Civic Intelligence

Consolidated Edison Master Welfare Benefit Plan Trust

990 • Fiscal year 2017 • EIN 13-3329253

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 14, 2018

Organization ProfileN/A
4 Irving Place 2nd Floornew york, NY 10003

(617) 664-9564

Siviq Scores

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

Liabilities / Assets

81st percentile

0.34x

Higher debt load relative to assets than 81% of similar nonprofits.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

3.47x

Higher debt load relative to revenue than 99% of similar nonprofits.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2017

Net Margin

91st percentile

52%

Higher net margin than 91% of similar nonprofits.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

54th percentile

$31,746

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2017

Asset Growth

81st percentile

19%

Faster asset growth than 81% of similar nonprofits.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

51st percentile

6.7%

Faster revenue growth than 51% of similar nonprofits.

2017 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$35,481,557

Up $5,695,040 (+19%) from 2016

Net Assets

Up

$23,293,652

Up $5,938,555 (+34%) from 2016

Liabilities

Down

$12,187,905

Down $243,515 (-2.0%) from 2016

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin91st percentile

Revenue

Up

$3,514,302

Up $219,774 (+6.7%) from 2016

Expenses

Down

$1,696,401

Down $402,192 (-19%) from 2016

Net Income

Up

$1,817,901

Up $621,966 (+52%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$80M$60M$40M$20M$0Assets 2011: $21,035,806Liabilities 2011: $15,751,163Net Assets 2011: $5,284,6432011Assets 2012: $23,210,804Liabilities 2012: $13,546,218Net Assets 2012: $9,664,5862012Assets 2013: $26,824,403Liabilities 2013: $13,450,294Net Assets 2013: $13,374,1092013Assets 2014: $27,777,347Liabilities 2014: $14,621,432Net Assets 2014: $13,155,9152014Assets 2015: $27,620,096Liabilities 2015: $13,392,191Net Assets 2015: $14,227,9052015Assets 2016: $29,786,517Liabilities 2016: $12,431,420Net Assets 2016: $17,355,0972016Assets 2017: $35,481,557Liabilities 2017: $12,187,905Net Assets 2017: $23,293,6522017Assets 2018: $33,340,657Liabilities 2018: $10,483,577Net Assets 2018: $22,857,0802018Assets 2019: $43,013,664Liabilities 2019: $10,030,400Net Assets 2019: $32,983,2642019Assets 2020: $50,826,836Liabilities 2020: $9,081,658Net Assets 2020: $41,745,1782020Assets 2021: $59,224,555Liabilities 2021: $7,428,908Net Assets 2021: $51,795,6472021Assets 2022: $47,478,490Liabilities 2022: $6,425,335Net Assets 2022: $41,053,1552022Assets 2023: $56,504,293Liabilities 2023: $5,617,725Net Assets 2023: $50,886,5682023Assets 2024: $64,208,634Liabilities 2024: $4,928,596Net Assets 2024: $59,280,0382024

Highlighted filing

2017

Assets$35,481,557
Liabilities$12,187,905
Net Assets$23,293,652
Open 2017 Filing

Operations Trend

Revenue Growth51st percentile

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

$15M$10M$5.0M$0Revenue 2011: $3,202,579Expenses 2011: $3,077,616Net Income 2011: $124,9632011Revenue 2012: $5,570,077Expenses 2012: $2,921,813Net Income 2012: $2,648,2642012Revenue 2013: $3,900,060Expenses 2013: $2,989,054Net Income 2013: $911,0062013Revenue 2014: $3,295,249Expenses 2014: $2,740,311Net Income 2014: $554,9382014Revenue 2015: $3,295,335Expenses 2015: $2,541,715Net Income 2015: $753,6202015Revenue 2016: $3,294,528Expenses 2016: $2,098,593Net Income 2016: $1,195,9352016Revenue 2017: $3,514,302Expenses 2017: $1,696,401Net Income 2017: $1,817,9012017Revenue 2018: $3,478,480Expenses 2018: $1,976,791Net Income 2018: $1,501,6892018Revenue 2019: $4,475,536Expenses 2019: $1,702,895Net Income 2019: $2,772,6412019Revenue 2020: $3,389,897Expenses 2020: $1,794,272Net Income 2020: $1,595,6252020Revenue 2021: $14,787,007Expenses 2021: $1,520,740Net Income 2021: $13,266,2672021Revenue 2022: $2,865,675Expenses 2022: $1,455,593Net Income 2022: $1,410,0822022Revenue 2023: $2,733,314Expenses 2023: $1,425,339Net Income 2023: $1,307,9752023Revenue 2024: $4,978,156Expenses 2024: $1,264,537Net Income 2024: $3,713,6192024

