Civic Intelligence

Lockheed Martin Corp Benefit Trust For

EIN 13-3507980 • 501(c)9 • Bethesda, MD

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Profile

The primary exempt purpose of the welfare benefit trust is to provide a source of funding for medical benefit coverage to members who are collectively bargained retired employees and their covered dependents.

6801 Rockledge Drive Mp 150Bethesda, MD 20817

n/A

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

Higher debt load relative to assets than 25% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

29th percentile

0.00x

Higher debt load relative to revenue than 29% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Source year 2024

Net Margin

71st percentile

15%

Higher net margin than 71% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

55th percentile

$55,572

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

501(c)9 • $250M-$1B nonprofits • Source year 2024

Asset Growth

39th percentile

3.6%

Faster asset growth than 39% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

6th percentile

-25%

Faster revenue growth than 6% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$713,778,155

Up $24,883,441 (+3.6%) from 2023

Liabilities

Down

$133,003

Down $57,777 (-30%) from 2023

Net Assets

Up

$713,645,152

Up $24,941,218 (+3.6%) from 2023

Operations
Liabilities / Revenue29th percentileNet Margin71st percentile

Revenue

Down

$64,440,350

Down $20,996,484 (-25%) from 2023

Expenses

Down

$54,512,646

Down $3,098,525 (-5.4%) from 2023

Net Income

Down

$9,927,704

Down $17,897,959 (-64%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth39th percentile

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

$1.0B$500M$0Assets 2010: $712,948,721Liabilities 2010: $43,537,216Net Assets 2010: $669,411,5052010Assets 2011: $662,975,020Liabilities 2011: $19,319,910Net Assets 2011: $643,655,1102011Assets 2012: $755,957,271Liabilities 2012: $16,767,880Net Assets 2012: $739,189,3912012Assets 2013: $744,756,318Liabilities 2013: $30,634,760Net Assets 2013: $714,121,5582013Assets 2014: $737,633,757Liabilities 2014: $20,937,373Net Assets 2014: $716,696,3842014Assets 2015: $740,166,173Liabilities 2015: $33,575,743Net Assets 2015: $706,590,4302015Assets 2016: $723,107,771Liabilities 2016: $36,372,844Net Assets 2016: $686,734,9272016Assets 2017: $718,437,772Liabilities 2017: $2,899,656Net Assets 2017: $715,538,1162017Assets 2018: $625,256,271Liabilities 2018: $2,187,738Net Assets 2018: $623,068,5332018Assets 2019: $741,664,103Liabilities 2019: $17,177,706Net Assets 2019: $724,486,3972019Assets 2020: $779,841,220Liabilities 2020: $122,266Net Assets 2020: $779,718,9542020Assets 2021: $814,478,745Liabilities 2021: $109,333Net Assets 2021: $814,369,4122021Assets 2022: $622,767,478Liabilities 2022: $301,845Net Assets 2022: $622,465,6332022Assets 2023: $688,894,714Liabilities 2023: $190,780Net Assets 2023: $688,703,9342023Assets 2024: $713,778,155Liabilities 2024: $133,003Net Assets 2024: $713,645,1522024

