Civic Intelligence

General Dynamics Land Systems Retiree Benefits Trust

990 • Fiscal year 2019 • EIN 36-7007200

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 20, 2020

Organization ProfileN/A
C/O Northern Trust 50 S Lasalle StChicago, IL 60603

(703) 876-3000

Siviq Scores

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

Liabilities / Assets

27th percentile

0.00x

Higher debt load relative to assets than 27% of similar nonprofits.

2019 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

43rd percentile

0.03x

Higher debt load relative to revenue than 43% of similar nonprofits.

2019 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2019

Net Margin

15th percentile

-11%

Higher net margin than 15% of similar nonprofits.

2019 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2019

Asset Growth

71st percentile

16%

Faster asset growth than 71% of similar nonprofits.

2019 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

85th percentile

16%

Faster revenue growth than 85% of similar nonprofits.

2019 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets27th percentile

Assets

Up

$240,991,024

Up $33,471,904 (+16%) from 2018

Net Assets

Up

$240,560,293

Up $33,447,323 (+16%) from 2018

Liabilities

Up

$430,731

Up $24,581 (+6.1%) from 2018

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin15th percentile

Revenue

Up

$15,824,854

Up $2,223,562 (+16%) from 2018

Expenses

Up

$17,563,574

Up $1,433,873 (+8.9%) from 2018

Net Income

Up

-$1,738,720

Up $789,689 (+31%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth71st percentile

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

$400M$300M$200M$100M$0Assets 2010: $163,196,294Liabilities 2010: $0Net Assets 2010: $163,196,2942010Assets 2011: $162,787,479Liabilities 2011: $0Net Assets 2011: $162,787,4792011Assets 2012: $188,292,169Liabilities 2012: $0Net Assets 2012: $188,292,1692012Assets 2013: $226,278,809Liabilities 2013: $0Net Assets 2013: $226,278,8092013Assets 2014: $237,618,748Liabilities 2014: $411,243Net Assets 2014: $237,207,5052014Assets 2015: $220,136,547Liabilities 2015: $297,811Net Assets 2015: $219,838,7362015Assets 2016: $209,081,914Liabilities 2016: $374,942Net Assets 2016: $208,706,9722016Assets 2017: $228,080,893Liabilities 2017: $337,109Net Assets 2017: $227,743,7842017Assets 2018: $207,519,120Liabilities 2018: $406,150Net Assets 2018: $207,112,9702018Assets 2019: $240,991,024Liabilities 2019: $430,731Net Assets 2019: $240,560,2932019Assets 2021: $303,374,892Liabilities 2021: $439,828Net Assets 2021: $302,935,0642021Assets 2022: $245,894,312Liabilities 2022: $433,879Net Assets 2022: $245,460,4332022Assets 2023: $259,750,877Liabilities 2023: $0Net Assets 2023: $259,750,8772023Assets 2024: $258,613,527Liabilities 2024: $1,652,177Net Assets 2024: $256,961,3502024

Highlighted filing

2019

Assets$240,991,024
Liabilities$430,731
Net Assets$240,560,293
Open 2019 Filing

Operations Trend

Revenue Growth85th percentile

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

$100M$50M$0-$50MExpenses 2010: $30,754,1602010Expenses 2011: $31,202,7452011Expenses 2012: $31,436,2072012Revenue 2013: $32,572,566Expenses 2013: $29,293,086Net Income 2013: $3,279,4802013Revenue 2014: $23,538,225Expenses 2014: $26,103,099Net Income 2014: -$2,564,8742014Revenue 2015: $19,216,120Expenses 2015: $21,589,329Net Income 2015: -$2,373,2092015Revenue 2016: $15,816,306Expenses 2016: $32,877,848Net Income 2016: -$17,061,5422016Revenue 2017: $16,925,728Expenses 2017: $16,938,832Net Income 2017: -$13,1042017Revenue 2018: $13,601,292Expenses 2018: $16,129,701Net Income 2018: -$2,528,4092018Revenue 2019: $15,824,854Expenses 2019: $17,563,574Net Income 2019: -$1,738,7202019Revenue 2021: $28,990,651Expenses 2021: $12,906,773Net Income 2021: $16,083,8782021Revenue 2022: $98,286,248Expenses 2022: $11,452,882Net Income 2022: $86,833,3662022Revenue 2023: $6,180,047Expenses 2023: $12,682,522Net Income 2023: -$6,502,4752023Revenue 2024: $14,269,709Expenses 2024: $14,305,317Net Income 2024: -$35,6082024

Highlighted filing

2019

Revenue$15,824,854
Expenses$17,563,574
Net Income-$1,738,720
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 20, 2020
Return Version
2019v5.1
Gross Receipts
$31,332,676
Mission and Program Overview

