Civic Intelligence

Granite State Electric Co Post Ret Bnft Niagra Mohawk Represented Health Veba

990 • Fiscal year 2015 • EIN 13-3751316

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 10, 2016

Organization ProfileN/A

View Organization Page

C/O The Bnym PO Box 535007Pittsburgh, PA 15253-5007

(412) 236-7175

Siviq Scores

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

Liabilities / Assets

45th percentile

0.01x

Higher debt load relative to assets than 45% of similar nonprofits.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

59th percentile

0.11x

Higher debt load relative to revenue than 59% of similar nonprofits.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2015

Net Margin

80th percentile

17%

Higher net margin than 80% of similar nonprofits.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

36th percentile

$25,272

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2015

Asset Growth

59th percentile

2.0%

Faster asset growth than 59% of similar nonprofits.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

8th percentile

-40%

Faster revenue growth than 8% of similar nonprofits.

2015 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$771,667,089

Up $14,894,126 (+2.0%) from 2014

Net Assets

Up

$764,471,900

Up $11,650,089 (+1.5%) from 2014

Liabilities

Up

$7,195,189

Up $3,244,037 (+82%) from 2014

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin80th percentile

Revenue

Down

$68,422,705

Down $44,749,096 (-40%) from 2014

Expenses

Up

$56,772,616

Up $3,877,591 (+7.3%) from 2014

Net Income

Down

$11,650,089

Down $48,626,687 (-81%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

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

$1.5B$1.0B$500M$0Assets 2010: $458,150,400Liabilities 2010: $26,124,504Net Assets 2010: $432,025,8962010Assets 2011: $541,110,534Liabilities 2011: $18,832,841Net Assets 2011: $522,277,6932011Assets 2012: $633,306,147Liabilities 2012: $15,808,614Net Assets 2012: $617,497,5332012Assets 2013: $693,945,506Liabilities 2013: $1,400,471Net Assets 2013: $692,545,0352013Assets 2014: $756,772,963Liabilities 2014: $3,951,152Net Assets 2014: $752,821,8112014Assets 2015: $771,667,089Liabilities 2015: $7,195,189Net Assets 2015: $764,471,9002015Assets 2016: $771,822,918Liabilities 2016: $3,548,110Net Assets 2016: $768,274,8082016Assets 2017: $809,354,576Liabilities 2017: $17,747Net Assets 2017: $809,336,8292017Assets 2018: $839,092,543Liabilities 2018: $22,247Net Assets 2018: $839,070,2962018Assets 2019: $828,980,632Liabilities 2019: $1,074,449Net Assets 2019: $827,906,1832019Assets 2020: $827,032,478Liabilities 2020: $1,462,311Net Assets 2020: $825,570,1672020Assets 2021: $1,127,925,500Liabilities 2021: $18,928,989Net Assets 2021: $1,108,996,5112021Assets 2022: $1,184,411,072Liabilities 2022: $2,035,405Net Assets 2022: $1,182,375,6672022Assets 2023: $1,162,414,827Liabilities 2023: $1,548,512Net Assets 2023: $1,160,866,3152023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2015

Assets$771,667,089
Liabilities$7,195,189
Net Assets$764,471,900
Open 2015 Filing

Operations Trend

Revenue Growth8th percentile

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

$400M$300M$200M$100M$0-$100MRevenue 2010: $89,417,904Expenses 2010: $50,924,532Net Income 2010: $38,493,3722010Expenses 2011: $56,019,8132011Expenses 2012: $55,627,3752012Revenue 2013: $130,229,929Expenses 2013: $55,182,427Net Income 2013: $75,047,5022013Revenue 2014: $113,171,801Expenses 2014: $52,895,025Net Income 2014: $60,276,7762014Revenue 2015: $68,422,705Expenses 2015: $56,772,616Net Income 2015: $11,650,0892015Revenue 2016: $68,322,948Expenses 2016: $64,520,040Net Income 2016: $3,802,9082016Revenue 2017: $93,631,159Expenses 2017: $52,569,138Net Income 2017: $41,062,0212017Revenue 2018: $78,809,198Expenses 2018: $49,075,545Net Income 2018: $29,733,6532018Revenue 2019: $40,736,002Expenses 2019: $51,900,115Net Income 2019: -$11,164,1132019Revenue 2020: $52,760,061Expenses 2020: $55,096,077Net Income 2020: -$2,336,0162020Revenue 2021: $332,837,993Expenses 2021: $49,411,649Net Income 2021: $283,426,3442021Revenue 2022: $133,623,205Expenses 2022: $60,244,049Net Income 2022: $73,379,1562022Revenue 2023: $38,165,135Expenses 2023: $59,674,487Net Income 2023: -$21,509,3522023Revenue 2024: $27,417,028Expenses 2024: $37,990,657Net Income 2024: -$10,573,6292024