Highlighted filing

2024

Assets$713,778,155
Liabilities$133,003
Net Assets$713,645,152
Open 2024 Filing

Operations Trend

Revenue Growth6th percentile

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

$200M$100M$0-$100M-$200MRevenue 2010: $97,105,906Expenses 2010: $80,794,204Net Income 2010: $16,311,7022010Revenue 2011: $41,799,805Expenses 2011: $87,723,830Net Income 2011: -$45,924,0252011Revenue 2012: $135,066,814Expenses 2012: $70,481,548Net Income 2012: $64,585,2662012Revenue 2013: $65,747,111Expenses 2013: $79,160,180Net Income 2013: -$13,413,0692013Revenue 2014: $93,970,631Expenses 2014: $75,008,927Net Income 2014: $18,961,7042014Revenue 2015: $95,351,459Expenses 2015: $75,601,545Net Income 2015: $19,749,9142015Revenue 2016: $34,633,904Expenses 2016: $72,476,106Net Income 2016: -$37,842,2022016Revenue 2017: $77,425,926Expenses 2017: $77,124,287Net Income 2017: $301,6392017Revenue 2018: $41,705,030Expenses 2018: $65,102,568Net Income 2018: -$23,397,5382018Revenue 2019: $82,400,049Expenses 2019: $68,459,919Net Income 2019: $13,940,1302019Revenue 2020: $43,685,396Expenses 2020: $62,473,255Net Income 2020: -$18,787,8592020Revenue 2021: $85,280,013Expenses 2021: $58,029,958Net Income 2021: $27,250,0552021Revenue 2022: -$76,145,633Expenses 2022: $59,437,515Net Income 2022: -$135,583,1482022Revenue 2023: $85,436,834Expenses 2023: $57,611,171Net Income 2023: $27,825,6632023Revenue 2024: $64,440,350Expenses 2024: $54,512,646Net Income 2024: $9,927,7042024

Highlighted filing

2024

Revenue$64,440,350
Expenses$54,512,646
Net Income$9,927,704
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$713,778,155
Liabilities
$133,003
Net assets
$713,645,152
Revenue
$64,440,350
Expenses
$54,512,646
Net income
$9,927,704
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$714$0.13$714$64.4$54.5$9.93
2023Detailed filing. Detailed filing data is available for this year.$689$0.19$689$85.4$57.6$27.8
2022Detailed filing. Detailed filing data is available for this year.$623$0.30$622$76.1$59.4$136
2021Detailed filing. Detailed filing data is available for this year.$814$0.11$814$85.3$58.0$27.3
2020Detailed filing. Detailed filing data is available for this year.$780$0.12$780$43.7$62.5$18.8
2019Summary only. Only limited summary data is available for this year.$742$17.2$724$82.4$68.5$13.9
2018Summary only. Only limited summary data is available for this year.$625$2.19$623$41.7$65.1$23.4
2017Summary only. Only limited summary data is available for this year.$718$2.90$716$77.4$77.1$0.30
2016Summary only. Only limited summary data is available for this year.$723$36.4$687$34.6$72.5$37.8
2015Summary only. Only limited summary data is available for this year.$740$33.6$707$95.4$75.6$19.7
2014Summary only. Only limited summary data is available for this year.$738$20.9$717$94.0$75.0$19.0
2013Summary only. Only limited summary data is available for this year.$745$30.6$714$65.7$79.2$13.4
2012Summary only. Only limited summary data is available for this year.$756$16.8$739$135$70.5$64.6
2011Summary only. Only limited summary data is available for this year.$663$19.3$644$41.8$87.7$45.9
2010Summary only. Only limited summary data is available for this year.$713$43.5$669$97.1$80.8$16.3
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 21, 2025
Return Version
2024v5.2
Gross Receipts
$236,712,496
Mission and Program Overview

Mission

The primary exempt purpose of the welfare benefit trust is to provide a source of funding for medical benefit coverage to members who are collectively bargained retired employees and their covered dependents.

The primary exempt purpose of the welfare benefit trust is to provide a source of funding for medical benefit coverage to members who are collectively bargained retired employees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$688,703,934$713,645,152▲ $24,941,218
Investments in Publicly Traded Securities$685,777,716$710,311,846▲ $24,534,130
Savings and Temporary Cash Investments$-197,958$495,500▲ $693,458
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$688,894,714$713,778,155▲ $24,883,441
Other Assets Total$3,314,956$2,970,809▼ $344,147
Liabilities
Other Liabilities$190,780$133,003▼ $57,777
Total Liabilities$190,780$133,003▼ $57,777
Net Assets / Fund Balance
Total Net Assets Fund Balance$688,703,934$713,645,152▲ $24,941,218
Total Liabilities and Net Assets / Fund Balance$688,894,714$713,778,155▲ $24,883,441
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleBaseTotal
-Trustee$55,572$55,572