Highlighted filing

2017

Revenue$3,514,302
Expenses$1,696,401
Net Income$1,817,901
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 14, 2018
Return Version
2017v2.3
Gross Receipts
$10,348,054
Mission and Program Overview

Mission

To provide disability benefits to eligible participants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$28,917,662$34,202,993▲ $5,285,331
Cap Stk Tr Prin Current Funds$17,355,097$23,293,652▲ $5,938,555
Savings and Temporary Cash Investments$364,737$771,533▲ $406,796
Cash and Non-Interest-Bearing Accounts$300,000$300,000→ $0
Accounts Receivable$204,118$207,031▲ $2,913
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 Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$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
Total Assets$29,786,517$35,481,557▲ $5,695,040
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$12,334,181$12,079,963▼ $254,218
Accounts Payable and Accrued Expenses$97,239$107,942▲ $10,703
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$12,431,420$12,187,905▼ $243,515
Net Assets / Fund Balance
Total Net Assets Fund Balance$17,355,097$23,293,652▲ $5,938,555
Total Liabilities and Net Assets / Fund Balance$29,786,517$35,481,557▲ $5,695,040

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$51,025--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleBaseTotal
State Street Bank TrustTrustee (See Schedule O)$31,746$31,746
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,674,196
Investment Income
$838,157
Other Revenue
$1,949
Change in Net Assets
$1,817,901

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,514,302
Revenue Not Reported on Form 990
$3,866,436
Total Revenue per Audited Statements
$7,380,738
Total Revenue per Form 990
$3,514,302
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$176,276
Salaries, Compensation, and Employee Benefits$31,746
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$1,488,379
Fees for Services Accounting---$49,500
Other Expenses---$35,117
Current Officers, Directors, Trustees, and Key Employees---$31,746
Fees for Services Other---$6,459
Total Functional Expenses$0$0$0$1,696,401

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,696,401
Total Expenses per Audited Statements$1,696,401
Total Expenses per Form 990$1,696,401
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Reserve for Disabled Employees$12,079,963
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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, Section A, Lines 1A & B

“State street bank & trust serves as the sole directed trustee of the consolidated edison master welfare benefit plan. The plan sponsor is consolidated edison company of new york, inc. The trust is administered by the plan sponsor in accordance with the terms of the trust agreement. As such, the veba does not have a governing body that exercises discretion. Form 990, part vi, sections a & b, lines 8, 12 - 15 these questions are not applicable to this organization as it is a 501(c)(9) trust (voluntary employee benefits association). Additionally, the organization does not have employees, therefore no processes related to employee compensation are in place.”

Form 990, Part VI, Section B, Line 11B

“A complete electronic copy of the organization's form 990 was provided to the plan administrator for review prior to filing with the irs.”

Form 990, Part VI, Section C, Line 19

“As a 501(c)(9) organization, the trust is not required to make the documents referenced in question 19 available to the general public. Form 990, part vii, section a, line 1a, column (b) average hours per week devoted to position: as trustee, state street bank & trust provides administrative services such as acting as investment manager consolidated edison master welfare benefit plan. These services require numerous individual bank employees' involvement in the activities of the organization and thus cannot be quantified on an hourly basis. Therefore, the trustee fees are not based upon an hourly basis, but are calculated based upon factors such as the fair market value of the account and in accordance with state street bank & trust's agreement with consolidated edison company of new york, inc.”

