Civic Intelligence

Interstate Realty Management Co Voluntary Employee Benefit Trust

990 • Fiscal year 2021 • EIN 22-5073087

May 01, 2020 to Apr 30, 2021 • Filed on Mar 02, 2022

Organization Profilewww.themichaelsorg.com
3 E Stow Road Suite 100Marlton, NJ 08053

(856) 596-0500

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.14x

Higher debt load relative to assets than 72% of similar nonprofits.

2021 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

63rd percentile

0.07x

Higher debt load relative to revenue than 63% of similar nonprofits.

2021 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2021

Net Margin

56th percentile

7.2%

Higher net margin than 56% of similar nonprofits.

2021 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

48th percentile

$0

Higher top officer pay than 48% of similar nonprofits.

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

2021 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2021

Asset Growth

74th percentile

17%

Faster asset growth than 74% of similar nonprofits.

2021 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

69th percentile

11%

Faster revenue growth than 69% of similar nonprofits.

2021 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$11,014,462

Up $1,569,695 (+17%) from 2020

Net Assets

Up

$9,442,797

Up $1,663,555 (+21%) from 2020

Liabilities

Down

$1,571,665

Down $93,860 (-5.6%) from 2020

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin56th percentile

Revenue

Up

$21,703,266

Up $2,185,654 (+11%) from 2020

Expenses

Up

$20,145,133

Up $1,794,284 (+9.8%) from 2020

Net Income

Up

$1,558,133

Up $391,370 (+34%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$15M$10M$5.0M$0Assets 2011: $1,854,888Liabilities 2011: $963,095Net Assets 2011: $891,7932011Assets 2012: $1,863,057Liabilities 2012: $1,190,214Net Assets 2012: $672,8432012Assets 2014: $4,669,229Liabilities 2014: $774,508Net Assets 2014: $3,894,7212014Assets 2015: $7,787,852Liabilities 2015: $1,031,326Net Assets 2015: $6,756,5262015Assets 2016: $10,204,822Liabilities 2016: $1,433,279Net Assets 2016: $8,771,5432016Assets 2017: $8,776,681Liabilities 2017: $1,514,888Net Assets 2017: $7,261,7932017Assets 2018: $10,433,812Liabilities 2018: $1,507,833Net Assets 2018: $8,925,9792018Assets 2019: $8,191,472Liabilities 2019: $1,458,724Net Assets 2019: $6,732,7482019Assets 2020: $9,444,767Liabilities 2020: $1,665,525Net Assets 2020: $7,779,2422020Assets 2021: $11,014,462Liabilities 2021: $1,571,665Net Assets 2021: $9,442,7972021Assets 2022: $11,156,008Liabilities 2022: $1,955,510Net Assets 2022: $9,200,4982022Assets 2023: $11,413,026Liabilities 2023: $2,015,472Net Assets 2023: $9,397,5542023Assets 2024: $12,042,980Liabilities 2024: $2,224,221Net Assets 2024: $9,818,7592024Assets 2025: $11,745,806Liabilities 2025: $2,548,779Net Assets 2025: $9,197,0272025

Highlighted filing

2021

Assets$11,014,462
Liabilities$1,571,665
Net Assets$9,442,797
Open 2021 Filing

Operations Trend

Revenue Growth69th percentile

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

$30M$20M$10M$0-$10MRevenue 2011: $9,168,292Expenses 2011: $8,580,611Net Income 2011: $587,6812011Revenue 2012: $10,395,230Expenses 2012: $10,606,188Net Income 2012: -$210,9582012Revenue 2014: $14,108,305Expenses 2014: $11,657,483Net Income 2014: $2,450,8222014Revenue 2015: $15,108,286Expenses 2015: $10,479,799Net Income 2015: $4,628,4872015Revenue 2016: $15,106,380Expenses 2016: $13,080,374Net Income 2016: $2,026,0062016Revenue 2017: $15,793,401Expenses 2017: $17,384,708Net Income 2017: -$1,591,3072017Revenue 2018: $17,187,520Expenses 2018: $15,521,364Net Income 2018: $1,666,1562018Revenue 2019: $18,362,189Expenses 2019: $20,553,727Net Income 2019: -$2,191,5382019Revenue 2020: $19,517,612Expenses 2020: $18,350,849Net Income 2020: $1,166,7632020Revenue 2021: $21,703,266Expenses 2021: $20,145,133Net Income 2021: $1,558,1332021Revenue 2022: $21,947,816Expenses 2022: $22,200,300Net Income 2022: -$252,4842022Revenue 2023: $21,113,463Expenses 2023: $20,856,717Net Income 2023: $256,7462023Revenue 2024: $23,015,963Expenses 2024: $24,222,740Net Income 2024: -$1,206,7772024Revenue 2025: $24,901,374Expenses 2025: $25,271,060Net Income 2025: -$369,6862025