Highlighted filing

2015

Revenue$68,422,705
Expenses$56,772,616
Net Income$11,650,089
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 10, 2016
Return Version
2015v2.1
Gross Receipts
$68,422,705
Mission and Program Overview

Mission

Post retirement health benefits for represented employees

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$752,821,811$764,471,900▲ $11,650,089
Investments in Publicly Traded Securities$407,820,347$427,250,411▲ $19,430,064
Investments Other Securities$344,552,648$342,843,395▼ $1,709,253
Accounts Receivable$4,087,089$992,930▼ $3,094,159
Cash and Non-Interest-Bearing Accounts$266,811$477,073▲ $210,262
Savings and Temporary Cash Investments$46,068$103,280▲ $57,212
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
Land, Buildings, and Equipment, Net$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$756,772,963$771,667,089▲ $14,894,126
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$3,951,152$7,159,095▲ $3,207,943
Other Liabilities$0$36,094▲ $36,094
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$3,951,152$7,195,189▲ $3,244,037
Net Assets / Fund Balance
Total Net Assets Fund Balance$752,821,811$764,471,900▲ $11,650,089
Total Liabilities and Net Assets / Fund Balance$756,772,963$771,667,089▲ $14,894,126

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$56,669,133--
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleBaseTotal
The Bank of New York MellonTrustee (see Schedule O)$25,272$25,272

Highest Paid Contractors

ContractorServicesLocationCompensation
Gmo Gaar StrategyInvestment Mgmt40 Rowes Wharf, Boston, MA 02110$302,832
Southeastern GlobalInvestment Mgmt6410 Poplar Avenue Suite 900, Memphis, TN 38119$251,556
Ironbridge Global EqInvestment MgmtOne Parkview Plaza Suite 700, Oakbrook Terrace, IL 60181$227,530
Wamco TipsInvestment Mgmt620 8th Avenue 50th Floor, New York, NY 10018$193,221
Arrowstreet CapitalInvestment Mgmt200 Clarendon Street 3Oth Floor, Boston, MA 02116$140,521
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$55,504,372
Investment Income
$12,885,511
Other Revenue
$32,822
Change in Net Assets
$11,650,089
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,560,412
Salaries, Compensation, and Employee Benefits$25,272
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$55,186,932
Fees for Service Investment Mgmnt Fees---$1,471,293
Fees for Services Accounting---$25,500
Current Officers, Directors, Trustees, and Key Employees---$25,272
Other Expenses---$7,661
Fees for Services Other---$-34,693
Total Functional Expenses$0$0$0$56,772,616
International Activity

International Summary

Spending
$77,492,633

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$56,669,133
Europe (Including Iceland and Greenland)Investments---$20,823,500
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
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
Written Options$36,094
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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

“The bank of new york mellon serves as the sole directed trustee of this trust. The plan sponsor is national grid usa service company inc. The trust is administered by the investment committee of 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 Line 11B

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

Form 990 Part VI Sections A & B Lines 8, 12-15

“These questions are not applicable to the trust. Additionally, the trust does not have any employees, therefore, no processes related to employee compensation are in place.”

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, the bank of new york mellon provides administrative services such as acting as investment manager for granite state electric co post ret bnft niagra mohawk represented health veba. 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 market value of the account and in accordance with the bank of new york mellon's agreement with national grid usa service company inc.”

