Civic Intelligence

Dominion Resources Services Inc Retiree Medical Welfare Trust

990 • Fiscal year 2016 • EIN 26-0016346

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

C/O William McHugh120 Tredegar StRichmond, VA 23219

(804) 819-2077

Siviq Scores

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

Liabilities / Assets

15th percentile

0.00x

Higher debt load relative to assets than 15% of similar nonprofits.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

16th percentile

0.00x

Higher debt load relative to revenue than 16% of similar nonprofits.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2016

Net Margin

4th percentile

-92%

Higher net margin than 4% of similar nonprofits.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

55th percentile

$37,976

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Source year 2016

Asset Growth

17th percentile

-6.9%

Faster asset growth than 17% of similar nonprofits.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

7th percentile

-33%

Faster revenue growth than 7% of similar nonprofits.

2016 filings • 501(c)9 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Down

$45,432,826

Down $3,389,337 (-6.9%) from 2015

Net Assets

Down

$45,431,628

Down $3,380,160 (-6.9%) from 2015

Liabilities

Down

$1,198

Down $9,177 (-88%) from 2015

Revenue

Down

$3,555,525

Down $1,742,196 (-33%) from 2015

Expenses

Down

$6,828,110

Down $105,349 (-1.5%) from 2015

Net Income

Down

-$3,272,585

Down $1,636,847 (-100%) from 2015

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2012: $57,671,059Liabilities 2012: $676,955Net Assets 2012: $56,994,1042012Assets 2013: $55,614,985Liabilities 2013: $1,935,606Net Assets 2013: $53,679,3792013Assets 2014: $50,546,176Liabilities 2014: $0Net Assets 2014: $50,546,1762014Assets 2015: $48,822,163Liabilities 2015: $10,375Net Assets 2015: $48,811,7882015Assets 2016: $45,432,826Liabilities 2016: $1,198Net Assets 2016: $45,431,6282016Assets 2017: $51,596,414Liabilities 2017: $0Net Assets 2017: $51,596,4142017Assets 2018: $53,317,383Liabilities 2018: $2,611Net Assets 2018: $53,314,7722018Assets 2019: $53,428,070Liabilities 2019: $2,652Net Assets 2019: $53,425,4182019Assets 2020: $51,951,578Liabilities 2020: $0Net Assets 2020: $51,951,5782020Assets 2021: $55,937,924Liabilities 2021: $26,392Net Assets 2021: $55,911,5322021Assets 2022: $53,249,606Liabilities 2022: $8,268Net Assets 2022: $53,241,3382022Assets 2023: $49,779,238Liabilities 2023: $0Net Assets 2023: $49,779,2382023Assets 2024: $57,548,945Liabilities 2024: $0Net Assets 2024: $57,548,9452024

Highlighted filing

2016

Assets$45,432,826
Liabilities$1,198
Net Assets$45,431,628

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2012: $8,493,2652012Revenue 2013: $7,114,367Expenses 2013: $9,029,243Net Income 2013: -$1,914,8762013Revenue 2014: $6,004,348Expenses 2014: $8,362,448Net Income 2014: -$2,358,1002014Revenue 2015: $5,297,721Expenses 2015: $6,933,459Net Income 2015: -$1,635,7382015Revenue 2016: $3,555,525Expenses 2016: $6,828,110Net Income 2016: -$3,272,5852016Revenue 2017: $12,995,783Expenses 2017: $6,562,318Net Income 2017: $6,433,4652017Revenue 2018: $7,820,190Expenses 2018: $6,204,878Net Income 2018: $1,615,3122018Revenue 2019: $4,299,682Expenses 2019: $4,584,641Net Income 2019: -$284,9592019Revenue 2020: $3,929,345Expenses 2020: $5,518,316Net Income 2020: -$1,588,9712020Revenue 2021: $12,483,648Expenses 2021: $9,623,319Net Income 2021: $2,860,3292021Revenue 2022: $3,025,126Expenses 2022: $6,084,655Net Income 2022: -$3,059,5292022Revenue 2023: $1,632,904Expenses 2023: $5,346,473Net Income 2023: -$3,713,5692023Revenue 2024: $9,779,631Expenses 2024: $3,302,147Net Income 2024: $6,477,4842024

Highlighted filing

2016

Revenue$3,555,525
Expenses$6,828,110
Net Income-$3,272,585
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.1
Gross Receipts
$13,970,899
Mission and Program Overview

Mission

Provision of benefits to eligible members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$48,811,788$45,431,628▼ $3,380,160
Investments Other Securities$48,599,623$45,211,066▼ $3,388,557
Savings and Temporary Cash Investments$202,942$204,844▲ $1,902
Accounts Receivable$19,598$16,916▼ $2,682
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 Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $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$48,822,163$45,432,826▼ $3,389,337
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$10,375$1,198▼ $9,177
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$10,375$1,198▼ $9,177
Net Assets / Fund Balance
Total Net Assets Fund Balance$48,811,788$45,431,628▼ $3,380,160
Total Liabilities and Net Assets / Fund Balance$48,822,163$45,432,826▼ $3,389,337

