Civic Intelligence

Bell Atlantic Management Retiree Life Insurance Trust

990 • Fiscal year 2015 • EIN 23-7883772

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 09, 2016

1 Bny Mellon Ctr Room 151-0410Pittsburgh, PA 15258-0001

(412) 236-0537

Siviq Scores

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

Liabilities / Assets

26th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

27th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2015

Net Margin

3rd percentile

-150%

Higher net margin than 3% of similar nonprofits.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

69th percentile

$41,163

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 212.4% of source-year revenue.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Source year 2015

Asset Growth

45th percentile

-0.6%

Faster asset growth than 45% of similar nonprofits.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

32nd percentile

-3.6%

Faster revenue growth than 32% of similar nonprofits.

2015 filings • 501(c)9 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Down

$5,439,079

Down $31,403 (-0.6%) from 2014

Net Assets

Down

$5,439,079

Down $29,164 (-0.5%) from 2014

Liabilities

Down

$0

Down $2,239 (-100%) from 2014

Revenue

Down

$19,379

Down $728 (-3.6%) from 2014

Expenses

Up

$48,543

Up $3,573 (+7.9%) from 2014

Net Income

Down

-$29,164

Down $4,301 (-17%) from 2014

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2014: $5,470,482Liabilities 2014: $2,239Net Assets 2014: $5,468,2432014Assets 2015: $5,439,079Liabilities 2015: $0Net Assets 2015: $5,439,0792015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2015

Assets$5,439,079
Liabilities$0
Net Assets$5,439,079

Operations Trend

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

$10M$5.0M$0-$5.0M-$10MRevenue 2014: $20,107Expenses 2014: $44,970Net Income 2014: -$24,8632014Revenue 2015: $19,379Expenses 2015: $48,543Net Income 2015: -$29,1642015Revenue 2016: $44,227Expenses 2016: $5,483,306Net Income 2016: -$5,439,0792016

Highlighted filing

2015

Revenue$19,379
Expenses$48,543
Net Income-$29,164
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 9, 2016
Return Version
2015v2.1
Gross Receipts
$19,379
Mission and Program Overview

Mission

Provide retirement like benefits to eligible members

Provide retirement life benefits to eligible members

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$5,468,243$5,439,079▼ $29,164
Savings and Temporary Cash Investments$5,470,482$5,438,954▼ $31,528
Accounts Receivable$0$125▲ $125
Cash and Non-Interest-Bearing Accounts$0$0→ $0
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
Investments in Publicly Traded Securities$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$5,470,482$5,439,079▼ $31,403
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$2,239$0▼ $2,239
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$2,239$0▼ $2,239
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,468,243$5,439,079▼ $29,164
Total Liabilities and Net Assets / Fund Balance$5,470,482$5,439,079▼ $31,403
Compensation and Service Providers

Employees

NameTitleBaseTotal
BNY MellonTrustee$41,163$41,163
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$19,379
Other Revenue
$0
Change in Net Assets
$-29,164

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,379
Total Revenue per Audited Statements
$19,379
Total Revenue per Form 990
$19,379
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$41,163
Other Expenses$7,380
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$41,163
Payments to Affiliates---$3,697
Fees for Services Accounting---$3,683
Total Functional Expenses$0$0$0$48,543

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$48,543
Total Expenses per Audited Statements$48,543
Total Expenses per Form 990$48,543
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
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
Annual disclosure for covered persons
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Bell Atlantic Management Retiree Life
EIN
23-7883772
In Care Of
% BNY MELLON ASSET SVC
Phone
4122360537
Address
1 BNY MELLON CTR ROOM 151-0410, Pittsburgh, PA 15258-0001

Signing Officer

Name
Vicki Caldart
Title
BNY Mellon Trustee
Phone
4122360537
Signed
2016-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vicki Caldart
Formed
1996
Legal Domicile
Pa
Voting Board Members
1
Independent Board Members
0
Employees
0

Preparer

Firm
Kpmg Llp
Address
345 Park Avenue, New York, NY 10154-0102
Preparer
Jonathan Keller
Phone
2127589700
Supplemental Narrative

