Civic Intelligence

Verizon Wireless Short-Term Disability Trust

990 • Fiscal year 2014 • EIN 35-6950388

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 12, 2015

Bnym Asst Svc 1 Bnym Cntr 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

20th percentile

0.00x

Higher debt load relative to assets than 20% of similar nonprofits.

2014 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

17th percentile

0.00x

Higher debt load relative to revenue than 17% of similar nonprofits.

2014 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2014

Net Margin

18th percentile

-8.6%

Higher net margin than 18% of similar nonprofits.

2014 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

41st percentile

$1,525

Higher top officer pay than 41% of similar nonprofits.

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

2014 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2014

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

$6,964,775

No earlier filing loaded for comparison.

Net Assets

$6,960,420

No earlier filing loaded for comparison.

Liabilities

$4,355

No earlier filing loaded for comparison.

Revenue

$55,834,505

No earlier filing loaded for comparison.

Expenses

$60,638,389

No earlier filing loaded for comparison.

Net Income

-$4,803,884

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2014: $6,964,775Liabilities 2014: $4,355Net Assets 2014: $6,960,4202014Assets 2015: $12,245,164Liabilities 2015: $0Net Assets 2015: $12,245,1642015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2014

Assets$6,964,775
Liabilities$4,355
Net Assets$6,960,420

Operations Trend

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

$80M$60M$40M$20M$0-$20MRevenue 2014: $55,834,505Expenses 2014: $60,638,389Net Income 2014: -$4,803,8842014Revenue 2015: $65,054,502Expenses 2015: $59,769,758Net Income 2015: $5,284,7442015Revenue 2016: $15,795Expenses 2016: $12,260,959Net Income 2016: -$12,245,1642016

Highlighted filing

2014

Revenue$55,834,505
Expenses$60,638,389
Net Income-$4,803,884
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 12, 2015
Return Version
2014v5.0
Gross Receipts
$55,834,505
Mission and Program Overview

Mission

Provide short term disability benefits to eligible members

Provide benefits to eligible members

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$11,764,906$6,964,775▼ $4,800,131
Cap Stk Tr Prin Current Funds$11,764,303$6,960,420▼ $4,803,883
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$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$11,764,906$6,964,775▼ $4,800,131
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$603$4,355▲ $3,752
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$603$4,355▲ $3,752
Net Assets / Fund Balance
Total Net Assets Fund Balance$11,764,303$6,960,420▼ $4,803,883
Total Liabilities and Net Assets / Fund Balance$11,764,906$6,964,775▼ $4,800,131
Compensation and Service Providers

Employees

NameTitleBaseTotal
BNY MellonTrustee$1,525$1,525
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$55,686,190
Investment Income
$148,315
Other Revenue
$0
Change in Net Assets
$-4,803,884

Audited Revenue Reconciliation

Revenue per Audited Statements
$55,834,505
Total Revenue per Audited Statements
$55,834,505
Total Revenue per Form 990
$55,834,505
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$57,982
Salaries, Compensation, and Employee Benefits$1,525
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$60,578,882
Other Expenses---$2,763
Current Officers, Directors, Trustees, and Key Employees---$1,525
Total Functional Expenses$0$0$0$60,638,389

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$60,638,389
Total Expenses per Audited Statements$60,638,389
Total Expenses per Form 990$60,638,389
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes
Filing and Contact Details

Filer

Filer Name
Verizon Wireless Short-Term Disability Trust
EIN
35-6950388
In Care Of
% BNY MELLON ASST SVC
Phone
4122360537
Address
BNYM ASST SVC 1 BNYM CNTR 151-0410, PITTSBURGH, PA 15258-0001

Signing Officer

Name
Tracey Rossi
Title
BNY Mellon as Trustee
Signed
2015-11-12

Organization Details

Formed
2011
Legal Domicile
Nj
Voting Board Members
0
Independent Board Members
0
Employees
0

Preparer

Firm
Kpmg Llp
Address
345 Park Avenue, New York, NY 10154-0102
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 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 verizon wireless short-term disability 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 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 VERIZON WIRELESS SHORT-TERM DISABILITY 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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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Attachment 1
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt011764906
IRS990/TotalAssetsEOYAmt06964775
IRS990/TotalAssetsGrp/BOYAmt011764906
IRS990/TotalAssetsGrp/EOYAmt06964775
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt060638389
IRS990/TotalGrossUBIAmt0148315
IRS990/TotalLiabilitiesBOYAmt0603
IRS990/TotalLiabilitiesEOYAmt04355
IRS990/TotalLiabilitiesGrp/BOYAmt0603
IRS990/TotalLiabilitiesGrp/EOYAmt04355
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt011764303
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06960420
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt055686190
IRS990/TotalReportableCompFromOrgAmt01525
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt055686190
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt055834505
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0148315
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011764906
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06964775
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt00
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt00
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Tracey Rossi
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BNY Mellon as Trustee
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Verizon Wireless Short-Term Disability Trust
ReturnHeader/Filer/BusinessNameControlTxt0VERI
ReturnHeader/Filer/EIN0356950388
ReturnHeader/Filer/InCareOfNm0% BNY MELLON ASST SVC
ReturnHeader/Filer/PhoneNum04122360537
ReturnHeader/Filer/USAddress/AddressLine1Txt0BNYM ASST SVC 1 BNYM CNTR 151-0410
ReturnHeader/Filer/USAddress/CityNm0PITTSBURGH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
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/ReturnTs02015-11-13T11:19:04-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

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