Civic Intelligence

Consolidated Edison Master Welfare Benefit Plan Trust

990 • Fiscal year 2018 • EIN 13-3329253

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 14, 2019

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

(412) 234-1091

Siviq Scores

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

Liabilities / Assets

80th percentile

0.31x

Higher debt load relative to assets than 80% of similar nonprofits.

2018 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

3.01x

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

2018 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2018

Net Margin

90th percentile

43%

Higher net margin than 90% of similar nonprofits.

2018 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

57th percentile

$33,092

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2018 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2018

Asset Growth

22nd percentile

-6.0%

Faster asset growth than 22% of similar nonprofits.

2018 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

29th percentile

-1.0%

Faster revenue growth than 29% of similar nonprofits.

2018 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets80th percentile

Assets

Down

$33,340,657

Down $2,140,900 (-6.0%) from 2017

Net Assets

Down

$22,857,080

Down $436,572 (-1.9%) from 2017

Liabilities

Down

$10,483,577

Down $1,704,328 (-14%) from 2017

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin90th percentile

Revenue

Down

$3,478,480

Down $35,822 (-1.0%) from 2017

Expenses

Up

$1,976,791

Up $280,390 (+17%) from 2017

Net Income

Down

$1,501,689

Down $316,212 (-17%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth22nd 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

2018

Assets$33,340,657
Liabilities$10,483,577
Net Assets$22,857,080
Open 2018 Filing

Operations Trend

Revenue Growth29th 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

2018

Revenue$3,478,480
Expenses$1,976,791
Net Income$1,501,689
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 14, 2019
Return Version
2018v3.1
Gross Receipts
$10,833,109
Mission and Program Overview

Mission

To provide disability benefits to eligible participants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$34,202,993$32,739,458▼ $1,463,535
Cap Stk Tr Prin Current Funds$23,293,652$22,857,080▼ $436,572
Cash and Non-Interest-Bearing Accounts$300,000$300,000→ $0
Accounts Receivable$207,031$207,003▼ $28
Savings and Temporary Cash Investments$771,533$94,196▼ $677,337
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$35,481,557$33,340,657▼ $2,140,900
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$12,079,963$10,382,041▼ $1,697,922
Accounts Payable and Accrued Expenses$107,942$101,536▼ $6,406
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$12,187,905$10,483,577▼ $1,704,328
Net Assets / Fund Balance
Total Net Assets Fund Balance$23,293,652$22,857,080▼ $436,572
Total Liabilities and Net Assets / Fund Balance$35,481,557$33,340,657▼ $2,140,900

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$70,550--
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleBaseTotal
State Street Bank TrustTrustee (See Schedule O)$33,092$33,092
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,695,310
Investment Income
$783,170
Other Revenue
$0
Change in Net Assets
$1,501,689

Audited Revenue Reconciliation

Revenue per Audited Statements
$783,170
Revenue Not Reported on Financial Statements
$2,695,310
Revenue Not Reported on Form 990
$-3,636,183
Other Revenue Adjustments
$2,695,310
Total Revenue per Audited Statements
$-2,853,013
Total Revenue per Form 990
$3,478,480
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$172,753
Salaries, Compensation, and Employee Benefits$33,092
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$1,770,946
Other Expenses---$54,087
Current Officers, Directors, Trustees, and Key Employees---$33,092
Fees for Services Accounting---$27,000
Fees for Services Other---$6,516
Total Functional Expenses$0$0$0$1,976,791

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,976,791
Total Expenses per Form 990$1,976,791
Total Expenses per Audited Statements$-718,519
Expenses Not Reported on Form 990$-2,695,310
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$10,382,041
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
% THE BANK OF NEW YORK MELLON
Phone
4122341091
Address
4 IRVING PLACE 2ND FLOOR, new york, NY 10003

Signing Officer

Name
Carol L Sibley
Title
VP
Phone
4122341091
Signed
2019-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
The Bank of New York Mellon
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 2017 to 2018 $1,697,922”

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.”

Part XI, Line 4B & Part XII, Line 2D

“Reclass of participant contributions”

Raw XML Appendix399 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/OtherSecuritiesGrp/BookValueAmt16970818
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt270550
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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.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1RECLASS OF PARTICIPANT CONTRIBUTIONS
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2 - ASC740
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B & PART XII, LINE 2D
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0-718519
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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 2017 TO 2018 $1,697,922
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINES 1A & B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct00.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Utilities
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt00
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ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CAROL L SIBLEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VP
ReturnHeader/BusinessOfficerGrp/PhoneNum04122341091
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Consolidated Edison Master Welfare Benefit
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Plan
ReturnHeader/Filer/BusinessNameControlTxt0CONS
ReturnHeader/Filer/EIN0133329253
ReturnHeader/Filer/InCareOfNm0% THE BANK OF NEW YORK MELLON
ReturnHeader/Filer/PhoneNum04122341091
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ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02019-11-14
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt073.186.87.208
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/PreparerPersonNm0Emily C SEELYE
ReturnHeader/ReturnTs02019-11-14T19:19:29-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$33,340,657
Liabilities
$10,483,577
Net assets
$22,857,080
Revenue
$3,478,480
Expenses
$1,976,791
Net income
$1,501,689
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
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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