Additional Explanations

Supplemental Information to Form 990

Part iv - checklist of required schedules line 12: the separate, independent audited financial statements were obtained at the plan level which includes the organization. Part vi - governance, management, and disclosure section b line 12: verizon communications inc and verizon investment management corp. ("vimco") also have a code of conduct which applies to all entities which include the veba. Section b lines 13, 15: these questions are not applicable to this organization as it is a section 501(c)(9) trust (voluntary employee benefits association). Additionally, it does not have any employees. Therefore, there are no processes related to employee compensation. 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. The information is available publicly to the extent required by erisa. Part vii - compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractors line 1a and 1b: average hours per week devoted to position - as trustee bny mellon provides administrative services such as acting investment manager for the named organization. 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 calculated based upon factors such as market value of the account and in accordance with bny mellon's agreement with the bell atlantic management retiree life insurance trust. Bny mellon serves as directed trustee of this trust. The plan sponsor is verizon communications. The trust is administered by verizon communication employee benefit committee and verizon investment management corp. In accordance with the terms of the trust agreement. As such the trust does not have a governing body that exercises discretion.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PART IV - CHECKLIST OF REQUIRED SCHEDULES LINE 12: THE SEPARATE, INDEPENDENT AUDITED FINANCIAL STATEMENTS WERE OBTAINED AT THE PLAN LEVEL WHICH INCLUDES THE ORGANIZATION. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION B LINE 12: VERIZON COMMUNICATIONS INC AND VERIZON INVESTMENT MANAGEMENT CORP. ("VIMCO") ALSO HAVE A CODE OF CONDUCT WHICH APPLIES TO ALL ENTITIES WHICH INCLUDE THE VEBA. SECTION B LINES 13, 15: THESE QUESTIONS ARE NOT APPLICABLE TO THIS ORGANIZATION AS IT IS A SECTION 501(C)(9) TRUST (VOLUNTARY EMPLOYEE BENEFITS ASSOCIATION). ADDITIONALLY, IT DOES NOT HAVE ANY EMPLOYEES. THEREFORE, THERE ARE NO PROCESSES RELATED TO EMPLOYEE COMPENSATION. 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. THE INFORMATION IS AVAILABLE PUBLICLY TO THE EXTENT REQUIRED BY ERISA. PART VII - COMPENSATION OF OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES, AND INDEPENDENT CONTRACTORS LINE 1A AND 1B: AVERAGE HOURS PER WEEK DEVOTED TO POSITION - AS TRUSTEE BNY MELLON PROVIDES ADMINISTRATIVE SERVICES SUCH AS ACTING INVESTMENT MANAGER FOR THE NAMED ORGANIZATION. 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 CALCULATED BASED UPON FACTORS SUCH AS MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH BNY MELLON'S AGREEMENT WITH THE BELL ATLANTIC MANAGEMENT RETIREE LIFE INSURANCE TRUST. BNY MELLON SERVES AS DIRECTED TRUSTEE OF THIS TRUST. THE PLAN SPONSOR IS VERIZON COMMUNICATIONS. THE TRUST IS ADMINISTERED BY VERIZON COMMUNICATION EMPLOYEE BENEFIT COMMITTEE AND VERIZON INVESTMENT MANAGEMENT CORP. IN ACCORDANCE WITH THE TERMS OF THE TRUST AGREEMENT. AS SUCH THE TRUST DOES NOT HAVE A GOVERNING BODY THAT EXERCISES DISCRETION.
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IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt041163
IRS990/TotalRevenueGrp/ExclusionAmt019379
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IRS990/USAddress/AddressLine1Txt01 BNY MELLON CTR ROOM 151-0410
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IRS990/USAddress/ZIPCd0152580001
IRS990/VotingMembersGoverningBodyCnt01
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0VICKI CALDART
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BNY Mellon Trustee
ReturnHeader/BusinessOfficerGrp/PhoneNum04122360537
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-11-09
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BELL ATLANTIC MANAGEMENT RETIREE LIFE
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0INSURANCE TRUST
ReturnHeader/Filer/BusinessNameControlTxt0BELL
ReturnHeader/Filer/EIN0237883772
ReturnHeader/Filer/InCareOfNm0% BNY MELLON ASSET SVC
ReturnHeader/Filer/PhoneNum04122360537
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ReturnHeader/Filer/USAddress/ZIPCd0152580001
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KPMG LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0345 Park Avenue
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0101540102
ReturnHeader/PreparerPersonGrp/PhoneNum02127589700
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jonathan Keller
ReturnHeader/ReturnTs02016-11-14T12:50:44-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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