Civic Intelligence

Telephone and Data Systems Inc Employee Benefit Trust

990 • Fiscal year 2022 • EIN 36-3930160

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileN/A

View Organization Page

525 Junction RoadMadison, WI 53719

(608) 664-8600

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.35x

Higher debt load relative to assets than 83% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

47th percentile

0.05x

Higher debt load relative to revenue than 47% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Net Margin

15th percentile

-12%

Higher net margin than 15% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

33rd percentile

$0

Higher top officer pay than 33% of similar nonprofits.

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

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Asset Growth

2nd percentile

-50%

Faster asset growth than 2% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

58th percentile

1.9%

Faster revenue growth than 58% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$15,307,674

Down $15,498,248 (-50%) from 2021

Net Assets

Down

$9,875,961

Down $11,098,984 (-53%) from 2021

Liabilities

Down

$5,431,713

Down $4,399,264 (-45%) from 2021

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin15th percentile

Revenue

Up

$114,764,855

Up $2,121,485 (+1.9%) from 2021

Expenses

Up

$128,714,293

Up $6,556,680 (+5.4%) from 2021

Net Income

Down

-$13,949,438

Down $4,435,195 (-47%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$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

2022

Assets$15,307,674
Liabilities$5,431,713
Net Assets$9,875,961
Open 2022 Filing

Operations Trend

Revenue Growth58th percentile

Revenue, expenses, and net income across loaded years, with this 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

2022

Revenue$114,764,855
Expenses$128,714,293
Net Income-$13,949,438
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$115,223,305
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$27,250,986$10,211,075▼ $17,039,911
Rtn Earn Endowment Incm Other Fnds$20,974,945$9,875,961▼ $11,098,984
Accounts Receivable$3,554,936$5,096,599▲ $1,541,663
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Savings and Temporary Cash Investments$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
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
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$30,805,922$15,307,674▼ $15,498,248
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$8,230,842$6,350,807▼ $1,880,035
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Accounts Payable and Accrued Expenses$1,600,135$-919,094▼ $2,519,229
Total Liabilities$9,830,977$5,431,713▼ $4,399,264
Net Assets / Fund Balance
Total Net Assets Fund Balance$20,974,945$9,875,961▼ $11,098,984
Total Liabilities and Net Assets / Fund Balance$30,805,922$15,307,674▼ $15,498,248
Compensation and Service Providers
Top Officer Pay33rd percentile

Board Members and Trustees

NameTitle
Anita KrollImc Member
John ToomeyImc Member
Leroy T CarlsonImc Member
Steven CarrollImc Member
Vicki VillacrezImc Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$114,259,307
Investment Income
$505,548
Other Revenue
$0
Change in Net Assets
$-13,949,438
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,629,373
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---$124,084,920
Other Expenses---$65,733
Total Functional Expenses$0$0$0$128,714,293
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
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
Claims Incurred But Not Paid (ibnp)$6,350,807
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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:

“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:

“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:

“No documents are available to the public.”

Filing and Contact Details

Filer

Filer Name
Telephone and Data Systems Inc
EIN
36-3930160
In Care Of
% TELEPHONE AND DATA SYSTEMSI
Phone
6086648600
Address
525 Junction Road, Madison, WI 53719

Signing Officer

Name
Steve Carroll
Title
Designated Officer
Phone
6086648600
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Carroll
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
Jacob Cook
Phone
6088367500
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Change in amounts currently payable for claims: $4,399,264.”

Financial Statement Notes

Schedule D, Part X, Line 2:

“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 at December 31, 2022 or 2021, 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, 2022, the Trust recorded unrelated business income tax expense of $0.1 million.”

Raw XML AppendixShowing 400 of 407 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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IRS990/RentalIncomeOrLossGrp/RealAmt00
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06350807
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CLAIMS INCURRED BUT NOT PAID (IBNP)
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 at December 31, 2022 or 2021, 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, 2022, the Trust recorded unrelated business income tax expense of $0.1 million.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2:
IRS990ScheduleD/TotalLiabilityAmt06350807
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
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: $4,399,264.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, LINE 1A:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, LINE 11b:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, LINE 19:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, Line 9
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C-Corp
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct00.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Telecommunication
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Telephone and Data Systems Inc
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt030 N Lasalle St
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0Chicago
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0IL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd060602
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IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990/TotalLiabilitiesGrp/BOYAmt09830977
IRS990/TotalLiabilitiesGrp/EOYAmt05431713
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt020974945
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0114259307
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0114764855
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0505548
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt015307674
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IRS990/TravelGrp/TotalAmt00
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IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
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IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0Madison
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053719
IRS990/VotingMembersGoverningBodyCnt05
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0STEVE CARROLL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DESIGNATED OFFICER
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ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TELEPHONE AND DATA SYSTEMS INC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0EMPLOYEE BENEFIT TRUST
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BDO USA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0ONE ERDMAN PLACE SUITE 404
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MADISON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053717
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JACOB COOK

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,307,674
Liabilities
$5,431,713
Net assets
$9,875,961
Revenue
$114,764,855
Expenses
$128,714,293
Net income
-$13,949,438
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