Filing and Contact Details

Filer

Filer Name
Granite State Electric Co Post Ret Bnft
EIN
13-3751316
In Care Of
% THE BANK OF NEW YORK MELLON
Phone
4122367175
Address
C/O THE BNYM PO BOX 535007, PITTSBURGH, PA 15253-5007

Signing Officer

Name
Brent Heintzelman
Title
VP, Bnym as Trustee
Phone
4122367175
Signed
2016-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
The Bank of New York Mellon
Formed
1993
Legal Domicile
Nh
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
2100 ONE PPG PLACE, PITTSBURGH, PA 15222
Preparer
Janice K Martin
Phone
4126447800
Supplemental Narrative

Additional Explanations

Form 990 Part XII, Line 1

“MODIFIED CASH BASIS”

Raw XML AppendixShowing 400 of 424 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/Desc1COMMON/COLLECTIVE TRUST
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt1Europe (Including Iceland and Greenland)
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BANK OF NEW YORK MELLON SERVES AS THE SOLE DIRECTED TRUSTEE OF THIS TRUST. THE PLAN SPONSOR IS NATIONAL GRID USA SERVICE COMPANY INC. THE TRUST IS ADMINISTERED BY THE INVESTMENT COMMITTEE OF 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COMPLETE ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 WAS PROVIDED TO THE TRUSTEE FOR REVIEW PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THESE QUESTIONS ARE NOT APPLICABLE TO THE TRUST. ADDITIONALLY, THE TRUST DOES NOT HAVE ANY EMPLOYEES, THEREFORE, NO PROCESSES RELATED TO EMPLOYEE COMPENSATION ARE IN PLACE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AS A 501(C)(9) ORGANIZATION THE TRUST IS NOT REQUIRED TO MAKE THE DOCUMENTS REFERENCED IN QUESTION 19 AVAILABLE TO THE GENERAL PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVERAGE HOURS PER WEEK DEVOTED TO POSITION: AS TRUSTEE, THE BANK OF NEW YORK MELLON PROVIDES ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER FOR GRANITE STATE ELECTRIC CO POST RET BNFT NIAGRA MOHAWK REPRESENTED HEALTH VEBA. 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 MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH THE BANK OF NEW YORK MELLON'S AGREEMENT WITH NATIONAL GRID USA SERVICE COMPANY INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MODIFIED CASH BASIS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 PART VI SECTION A LINES 1A & B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 PART VI LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990 PART VI SECTIONS A & B LINES 8, 12-15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART VI SECTION C LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART VII SECTION A LINE 1A COLUMN (B)
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990 PART XII, LINE 1
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct00.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0ENERGY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt040 SYLVAN ROAD
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0WALTHAM
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IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRENT HEINTZELMAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VP, BNYM AS TRUSTEE

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$771,667,089
Liabilities
$7,195,189
Net assets
$764,471,900
Revenue
$68,422,705
Expenses
$56,772,616
Net income
$11,650,089
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$27.4$38.0$10.6
2023Detailed filing. Detailed filing data is available for this year.$1,162$1.55$1,161$38.2$59.7$21.5
2022Detailed filing. Detailed filing data is available for this year.$1,184$2.04$1,182$134$60.2$73.4
2021Detailed filing. Detailed filing data is available for this year.$1,128$18.9$1,109$333$49.4$283
2020Detailed filing. Detailed filing data is available for this year.$827$1.46$826$52.8$55.1$2.34
2019Detailed filing. Detailed filing data is available for this year.$829$1.07$828$40.7$51.9$11.2
2018Detailed filing. Detailed filing data is available for this year.$839$0.02$839$78.8$49.1$29.7
2017Detailed filing. Detailed filing data is available for this year.$809$0.02$809$93.6$52.6$41.1
2016Detailed filing. Detailed filing data is available for this year.$772$3.55$768$68.3$64.5$3.80
2015Detailed filing. Detailed filing data is available for this year.$772$7.20$764$68.4$56.8$11.7
2014Detailed filing. Detailed filing data is available for this year.$757$3.95$753$113$52.9$60.3
2013Detailed filing. Detailed filing data is available for this year.$694$1.40$693$130$55.2$75.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$633$15.8$617$55.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$541$18.8$522$56.0
2010Summary only. Only limited summary data is available for this year.$458$26.1$432$89.4$50.9$38.5