Highest Paid Contractors

ContractorServicesLocationCompensation
Pinebridge InvestmentsInvestment ManagerPARK AVENUE TOWER 65 EAST 55TH ST, New York, NY 10022$222,640
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,803,104
Investment Income
$54,574,127
Other Revenue
$63,119
Change in Net Assets
$9,927,704
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$329,039
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---$54,183,607
Fees for Service Investment Mgmnt Fees---$270,917
Fees for Services Management---$55,572
Fees for Services Other---$2,550
Total Functional Expenses$0$0$0$54,512,646
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
A/p for Security Purchased$133,003
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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, Section B, Line 11B

“The data and information necessary to prepare the form 990 was compiled by the bank of new york mellon, the trustee. Kpmg, as external tax preparers, used this information to prepare the 990. The completed form 990, including required schedules, is reviewed by the fiduciary, lockheed martin investment management company prior to filing with the irs.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request.”

FORM 990, PART VII LINE, SECTION A, LINE 4:

“The organization has not completed schedule j because the individual is an institutional trustee.”

Filing and Contact Details

Filer

Filer Name
Lockheed Martin Corp Benefit Trust for
EIN
13-3507980
Phone
3015717155
Address
6801 ROCKLEDGE DRIVE MP 150, BETHESDA, MD 20817

Signing Officer

Name
Michael J Schaffer
Title
COO
Phone
3015717155
Signed
2025-10-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Schaffer
Formed
1989
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Kpmg Llp
Address
500 W 5TH ST STE 800, WINSTONSALEM, NC 27101
Preparer
Kavita Gada
Phone
3362753394
Raw XML Appendix288 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.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
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IRS990/BenefitsToMembersGrp/TotalAmt054183607
IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0MICHAEL SCHAFFER
IRS990/BooksInCareOfDetail/PhoneNum03015717155
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt06801 ROCKLEDGE DRIVE MP 150
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IRS990/ConsolidatedAuditFinclStmtInd00
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm0NEW YORK
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IRS990/DescribedInSection501c3Ind00
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IRS990/FamilyOrBusinessRlnInd00
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IRS990/FeesForServicesManagementGrp/TotalAmt055572
IRS990/FeesForServicesOtherGrp/TotalAmt02550
IRS990/FeesForSrvcInvstMgmntFeesGrp/TotalAmt0270917
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
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IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt00.00
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IRS990/Form990PartVIISectionAGrp/InstitutionalTrusteeInd0X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt055572
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01989
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IRS990/GainOrLossGrp/SecuritiesAmt038381554
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt01
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0210653700
IRS990/GrossReceiptsAmt0236712496
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt01
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIIInd0X
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt0685777716
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0172272146
IRS990/LoanOutstandingInd00
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IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt015013514
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DATA AND INFORMATION NECESSARY TO PREPARE THE FORM 990 WAS COMPILED BY THE BANK OF NEW YORK MELLON, THE TRUSTEE. KPMG, AS EXTERNAL TAX PREPARERS, USED THIS INFORMATION TO PREPARE THE 990. THE COMPLETED FORM 990, INCLUDING REQUIRED SCHEDULES, IS REVIEWED BY THE FIDUCIARY, LOCKHEED MARTIN INVESTMENT MANAGEMENT COMPANY PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL J SCHAFFER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0COO
ReturnHeader/BusinessOfficerGrp/PhoneNum03015717155
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-10-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LOCKHEED MARTIN CORP BENEFIT TRUST FOR
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0500 W 5TH ST STE 800
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ReturnHeader/PreparerPersonGrp/PreparationDt02025-10-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KAVITA GADA
ReturnHeader/ReturnTs02025-10-22T11:21:24-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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