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$3,769,312--
Compensation and Service Providers

Employees

NameTitleBaseTotal
Keybank National AssociationTRUSTEE (See Schedule O)$37,976$37,976
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$2,642,488
Other Revenue
$913,037
Change in Net Assets
$-3,272,585
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$314,135
Salaries, Compensation, and Employee Benefits$37,976
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$6,475,999
Fees for Service Investment Mgmnt Fees---$79,980
Fees for Services Other---$77,463
Fees for Services Accounting---$64,886
Current Officers, Directors, Trustees, and Key Employees---$37,976
Other Expenses---$865
Fees for Services Legal---$12
Total Functional Expenses$0$0$0$6,828,110
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
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 & 1B

Keybank national association served as the sole directed trustee of this trust. The plan sponsor is dominion resources services inc. The trust is administered by 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, Section B, Line 11B

No review was or will be conducted.

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 OF THE ORGANIZATION KEYBANK NATIONAL ASSOCIATION PROVIDED ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER FOR Dominion Resources Services, Inc. Retiree Medical Welfare Trust. THESE SERVICES REQUIRED NUMEROUS INDIVIDUAL BANK EMPLOYEES' INVOLVEMENT IN THE ACTIVITIES OF THE ORGANIZATION AND THUS CANNOT BE QUANTIFIED ON AN HOURLY BASIS, BUT ARE CALCULATED BASED UPON FACTORS SUCH AS THE MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH KEYBANK NATIONAL ASSOCIATION agreement WITH DOMINION RESOURCES SERVICES INC.

Filing and Contact Details

Filer

Filer Name
Dominion Resources Services Inc
EIN
26-0016346
In Care Of
% KEYBANK NATIONAL ASSOCIATION
Phone
8048192077
Address
C/O William McHugh120 Tredegar St, Richmond, VA 23219

Signing Officer

Name
William Mchugh
Title
Assistant Treasurer
Phone
8048192077
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
KeyBank National Association
Formed
1994
Legal Domicile
Oh
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
200 CLARENDON STREET, BOSTON, MA 02116
Preparer
Emily C Seelye
Phone
6172662000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

The total amount of -$107,575 represents a fund balance adjustment due to transfers between accounts.

Raw XML Appendix396 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/Desc0FIXED INCOME SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1EQUITY
IRS990ScheduleD/OtherSecuritiesGrp/Desc2OTHER ASSETS
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0KEYBANK NATIONAL ASSOCIATION SERVED AS THE SOLE DIRECTED TRUSTEE OF THIS TRUST. THE PLAN SPONSOR IS DOMINION RESOURCES SERVICES INC. THE TRUST IS ADMINISTERED BY 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/ExplanationTxt1No review was or will be conducted.
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 OF THE ORGANIZATION KEYBANK NATIONAL ASSOCIATION PROVIDED ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER FOR Dominion Resources Services, Inc. Retiree Medical Welfare Trust. THESE SERVICES REQUIRED NUMEROUS INDIVIDUAL BANK EMPLOYEES' INVOLVEMENT IN THE ACTIVITIES OF THE ORGANIZATION AND THUS CANNOT BE QUANTIFIED ON AN HOURLY BASIS, BUT ARE CALCULATED BASED UPON FACTORS SUCH AS THE MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH KEYBANK NATIONAL ASSOCIATION agreement WITH DOMINION RESOURCES SERVICES INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The total amount of -$107,575 represents a fund balance adjustment due to transfers between accounts.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINES 1A & 1B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, 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 XI, LINE 9
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Utilities
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Dominion Resources Inc
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0120 Tredegar Street
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt045431628
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt045432826
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0120 Tredegar Street
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0WILLIAM MCHUGH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0ASSISTANT TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum08048192077
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Dominion Resources Services Inc
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Retiree Medical Welfare Trust
ReturnHeader/Filer/BusinessNameControlTxt0DOMI
ReturnHeader/Filer/EIN0260016346
ReturnHeader/Filer/InCareOfNm0% KEYBANK NATIONAL ASSOCIATION
ReturnHeader/Filer/PhoneNum08048192077
ReturnHeader/Filer/USAddress/AddressLine1Txt0C/O William McHugh120 Tredegar St
ReturnHeader/Filer/USAddress/CityNm0Richmond
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId08CBFF85A9FEE20D4AA76175B08418E5C9805F127
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId08CBFF85A9FEE20D4AA76175B08418E5C9805F127
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId025553720173195000023
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02017-11-15
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0164.57.159.254
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ERNST & YOUNG US LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0200 CLARENDON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOSTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002116
ReturnHeader/PreparerPersonGrp/PhoneNum06172662000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EMILY C SEELYE
ReturnHeader/ReturnTs02017-11-15T12:31:37-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

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