Filing and Contact Details

Filer

Filer Name
Consolidated Edison Master Welfare Benefit
EIN
13-3329253
In Care Of
% STATE STREET BANK & TRUST
Phone
6176649564
Address
4 IRVING PLACE 2ND FLOOR, new york, NY 10003

Signing Officer

Name
Christopher J Bregoli
Title
officer
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
State Street Bank Trust
Formed
1996
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
200 CLARENDON STREET, BOSTON, MA 02116
Preparer
Emily C Seelye
Phone
6172662000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Change in the claim reserve from 2016 to 2017 $254,218”

Financial Statement Notes

Part X, Line 2 - Asc740

“Accounting principles generally accepted in the United States of America require management of the Plan Sponsor to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Raw XML Appendix392 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Accounting principles generally accepted in the United States of America require management of the Plan Sponsor to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0STATE STREET BANK & TRUST SERVES AS THE SOLE DIRECTED TRUSTEE OF THE CONSOLIDATED EDISON MASTER WELFARE BENEFIT PLAN. THE PLAN SPONSOR IS CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. THE TRUST IS ADMINISTERED BY THE PLAN SPONSOR IN ACCORDANCE WITH THE TERMS OF THE TRUST AGREEMENT. AS SUCH, THE VEBA DOES NOT HAVE A GOVERNING BODY THAT EXERCISES DISCRETION. FORM 990, PART VI, SECTIONS A & B, LINES 8, 12 - 15 THESE QUESTIONS ARE NOT APPLICABLE TO THIS ORGANIZATION AS IT IS A 501(C)(9) TRUST (VOLUNTARY EMPLOYEE BENEFITS ASSOCIATION). ADDITIONALLY, THE ORGANIZATION DOES NOT HAVE EMPLOYEES, THEREFORE NO PROCESSES RELATED TO EMPLOYEE COMPENSATION ARE IN PLACE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COMPLETE ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 WAS PROVIDED TO THE PLAN ADMINISTRATOR FOR REVIEW PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AS A 501(C)(9) ORGANIZATION, THE TRUST IS NOT REQUIRED TO MAKE THE DOCUMENTS REFERENCED IN QUESTION 19 AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B) AVERAGE HOURS PER WEEK DEVOTED TO POSITION: AS TRUSTEE, STATE STREET BANK & TRUST PROVIDES ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER CONSOLIDATED EDISON MASTER WELFARE BENEFIT PLAN. THESE SERVICES REQUIRE NUMEROUS INDIVIDUAL BANK EMPLOYEES' INVOLVEMENT IN THE ACTIVITIES OF THE ORGANIZATION AND THUS CANNOT BE QUANTIFIED ON AN HOURLY BASIS. THEREFORE, THE TRUSTEE FEES ARE NOT BASED UPON AN HOURLY BASIS, BUT ARE CALCULATED BASED UPON FACTORS SUCH AS THE FAIR MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH STATE STREET BANK & TRUST'S AGREEMENT WITH CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CHANGE IN THE CLAIM RESERVE FROM 2016 TO 2017 $254,218
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Utilities
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt012431420
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ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-14
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt099.16.88.255
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ERNST & YOUNG US LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0200 CLARENDON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOSTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002116
ReturnHeader/PreparerPersonGrp/PhoneNum06172662000
ReturnHeader/PreparerPersonGrp/PreparationDt02018-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EMILY C SEELYE
ReturnHeader/ReturnTs02018-11-14T14:38:41-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$35,481,557
Liabilities
$12,187,905
Net assets
$23,293,652
Revenue
$3,514,302
Expenses
$1,696,401
Net income
$1,817,901
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.2$4.93$59.3$4.98$1.26$3.71
2023Detailed filing. Detailed filing data is available for this year.$56.5$5.62$50.9$2.73$1.43$1.31
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.5$6.43$41.1$2.87$1.46$1.41
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.2$7.43$51.8$14.8$1.52$13.3
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$50.8$9.08$41.7$3.39$1.79$1.60
2019Detailed filing. Detailed filing data is available for this year.$43.0$10.0$33.0$4.48$1.70$2.77
2018Detailed filing. Detailed filing data is available for this year.$33.3$10.5$22.9$3.48$1.98$1.50
2017Detailed filing. Detailed filing data is available for this year.$35.5$12.2$23.3$3.51$1.70$1.82
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.8$12.4$17.4$3.29$2.10$1.20
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.6$13.4$14.2$3.30$2.54$0.75
2014Detailed filing. Detailed filing data is available for this year.$27.8$14.6$13.2$3.30$2.74$0.55
2013Summary only. Only limited summary data is available for this year.$26.8$13.5$13.4$3.90$2.99$0.91
2012Summary only. Only limited summary data is available for this year.$23.2$13.5$9.66$5.57$2.92$2.65
2011Summary only. Only limited summary data is available for this year.$21.0$15.8$5.28$3.20$3.08$0.12