Civic Intelligence

Dominion Resources Services Inc Retiree Medical Welfare Trust

990 • Fiscal year 2018 • EIN 26-0016346

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 13, 2019

120 Tredegar StreetRichmond, VA 23219

(804) 819-2177

Siviq Scores

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

Liabilities / Assets

18th percentile

0.00x

Higher debt load relative to assets than 18% of similar nonprofits.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

19th percentile

0.00x

Higher debt load relative to revenue than 19% of similar nonprofits.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2018

Net Margin

79th percentile

21%

Higher net margin than 79% of similar nonprofits.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

53rd percentile

$78,775

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2018

Asset Growth

50th percentile

3.3%

Faster asset growth than 50% of similar nonprofits.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

4th percentile

-40%

Faster revenue growth than 4% of similar nonprofits.

2018 filings • 501(c)9 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$53,317,383

Up $1,720,969 (+3.3%) from 2017

Net Assets

Up

$53,314,772

Up $1,718,358 (+3.3%) from 2017

Liabilities

Up

$2,611

Up $2,611 from 2017

Revenue

Down

$7,820,190

Down $5,175,593 (-40%) from 2017

Expenses

Down

$6,204,878

Down $357,440 (-5.4%) from 2017

Net Income

Down

$1,615,312

Down $4,818,153 (-75%) from 2017

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

2018

Assets$53,317,383
Liabilities$2,611
Net Assets$53,314,772

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

2018

Revenue$7,820,190
Expenses$6,204,878
Net Income$1,615,312
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 13, 2019
Return Version
2018v3.1
Gross Receipts
$14,757,693
Mission and Program Overview

Mission

Provision of benefits to eligible members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$51,596,414$53,314,772▲ $1,718,358
Investments Other Securities$50,199,844$51,983,829▲ $1,783,985
Savings and Temporary Cash Investments$1,377,440$1,311,233▼ $66,207
Accounts Receivable$19,130$22,321▲ $3,191
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$51,596,414$53,317,383▲ $1,720,969
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$2,611▲ $2,611
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$0$2,611▲ $2,611
Net Assets / Fund Balance
Total Net Assets Fund Balance$51,596,414$53,314,772▲ $1,718,358
Total Liabilities and Net Assets / Fund Balance$51,596,414$53,317,383▲ $1,720,969

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$16,601,387--
Compensation and Service Providers

Employees

NameTitleBaseTotal
Keybank National AssociationTRUSTEE (See Schedule O)$78,775$78,775
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$4,436,587
Other Revenue
$3,383,603
Change in Net Assets
$1,615,312
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,139,302
Salaries, Compensation, and Employee Benefits$78,775
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$4,986,801
Fees for Service Investment Mgmnt Fees---$100,672
Fees for Services Accounting---$80,945
Current Officers, Directors, Trustees, and Key Employees---$78,775
Fees for Services Other---$64,060
Other Expenses---$8,618
Fees for Services Legal---$66
Total Functional Expenses$0$0$0$6,204,878
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 energy, 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 ENERGY, INC.

Filing and Contact Details

Filer

Filer Name
Dominion Resources Services Inc
EIN
26-0016346
In Care Of
% KEYBANK NATIONAL ASSOCIATION
Phone
8048192177
Address
120 Tredegar Street, Richmond, VA 23219

Signing Officer

Name
Joseph Smith
Title
Vice President
Phone
8048192077
Signed
2019-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Smith
Formed
1994
Legal Domicile
Oh
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
Eileen M Webb
Phone
4126447800
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

The total amount of $103,046 represents a fund balance adjustment due to transfers between accounts.

Raw XML AppendixShowing 400 of 403 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/Desc1EQUITY
IRS990ScheduleD/OtherSecuritiesGrp/Desc2OTHER ASSETS
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
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IRS990ScheduleD/TotalBookValueSecuritiesAmt051983829
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0KEYBANK NATIONAL ASSOCIATION SERVED AS THE SOLE DIRECTED TRUSTEE OF THIS TRUST. THE PLAN SPONSOR IS DOMINION ENERGY, 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 ENERGY, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The total amount of $103,046 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 Energy Inc
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0120 Tredegar Street
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0Richmond
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IRS990/TotalLiabilitiesGrp/EOYAmt02611
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt053314772
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IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt078775
IRS990/TotalRevenueGrp/ExclusionAmt07380067
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07820190
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0440123
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt053317383
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IRS990/USAddress/ZIPCd023219
IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSEPH SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Vice President
ReturnHeader/BusinessOfficerGrp/PhoneNum08048192077
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-13
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/PhoneNum08048192177
ReturnHeader/Filer/USAddress/AddressLine1Txt0120 Tredegar Street
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId00B7856F93E1FE286AA9E05E777D02CCD0323C704
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId00B7856F93E1FE286AA9E05E777D02CCD0323C704
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId025553720193175000016
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02019-11-13
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0164.57.159.253
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ERNST & YOUNG US LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02100 ONE PPG PLACE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PITTSBURGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd015222
ReturnHeader/PreparerPersonGrp/PhoneNum04126447800
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Eileen M Webb
ReturnHeader/ReturnTs02019-11-13T14:53:04-06:00
ReturnHeader/ReturnTypeCd0990

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