Civic Intelligence

Telephone and Data Systems Inc Employee Benefit Trust

EIN 36-3930160 • 501(c)9 • Madison, WI

View Organization Page

Profile

To provide health and welfare group insurance coverage for participating employers and employees.

525 Junction RoadMadison, WI 53719

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

94th percentile

0.90x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)9 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

0.09x

Higher debt load relative to revenue than 62% of similar nonprofits.

501(c)9 • $100M-$250M nonprofits • Source year 2024

Net Margin

26th percentile

-1.9%

Higher net margin than 26% of similar nonprofits.

501(c)9 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

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

501(c)9 • $100M-$250M nonprofits • Source year 2024

Asset Growth

14th percentile

-12%

Faster asset growth than 14% of similar nonprofits.

501(c)9 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

23rd percentile

-1.4%

Faster revenue growth than 23% of similar nonprofits.

501(c)9 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$13,097,672

Down $1,712,566 (-12%) from 2023

Liabilities

Up

$11,793,425

Up $2,620,189 (+29%) from 2023

Net Assets

Down

$1,304,247

Down $4,332,755 (-77%) from 2023

Operations
Liabilities / Revenue62nd percentileNet Margin26th percentile

Revenue

Down

$125,479,750

Down $1,771,624 (-1.4%) from 2023

Expenses

Down

$127,805,050

Down $817,195 (-0.6%) from 2023

Net Income

Down

-$2,325,300

Down $954,429 (-70%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth14th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2020: $39,968,276Liabilities 2020: $8,264,840Net Assets 2020: $31,703,4362020Assets 2021: $30,805,922Liabilities 2021: $9,830,977Net Assets 2021: $20,974,9452021Assets 2022: $15,307,674Liabilities 2022: $5,431,713Net Assets 2022: $9,875,9612022Assets 2023: $14,810,238Liabilities 2023: $9,173,236Net Assets 2023: $5,637,0022023Assets 2024: $13,097,672Liabilities 2024: $11,793,425Net Assets 2024: $1,304,2472024

Highlighted filing

2024

Assets$13,097,672
Liabilities$11,793,425
Net Assets$1,304,247
Open 2024 Filing

Operations Trend

Revenue Growth23rd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0-$50MRevenue 2020: $115,061,706Expenses 2020: $110,089,546Net Income 2020: $4,972,1602020Revenue 2021: $112,643,370Expenses 2021: $122,157,613Net Income 2021: -$9,514,2432021Revenue 2022: $114,764,855Expenses 2022: $128,714,293Net Income 2022: -$13,949,4382022Revenue 2023: $127,251,374Expenses 2023: $128,622,245Net Income 2023: -$1,370,8712023Revenue 2024: $125,479,750Expenses 2024: $127,805,050Net Income 2024: -$2,325,3002024

Highlighted filing

2024

Revenue$125,479,750
Expenses$127,805,050
Net Income-$2,325,300
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,097,672
Liabilities
$11,793,425
Net assets
$1,304,247
Revenue
$125,479,750
Expenses
$127,805,050
Net income
-$2,325,300
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.1$11.8$1.30$125$128$2.33
2023Detailed filing. Detailed filing data is available for this year.$14.8$9.17$5.64$127$129$1.37
2022Detailed filing. Detailed filing data is available for this year.$15.3$5.43$9.88$115$129$13.9
2021Detailed filing. Detailed filing data is available for this year.$30.8$9.83$21.0$113$122$9.51
2020Detailed filing. Detailed filing data is available for this year.$40.0$8.26$31.7$115$110$4.97
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.1
Gross Receipts
$125,655,258
Mission and Program Overview

Mission

To provide health and welfare group insurance coverage for participating employers and employees.

Receive contributions from employees & participating employers for health and welfare premiums, to pay claims, premiums, and admin fees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$10,126,326$8,839,108▼ $1,287,218
Accounts Receivable$4,683,912$4,258,564▼ $425,348
Rtn Earn Endowment Incm Other Fnds$5,637,002$1,304,247▼ $4,332,755
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$14,810,238$13,097,672▼ $1,712,566
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$7,602,176$9,915,957▲ $2,313,781
Accounts Payable and Accrued Expenses$1,571,060$1,877,468▲ $306,408
Total Liabilities$9,173,236$11,793,425▲ $2,620,189
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,637,002$1,304,247▼ $4,332,755
Total Liabilities and Net Assets / Fund Balance$14,810,238$13,097,672▼ $1,712,566
Compensation and Service Providers
Top Officer Pay34th percentile

Board Members and Trustees

NameTitle
Anita KrollImc Member
John ToomeyImc Member
Leroy T CarlsonImc Member
Vicki VillacrezImc Member
John GreeneImc Member (as of 03/2024)
Steven CarrollImc Member (thru 03/2024)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$124,974,178
Investment Income
$505,572
Other Revenue
$0
Change in Net Assets
$-2,325,300

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,716,883
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$123,088,167
Other Expenses---$-3,557
Total Functional Expenses$0$0$0$127,805,050

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
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
Lobbying 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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$9,915,957
Claims Incurred But Not Paid (ibnp)-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Business relationship with 35% controlled entity
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

Governance Explanations

Form 990, Part VI, Line 1A Material differences in voting rights

“Tds has appointed a committee, the investment management committee comprised of 5 members, who are listed in part vii, section a the committee is a named fiduciary for the tds employee benefit trust and authorized to direct the trustee, northern trust.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The form 990 is prepared by an external accounting firm and then reviewed by the parent company benefits and tax departments. A final review is performed by one member of the investment management committee who signs as the designated officer.”

