Civic Intelligence

Src Inc Postretirement Medical Benefit Trust

EIN 16-1511851 • 501(c)9 • North Syracuse, NY

Profile

VEBA Trust to fund SRC Total Care Plan. The plan provides healthcare benefits medical, dental, prescription drugs, and vision and life insurance to eligible active and retired employees and their dependents of SRC, Inc. SRCTec, LLC Gryphon Sensors, LLC FourV Systems, LLC and Acumen Detection, LLC.

7502 Round Pond RoadNorth Syracuse, NY 13212

www.srcinc.com

Siviq Scores

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

Liabilities / Assets

96th percentile

0.95x

Higher debt load relative to assets than 96% of similar nonprofits.

501(c)9 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

84th percentile

0.22x

Higher debt load relative to revenue than 84% of similar nonprofits.

501(c)9 • $10M-$25M nonprofits • Source year 2015

Net Margin

45th percentile

2.7%

Higher net margin than 45% of similar nonprofits.

501(c)9 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

61st percentile

$17,063

Higher top officer pay than 61% of similar nonprofits.

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

501(c)9 • $10M-$25M nonprofits • Source year 2015

Asset Growth

42nd percentile

4.0%

Faster asset growth than 42% of similar nonprofits.

501(c)9 • $10M-$25M nonprofits • Annualized from 2013 to 2015

Revenue Growth

38th percentile

2.7%

Faster revenue growth than 38% of similar nonprofits.

501(c)9 • $10M-$25M nonprofits • Annualized from 2013 to 2015

Balance Sheet
Liabilities / Assets96th percentile

Assets

Up

$3,092,166

Up $232,409 (+8.1%) from 2013

Liabilities

Up

$2,952,026

Up $515,829 (+21%) from 2013

Net Assets

Down

$140,140

Down $283,420 (-67%) from 2013

Operations
Liabilities / Revenue84th percentileNet Margin45th percentile

Revenue

Up

$13,228,153

Up $680,612 (+5.4%) from 2013

Expenses

Up

$12,875,904

Up $171,539 (+1.4%) from 2013

Net Income

Up

$352,249

Up $509,073 (+325%) from 2013

Trend Graphs

Balance Sheet Trend

Asset Growth42nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $2,454,772Liabilities 2011: $2,260,940Net Assets 2011: $193,8322011Assets 2012: $2,783,610Liabilities 2012: $2,772,669Net Assets 2012: $10,9412012Assets 2013: $2,859,757Liabilities 2013: $2,436,197Net Assets 2013: $423,5602013Assets 2015: $3,092,166Liabilities 2015: $2,952,026Net Assets 2015: $140,1402015

Highlighted filing

2015

Assets$3,092,166
Liabilities$2,952,026
Net Assets$140,140
Open 2015 Filing

Operations Trend

Revenue Growth38th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $12,453,194Expenses 2011: $12,160,432Net Income 2011: $292,7622011Expenses 2012: $12,395,3802012Revenue 2013: $12,547,541Expenses 2013: $12,704,365Net Income 2013: -$156,8242013Revenue 2015: $13,228,153Expenses 2015: $12,875,904Net Income 2015: $352,2492015

Highlighted filing

2015

Revenue$13,228,153
Expenses$12,875,904
Net Income$352,249
Open 2015 Filing

Filings

Most recent year

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

Open filing
Assets
$3,092,166
Liabilities
$2,952,026
Net assets
$140,140
Revenue
$13,228,153
Expenses
$12,875,904
Net income
$352,249
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$3.09$2.95$0.14$13.2$12.9$0.35
2013Detailed filing. Detailed filing data is available for this year.$2.86$2.44$0.42$12.5$12.7$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.78$2.77$0.01$12.4
2011Summary only. Only limited summary data is available for this year.$2.45$2.26$0.19$12.5$12.2$0.29
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 8, 2016
Return Version
2015v2.1
Gross Receipts
$13,417,181
Mission and Program Overview

Mission

VEBA Trust to fund SRC Total Care Plan. The Plan provides health benefits medical, dental, prescription drugs and vision and life insurance to substantially all currently active and retired employees and their dependents of SRC, Inc. and SRCTec, Inc.

