER DEDUCTING EXPENSES PURSUANT TO IRC SECTION 501(C)(2). GEPT WILL USE SUCH INCOME TO FURTHER ITS EXEMPT PURPOSE. GEPT INVESTS ON BEHALF OF SEVERAL PENSION PLANS SPONSORED BY GENERAL ELECTRIC COMPANY ("GE"). EFFECTIVE 7/1/2016, SSGA FUNDS MANAGEMENT, INC. ("FM") WAS APPOINTED INVESTMENT ADVISOR. BETA IS ONE OF SEVERAL TITLE HOLDING COMPANIES WHOLLY-OWNED BY GEPT. LINE 6 - BETA IS WHOLLY-OWNED BY GEPT. LINE 7A AND 7B - THE TRUSTEES OF GEPT HAVE DELEGATED TO FM (EFFECTIVE 07/01/2016) THEIR AUTHORITY TO MAKE INVESTMENT MANAGEMENT AND OTHER DECISIONS REGARDING BETA. THEREFORE, GEPT HAS THE POWER TO TERMINATE THE DIRECTORS AND OFFICERS OF BETA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PART VI, SECTION B LINE 11B - THE SUPPORTING INFORMATION REQUIRED TO TIMELY AND ACCURATELY COMPLETE FORM 990 IS FURNISHED TO BETA'S PAID PREPARER, PRICEWATERHOUSECOOPERS LLP ("PWC"). FORM 990, AS PREPARED BY PWC, IS FURNISHED TO THE OFFICERS OF BETA FOR FINAL REVIEW. THE OFFICERS OF BETA REVIEW FORM 990 AS PREPARED BY PWC FOR ACCURACY, AND SIGN. PART VI, SECTION B LINES 12-14 - FM IS A REGISTERED INVESTMENT ADVISERS UNDER THE INVESTMENT ADVISERS ACT OF 1940, AS AMENDED, AND PROVIDES INVESTMENT MANAGEMENT SERVICES TO GEPT AND BETA. BOTH HAVE ADOPTED POLICIES THAT EXTEND TO GEPT AND BETA COVERING, BUT NOT LIMITED TO, CONFLICTS OF INTEREST, INTEGRITY CONCERNS AND DOCUMENT RETENTION AND DESTRUCTION. SUCH POLICIES ARE ADMINISTERED BY EACH FIRMS' COMPLIANCE DEPARTMENT. ALL EMPLOYEES OF GEPT'S SPONSOR COMPANY ARE REQUIRED TO COMPLY WITH SUCH POLICIES AND MUST CONFIRM, NO LESS THAN QUARTERLY, COMPLIANCE WITH THE CONFLICTS OF INTEREST POLICY. LINE 15 - BETA DOES NOT HAVE ANY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PART VI, SECTION C, LINE 19 NO DOCUMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PART VII, SECTION A IN TOTAL, IT IS ESTIMATED THAT EACH BOARD MEMBER SPENDS LESS THAN ONE HOUR PER WEEK ON THE ACTIVITIES OF THIS ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4(7,383,000) DISTRIBUTIONS TO GENERAL ELECTRIC PENSION TRUST ------------ (7,383,000) TOTAL
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0GOVERNING BODY AND MANAGEMENT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1POLICIES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2DISCLOSURE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3AVERAGE HOURS PER WEEK
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART XI, LINE 9 - OTHER CHANGES IN NET ASSETS
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0INVESTMNT ADV
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt01600 SUMMER STREET
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt1GEPT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt2GEPT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0General Electric Pension Trust
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Boca Lending Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2GEAPPL Corporation
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1061410056
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2223133110
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0401(A)TRUST
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(2)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501(C)(2)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1INVESTMENTS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2INVESTMENTS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 120073 C/O GEAM TAX DEPT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1PO BOX 120073
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IRS990/TotalAssetsEOYAmt06630185
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IRS990/TotalAssetsGrp/EOYAmt06630185
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IRS990/TotalLiabilitiesEOYAmt020000
IRS990/TotalLiabilitiesGrp/BOYAmt0765609
IRS990/TotalLiabilitiesGrp/EOYAmt020000
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06610185
IRS990/TotalOtherCompensationAmt00

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