Mission

Providing employee welfare benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$207,112,970$240,560,293▲ $33,447,323
Investments in Publicly Traded Securities$201,218,618$233,911,177▲ $32,692,559
Savings and Temporary Cash Investments$5,884,370$6,642,339▲ $757,969
Cash and Non-Interest-Bearing Accounts$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
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$207,519,120$240,991,024▲ $33,471,904
Other Assets Total$416,132$437,508▲ $21,376
Liabilities
Other Liabilities$406,150$430,731▲ $24,581
Accounts Payable and Accrued Expenses$0$0→ $0
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
Total Liabilities$406,150$430,731▲ $24,581
Net Assets / Fund Balance
Total Net Assets Fund Balance$207,112,970$240,560,293▲ $33,447,323
Total Liabilities and Net Assets / Fund Balance$207,519,120$240,991,024▲ $33,471,904
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleBaseTotal
The Northern Trust ComTrustee$94,756$94,756
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,959,262
Investment Income
$13,865,592
Other Revenue
$0
Change in Net Assets
$-1,738,720
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,045,397
Salaries, Compensation, and Employee Benefits$94,756
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$14,423,421
Current Officers, Directors, Trustees, and Key Employees---$94,756
Fees for Services Accounting---$89,721
Fees for Service Investment Mgmnt Fees---$7,760
Fees for Services Other---$5,250
Other Expenses---$357
Total Functional Expenses$0$0$0$17,563,574
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Pending Trades$430,731
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8

“Meetings held and actions undertaken by governing body northern trust company is the institutional trustee of this voluntary employees' beneficiary association under 501(c)(9) formed to fund certain welfare benefits of current and former employees of general dynamics. There are no meetings of the governing body or committees to document.”

Form 990, Part VI, Section B, Line 11B

“Review of form 990 an accounting firm prepares form 990 from data provided by trustee northern trust company. The return is reviewed by human capital processes group at general dynamics. The return is sent to the trustee before filing for signature. Form 990, part vi, section b, line, 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, Line 19

“Availability of documents to the public 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 1, col b average hours per week devoted to position as trustee, northern trust provides administrative services such as acting as investment manager for 'general dynamics land systems retiree benefits trust'. These services require 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 the northern trust's agreement with 'general dynamics'.”

Filing and Contact Details

Filer

Filer Name
General Dynamics Land Systems
EIN
36-7007200
In Care Of
% NORTHERN TRUST CO
Phone
7038763000
Address
C/O NORTHERN TRUST 50 S LASALLE ST, CHICAGO, IL 60603

Signing Officer

Name
Elizabeth Nehf
Title
Sr. Vice President
Phone
3125577506
Signed
2020-10-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Randall Miller
Formed
1992
Legal Domicile
Wi
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
111 MONUMENT CIRCLE STE 4000, INDIANAPOLIS, IN 46204
Preparer
Janice K Martin
Phone
3176817000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 1

“Accounting method modified cash.”

Raw XML Appendix373 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEETINGS HELD AND ACTIONS UNDERTAKEN BY GOVERNING BODY NORTHERN TRUST COMPANY IS THE INSTITUTIONAL TRUSTEE OF THIS VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION UNDER 501(C)(9) FORMED TO FUND CERTAIN WELFARE BENEFITS OF CURRENT AND FORMER EMPLOYEES OF GENERAL DYNAMICS. THERE ARE NO MEETINGS OF THE GOVERNING BODY OR COMMITTEES TO DOCUMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1REVIEW OF FORM 990 AN ACCOUNTING FIRM PREPARES FORM 990 FROM DATA PROVIDED BY TRUSTEE NORTHERN TRUST COMPANY. THE RETURN IS REVIEWED BY HUMAN CAPITAL PROCESSES GROUP AT GENERAL DYNAMICS. THE RETURN IS SENT TO THE TRUSTEE BEFORE FILING FOR SIGNATURE. FORM 990, PART VI, SECTION B, LINE, 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABILITY OF DOCUMENTS TO THE PUBLIC 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 1, COL B AVERAGE HOURS PER WEEK DEVOTED TO POSITION AS TRUSTEE, NORTHERN TRUST PROVIDES ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER FOR 'GENERAL DYNAMICS LAND SYSTEMS RETIREE BENEFITS TRUST'. THESE SERVICES REQUIRE 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 THE NORTHERN TRUST'S AGREEMENT WITH 'GENERAL DYNAMICS'.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ACCOUNTING METHOD MODIFIED CASH.
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0111 MONUMENT CIRCLE STE 4000
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ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$240,991,024
Liabilities
$430,731
Net assets
$240,560,293
Revenue
$15,824,854
Expenses
$17,563,574
Net income
-$1,738,720
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$259$1.65$257$14.3$14.3$0.04
2023Detailed filing. Detailed filing data is available for this year.$260$0.00$260$6.18$12.7$6.50
2022Detailed filing. Detailed filing data is available for this year.$246$0.43$245$98.3$11.5$86.8
2021Detailed filing. Detailed filing data is available for this year.$303$0.44$303$29.0$12.9$16.1
2019Detailed filing. Detailed filing data is available for this year.$241$0.43$241$15.8$17.6$1.74
2018Detailed filing. Detailed filing data is available for this year.$208$0.41$207$13.6$16.1$2.53
2017Detailed filing. Detailed filing data is available for this year.$228$0.34$228$16.9$16.9$0.01
2016Detailed filing. Detailed filing data is available for this year.$209$0.37$209$15.8$32.9$17.1
2015Detailed filing. Detailed filing data is available for this year.$220$0.30$220$19.2$21.6$2.37
2014Detailed filing. Detailed filing data is available for this year.$238$0.41$237$23.5$26.1$2.56
2013Detailed filing. Detailed filing data is available for this year.$226$0.00$226$32.6$29.3$3.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$188$0.00$188$31.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$163$0.00$163$31.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$163$0.00$163$30.8