VEBA Trust to fund SRC Total Care Plan. To provide health benefits medical, dental, prescription drugs, and vision and life insurance to substantially all currently active and retired employees, including dependents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,865,188$1,778,223▼ $86,965
Savings and Temporary Cash Investments$196,836$230,968▲ $34,132
Cap Stk Tr Prin Current Funds$144,266$140,140▼ $4,126
Total Assets$2,758,958$3,092,166▲ $333,208
Other Assets Total$696,934$1,082,975▲ $386,041
Liabilities
Other Liabilities$2,416,964$2,689,734▲ $272,770
Accounts Payable and Accrued Expenses$197,728$262,292▲ $64,564
Total Liabilities$2,614,692$2,952,026▲ $337,334
Net Assets / Fund Balance
Total Net Assets Fund Balance$144,266$140,140▼ $4,126
Total Liabilities and Net Assets / Fund Balance$2,758,958$3,092,166▲ $333,208

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$619--
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleOtherTotal
-Plan Trustee$17,063$17,063

Board Members and Trustees

NameTitle
-Employer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$13,141,044
Investment Income
$87,109
Other Revenue
$0
Change in Net Assets
$352,249

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,228,153
Revenue Not Reported on Form 990
$83,605
Total Revenue per Audited Statements
$13,311,758
Total Revenue per Form 990
$13,228,153
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$17,063
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$12,858,841--$12,858,841
Current Officers, Directors, Trustees, and Key Employees$17,063--$17,063
Total Functional Expenses$12,875,904$0$0$12,875,904

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,875,904
Total Expenses per Audited Statements$12,875,904
Total Expenses per Form 990$12,875,904
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
Federal income taxes$1,772,474
Postretirement Benefits$917,260
Claims incurred but not reported-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“The SRC Postretirement Medical Benefit Trust is a VEBA Trust which is managed by Institutional Trustees. The Trust Officer reviews and signs the Form 990.”

Form 990, Part VI, Section B, Line 12

“The SRC Postretirement Medical Benefit Trust is a VEBA Trust which is managed by Institutional Trustees. The Institutional Trustees have a written conflict of interest policy which requires their officers, directors, and key employees to annually disclose potential conflicts of themselves and their family members on a questionnaire. These questionnaires are reviewed for potential conflicts that require disclosure.”

Form 990, Part VI, Section C, Line 19

“The SRC Postretirement Medical Benefit Trust makes its Form 1023 and Form 990 available for public inspection upon request. The SRC Postretirement Medical Benefit Trusts governing documents, conflict of interest policy and audited financial statements are not routinely made available to the general public.”

Filing and Contact Details

Filer

Filer Name
SRC Inc Postretirement Medical Benefit Trust
EIN
16-1511851
Phone
3154528000
Address
7502 Round Pond Road, North Syracuse, NY 13212

Signing Officer

Name
Phil Fazio
Title
Executive VP Finance and CFO
Signed
2016-08-08
Discuss with paid preparer
No

Organization Details

Principal Officer
Phil Fazio
Formed
1996
Legal Domicile
Ny
Voting Board Members
2
Independent Board Members
2
Employees
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Other changes in net assets or fund balances Decrease in postretirement benefits 55,230 and an increase in claims incurred but not reported 328,000. Total decrease in net assets of 272,770.”

Financial Statement Notes

X 2

“Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Pan and Trust and recognize a tax liability or asset if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan and Trust are subject to routine audits by taxing jurisdictions however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations prior to 2012.”

Raw XML Appendix299 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The SRC Postretirement Medical Benefit Trust is a VEBA Trust which is managed by Institutional Trustees. The Trust Officer reviews and signs the Form 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The SRC Postretirement Medical Benefit Trust is a VEBA Trust which is managed by Institutional Trustees. The Institutional Trustees have a written conflict of interest policy which requires their officers, directors, and key employees to annually disclose potential conflicts of themselves and their family members on a questionnaire. These questionnaires are reviewed for potential conflicts that require disclosure.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The SRC Postretirement Medical Benefit Trust makes its Form 1023 and Form 990 available for public inspection upon request. The SRC Postretirement Medical Benefit Trusts governing documents, conflict of interest policy and audited financial statements are not routinely made available to the general public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Other changes in net assets or fund balances Decrease in postretirement benefits 55,230 and an increase in claims incurred but not reported 328,000. Total decrease in net assets of 272,770.
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt013228153
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02758958
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03092166
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07502 Round Pond Road
IRS990/USAddress/CityNm0Notyh Syracuse
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd013212
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0www.srcinc.com
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-12-15 16:53:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0Phil Fazio
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive VP Finance and CFO
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-08-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SRC Inc Postretirement Medical Benefit Trust
ReturnHeader/Filer/BusinessNameControlTxt0SRCI
ReturnHeader/Filer/EIN0161511851
ReturnHeader/Filer/PhoneNum03154528000
ReturnHeader/Filer/USAddress/AddressLine1Txt07502 Round Pond Road
ReturnHeader/Filer/USAddress/CityNm0North Syracuse
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd013212
ReturnHeader/ReturnTs02016-08-08T09:50:05-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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