Highlighted filing

2021

Revenue$21,703,266
Expenses$20,145,133
Net Income$1,558,133
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
May 1, 2020 to Apr 30, 2021
Signed
Mar 2, 2022
Return Version
2020v4.1
Gross Receipts
$21,703,266
Mission and Program Overview

Mission

To provide health, dental, vision, and life insurance for all employees of the michaels organization. This was accomplished by both employee and employer contributions to the trust fund, insurance products and plan administration.

The Trust, a single-employer plan, provides health and welfare benefits to full-time employees of The Michaels Organization (the Sponsor) and their eligible dependents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$7,779,242$9,442,797▲ $1,663,555
Savings and Temporary Cash Investments$6,218,714$7,731,015▲ $1,512,301
Cash and Non-Interest-Bearing Accounts$2,419,753$2,094,148▼ $325,605
Accounts Receivable$530,270$866,647▲ $336,377
Investments in Publicly Traded Securities$173,077$278,499▲ $105,422
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 Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$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$9,444,767$11,014,462▲ $1,569,695
Other Assets Total$102,953$44,153▼ $58,800
Liabilities
Accounts Payable and Accrued Expenses$1,665,525$1,571,665▼ $93,860
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,665,525$1,571,665▼ $93,860
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,779,242$9,442,797▲ $1,663,555
Total Liabilities and Net Assets / Fund Balance$9,444,767$11,014,462▲ $1,569,695
Compensation and Service Providers
Top Officer Pay48th percentile

Board Members and Trustees

NameTitle
Donald L MillerTrustee
John O'DonellTrustee
Mark MorganTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$21,682,919
Investment Income
$20,347
Other Revenue
$0
Change in Net Assets
$1,558,133

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,703,266
Revenue Not Reported on Form 990
$105,422
Total Revenue per Audited Statements
$21,808,688
Total Revenue per Form 990
$21,703,266
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,902,302
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---$14,242,831
Fees for Services Other---$242,208
Other Expenses---$62,722
Insurance---$61,132
Fees for Services Accounting---$43,350
Office Expenses---$7,646
All Other Expenses---$6,392
Total Functional Expenses$0$0$0$20,145,133

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,254,423
Total Expenses per Audited Statements$20,254,423
Total Expenses per Form 990$20,145,133
Expenses Not Reported on Financial Statements$-109,290
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
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:

“A copy of the form 990 was provided to the trustees for review prior to filing.”

Form 990, Part VI, Section C, Line 19:

“The organization's plan documents and financial statements are made available upon request.”

Filing and Contact Details

Filer

Filer Name
The Michaels Organization Voluntary
EIN
22-5073087
In Care Of
% IN CARE OF THE CORPORATION
Phone
8565960500
Address
3 E Stow Road Suite 100, Marlton, NJ 08053

Signing Officer

Name
Mark Morgan
Title
Trustee
Phone
8565960500
Signed
2022-03-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Morgan
Formed
1985
Legal Domicile
Nj
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
1801 MARKET STREET SUITE 1700, PHILADELPHIA, PA 19103
Preparer
Marc Berger CPA
Phone
2155641900
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2:

“As of April 30, 2021, the Sponsor has not identified any uncertain tax positions taken or expected to be taken on an income tax return which would require adjustment to or disclosure in the Trust's financial statements. In addition, the Sponsor believes the Trust's tax status as a tax-exempt entity would be sustained under IRS examination. The Trust is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Schedule D, Part XII, Line 4B:

“Reconciliation of Expenses - Other Expenses not included on Form 990: Decrease in Benefit Obligations: $(109,290)”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0As of April 30, 2021, the Sponsor has not identified any uncertain tax positions taken or expected to be taken on an income tax return which would require adjustment to or disclosure in the Trust's financial statements. In addition, the Sponsor believes the Trust's tax status as a tax-exempt entity would be sustained under IRS examination. The Trust is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Reconciliation of Expenses - Other Expenses not included on Form 990: Decrease in Benefit Obligations: $(109,290)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule D, Part XII, Line 4b:
IRS990ScheduleD/TotalExpensesPerForm990Amt020145133
IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleD/TotalRevenuePerForm990Amt021703266
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt021808688
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt020254423
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM 990 WAS PROVIDED TO THE TRUSTEES FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S PLAN DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19:
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0S CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NJ
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0REAL ESTATE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Michaels Management Affordable LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt03 E STOW ROAD SUTIE 100
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0MARLTON
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0NJ
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MICHAELS ORGANIZATION EDUCATIONAL FDN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0223113975
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Scholarships
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03 E Stow Road Suite 100
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Marlton
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NJ
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IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
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IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt011014462
IRS990/TotalAssetsGrp/BOYAmt09444767
IRS990/TotalAssetsGrp/EOYAmt011014462
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IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
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IRS990/TotalGrossUBIAmt020347
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IRS990/TotalLiabilitiesEOYAmt01571665
IRS990/TotalLiabilitiesGrp/BOYAmt01665525
IRS990/TotalLiabilitiesGrp/EOYAmt01571665
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07779242
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt09442797
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IRS990/TotalProgramServiceRevenueAmt021682919
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt021682919
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt021703266
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt020347
IRS990/TotalVolunteersCnt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011014462
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IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
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IRS990/USAddress/AddressLine1Txt03 E Stow Road 100
IRS990/USAddress/CityNm0Marlton
IRS990/USAddress/StateAbbreviationCd0NJ
IRS990/USAddress/ZIPCd008053
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0www.themichaelsorg.com
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Mark Morgan
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Trustee
ReturnHeader/BusinessOfficerGrp/PhoneNum08565960500
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-03-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0The Michaels Organization Voluntary
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Employee Benefit Trust
ReturnHeader/Filer/BusinessNameControlTxt0INTE
ReturnHeader/Filer/EIN0225073087
ReturnHeader/Filer/InCareOfNm0% IN CARE OF THE CORPORATION
ReturnHeader/Filer/PhoneNum08565960500
ReturnHeader/Filer/USAddress/AddressLine1Txt03 E Stow Road Suite 100
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0NJ
ReturnHeader/Filer/USAddress/ZIPCd008053
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BDO USA LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01801 MARKET STREET SUITE 1700
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PHILADELPHIA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd019103
ReturnHeader/PreparerPersonGrp/PhoneNum02155641900
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Marc Berger CPA
ReturnHeader/ReturnTs02022-03-07T14:24:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Mark

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,014,462
Liabilities
$1,571,665
Net assets
$9,442,797
Revenue
$21,703,266
Expenses
$20,145,133
Net income
$1,558,133
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$11.7$2.55$9.20$24.9$25.3$0.37
2024Detailed filing. Detailed filing data is available for this year.$12.0$2.22$9.82$23.0$24.2$1.21
2023Detailed filing. Detailed filing data is available for this year.$11.4$2.02$9.40$21.1$20.9$0.26
2022Detailed filing. Detailed filing data is available for this year.$11.2$1.96$9.20$21.9$22.2$0.25
2021Detailed filing. Detailed filing data is available for this year.$11.0$1.57$9.44$21.7$20.1$1.56
2020Detailed filing. Detailed filing data is available for this year.$9.44$1.67$7.78$19.5$18.4$1.17
2019Summary only. Only limited summary data is available for this year.$8.19$1.46$6.73$18.4$20.6$2.19
2018Detailed filing. Detailed filing data is available for this year.$10.4$1.51$8.93$17.2$15.5$1.67
2017Detailed filing. Detailed filing data is available for this year.$8.78$1.51$7.26$15.8$17.4$1.59
2016Detailed filing. Detailed filing data is available for this year.$10.2$1.43$8.77$15.1$13.1$2.03
2015Summary only. Only limited summary data is available for this year.$7.79$1.03$6.76$15.1$10.5$4.63
2014Summary only. Only limited summary data is available for this year.$4.67$0.77$3.89$14.1$11.7$2.45
2012Summary only. Only limited summary data is available for this year.$1.86$1.19$0.67$10.4$10.6$0.21
2011Summary only. Only limited summary data is available for this year.$1.85$0.96$0.89$9.17$8.58$0.59
Peer Organizations

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