Civic Intelligence

Verizon Wireless Short-Term Disability Trust

990 • Fiscal year 2015 • EIN 35-6950388

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 14, 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

19th percentile

0.00x

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

2015 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

20th percentile

0.00x

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

2015 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2015

Net Margin

60th percentile

8.1%

Higher net margin than 60% of similar nonprofits.

2015 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

41st percentile

$1,750

Higher top officer pay than 41% of similar nonprofits.

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

2015 filings • 501(c)9 • $50M-$100M nonprofits • Source year 2015

Asset Growth

99th percentile

76%

Faster asset growth than 99% of similar nonprofits.

2015 filings • 501(c)9 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

83rd percentile

17%

Faster revenue growth than 83% of similar nonprofits.

2015 filings • 501(c)9 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Assets

Up

$12,245,164

Up $5,280,389 (+76%) from 2014

Net Assets

Up

$12,245,164

Up $5,284,744 (+76%) from 2014

Liabilities

Down

$0

Down $4,355 (-100%) from 2014

Revenue

Up

$65,054,502

Up $9,219,997 (+17%) from 2014

Expenses

Down

$59,769,758

Down $868,631 (-1.4%) from 2014

Net Income

Up

$5,284,744

Up $10,088,628 (+210%) from 2014

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

2015

Assets$12,245,164
Liabilities$0
Net Assets$12,245,164

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

2015

Revenue$65,054,502
Expenses$59,769,758
Net Income$5,284,744
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 14, 2016
Return Version
2015v2.1
Gross Receipts
$65,054,502
Mission and Program Overview

Mission

Provide short term disability benefits to eligible members

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$6,960,420$12,245,164▲ $5,284,744
Savings and Temporary Cash Investments$6,964,775$12,244,820▲ $5,280,045
Accounts Receivable$0$344▲ $344
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$6,964,775$12,245,164▲ $5,280,389
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$4,355$0▼ $4,355
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$4,355$0▼ $4,355
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,960,420$12,245,164▲ $5,284,744
Total Liabilities and Net Assets / Fund Balance$6,964,775$12,245,164▲ $5,280,389
Compensation and Service Providers

Employees

NameTitleBaseTotal
BNY MellonTrustee$1,750$1,750
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$64,921,000
Investment Income
$133,502
Other Revenue
$0
Change in Net Assets
$5,284,744

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,054,502
Total Revenue per Audited Statements
$65,054,502
Total Revenue per Form 990
$65,054,502
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$62,955
Salaries, Compensation, and Employee Benefits$1,750
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$59,705,053
Current Officers, Directors, Trustees, and Key Employees---$1,750
Other Expenses---$1,529
Total Functional Expenses$0$0$0$59,769,758

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$59,769,758
Total Expenses per Audited Statements$59,769,758
Total Expenses per Form 990$59,769,758
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
No
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
1 BNY MELLON CTR ROOM 151-0410, PITTSBURGH, PA 15258-0001

Signing Officer

Name
Vicki Caldart
Title
BNY Mellon Trustee
Phone
4122340505
Signed
2016-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vicki Caldart
Formed
2011
Legal Domicile
Nj
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 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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IRS990/TotalReportableCompFromOrgAmt01750
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0VICKI CALDART
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BNY Mellon Trustee
ReturnHeader/BusinessOfficerGrp/PhoneNum04122340505
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Verizon Wireless Short-Term Disability Trust
ReturnHeader/Filer/BusinessNameControlTxt0VERI
ReturnHeader/Filer/EIN0356950388
ReturnHeader/Filer/InCareOfNm0% BNY MELLON ASST SVC
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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/ReturnTs02016-11-14T16:38:49-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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