Form 990, Part VI, Line 19 Required documents available to the public

“No documents are available to the public.”

Filing and Contact Details

Filer

Filer Name
Telephone and Data Systems Inc Employee Benefit Trust
EIN
36-3930160
Phone
6086648600
Address
525 JUNCTION ROAD, MADISON, WI 53719

Signing Officer

Name
John Greene
Title
Designated Officer
Phone
6086648600
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1993
Legal Domicile
Il
Voting Board Members
5
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA
Address
ONE ERDMAN PLACE SUITE 404, MADISON, WI 53717
Preparer
Jake Cook
Phone
6088367500
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

“CHANGE IN AMOUNTS CURRENTLY PAYABLE FOR CLAIMS - -2628252; Total - -2628252;”

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“The trust established under the plan to hold the plan's net assets is qualified pursuant to §501(c)(9) of the irc. Tds has obtained a tax exemption letter from the internal revenue service dated august 31, 1995 and the plan sponsor believes the trust continues to qualify and operate in accordance with applicable provisions of the irc. Management evaluated the plan's tax positions and concluded that the plan had maintained its tax-exempt status and had taken no uncertain tax positions that require adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements as of december 31, 2024 or 2023, except for the unrelated business income tax noted below. The plan is subject to audits by taxing jurisdictions; however, for tax periods in progress, there have been no such audits. The trust is subject to income tax on unrelated business income earned by the trust. For the year ended december 31, 2024, the trust recorded unrelated business income tax benefit of less than $0.1 million.”

Raw XML Appendix389 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/SupplementalInformationDetail/ExplanationTxt0THE TRUST ESTABLISHED UNDER THE PLAN TO HOLD THE PLAN'S NET ASSETS IS QUALIFIED PURSUANT TO §501(C)(9) OF THE IRC. TDS HAS OBTAINED A TAX EXEMPTION LETTER FROM THE INTERNAL REVENUE SERVICE DATED AUGUST 31, 1995 AND THE PLAN SPONSOR BELIEVES THE TRUST CONTINUES TO QUALIFY AND OPERATE IN ACCORDANCE WITH APPLICABLE PROVISIONS OF THE IRC. MANAGEMENT EVALUATED THE PLAN'S TAX POSITIONS AND CONCLUDED THAT THE PLAN HAD MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 OR 2023, EXCEPT FOR THE UNRELATED BUSINESS INCOME TAX NOTED BELOW. THE PLAN IS SUBJECT TO AUDITS BY TAXING JURISDICTIONS; HOWEVER, FOR TAX PERIODS IN PROGRESS, THERE HAVE BEEN NO SUCH AUDITS. THE TRUST IS SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME EARNED BY THE TRUST. FOR THE YEAR ENDED DECEMBER 31, 2024, THE TRUST RECORDED UNRELATED BUSINESS INCOME TAX BENEFIT OF LESS THAN $0.1 MILLION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleD/TotalRevenuePerForm990Amt00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TDS HAS APPOINTED A COMMITTEE, THE INVESTMENT MANAGEMENT COMMITTEE COMPRISED OF 5 MEMBERS, WHO ARE LISTED IN PART VII, SECTION A THE COMMITTEE IS A NAMED FIDUCIARY FOR THE TDS EMPLOYEE BENEFIT TRUST AND AUTHORIZED TO DIRECT THE TRUSTEE, NORTHERN TRUST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED BY AN EXTERNAL ACCOUNTING FIRM AND THEN REVIEWED BY THE PARENT COMPANY BENEFITS AND TAX DEPARTMENTS. A FINAL REVIEW IS PERFORMED BY ONE MEMBER OF THE INVESTMENT MANAGEMENT COMMITTEE WHO SIGNS AS THE DESIGNATED OFFICER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS ARE AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CHANGE IN AMOUNTS CURRENTLY PAYABLE FOR CLAIMS - -2628252; Total - -2628252;
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 1a Material differences in voting rights
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19 Required documents available to the public
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, Line 9 Other changes in net assets or fund balances
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN GREENE
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ReturnHeader/BusinessOfficerGrp/PhoneNum06086648600
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TELEPHONE AND DATA SYSTEMS INC EMPLOYEE BENEFIT TRUST
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BDO USA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0ONE ERDMAN PLACE SUITE 404
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ReturnHeader/PreparerPersonGrp/PreparationDt02025-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAKE COOK
ReturnHeader/ReturnTs02025-11-14T15:17:35+00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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