Civic Intelligence

General Dynamics Land Systems Retiree Benefits Trust

990 • Fiscal year 2023 • EIN 36-7007200

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 06, 2024

Organization ProfileN/A
N TRUST 333 S WABASH ST Suite WB-42Chicago, IL 60604

(703) 876-3000

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

24th percentile

0.00x

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Net Margin

10th percentile

-105%

Higher net margin than 10% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

41st percentile

$1,240

Higher top officer pay than 41% of similar nonprofits.

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Asset Growth

42nd percentile

5.6%

Faster asset growth than 42% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

1st percentile

-94%

Faster revenue growth than 1% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$259,750,877

Up $13,856,565 (+5.6%) from 2022

Net Assets

Up

$259,750,877

Up $14,290,444 (+5.8%) from 2022

Liabilities

Down

$0

Down $433,879 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin10th percentile

Revenue

Down

$6,180,047

Down $92,106,201 (-94%) from 2022

Expenses

Up

$12,682,522

Up $1,229,640 (+11%) from 2022

Net Income

Down

-$6,502,475

Down $93,335,841 (-107%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth42nd 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

2023

Assets$259,750,877
Liabilities$0
Net Assets$259,750,877
Open 2023 Filing

Operations Trend

Revenue Growth1st 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

2023

Revenue$6,180,047
Expenses$12,682,522
Net Income-$6,502,475
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 6, 2024
Return Version
2023v5.1
Gross Receipts
$364,212,480
Mission and Program Overview

Mission

Providing employee welfare benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$245,460,433$259,750,877▲ $14,290,444
Investments in Publicly Traded Securities$239,453,124$254,980,351▲ $15,527,227
Savings and Temporary Cash Investments$4,373,438$2,248,911▼ $2,124,527
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$245,894,312$259,750,877▲ $13,856,565
Other Assets Total$2,067,750$2,521,615▲ $453,865
Liabilities
Other Liabilities$433,879$0▼ $433,879
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$433,879$0▼ $433,879
Net Assets / Fund Balance
Total Net Assets Fund Balance$245,460,433$259,750,877▲ $14,290,444
Total Liabilities and Net Assets / Fund Balance$245,894,312$259,750,877▲ $13,856,565
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleBaseTotal
The Northern Trust CompanyTrustee$1,240$1,240

Highest Paid Contractors

ContractorServicesLocationCompensation
Blackrock Fin MgtInv Management50 HUDSON YARDS, New York, NY 10001$248,988
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$939
Investment Income
$6,192,875
Other Revenue
$-13,767
Change in Net Assets
$-6,502,475
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,269,351
Salaries, Compensation, and Employee Benefits$1,240
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$10,411,931
Fees for Service Investment Mgmnt Fees---$332,658
Fees for Services Accounting---$87,204
Fees for Services Other---$5,800
Current Officers, Directors, Trustees, and Key Employees---$1,240
Other Expenses---$12
Total Functional Expenses$0$0$0$12,682,522
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
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), which was 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 the 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 governing documents, conflict of interest policy, and financial statements to general 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 agreement. 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
N TRUST 333 S WABASH ST Suite WB-42, CHICAGO, IL 60604

Signing Officer

Name
Betsy L Campbell
Title
Sr. Vice President
Phone
3125577328
Signed
2024-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amanda Macphail
Formed
1992
Legal Domicile
Wi
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
155 N WACKER DRIVE, CHICAGO, IL 60606
Preparer
Morgan Eads
Phone
3128792000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 1

“Accounting method modified cash.”

Raw XML Appendix378 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), WHICH WAS 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 THE HUMAN CAPITAL PROCESSES GROUP AT GENERAL DYNAMICS. THE RETURN IS SENT TO THE TRUSTEE BEFORE FILING FOR SIGNATURE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THESE 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/ExplanationTxt3AVAILABILITY OF GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO GENERAL 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVERAGE 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 AGREEMENT. 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/ExplanationTxt5ACCOUNTING METHOD MODIFIED CASH.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE, 12-15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VII, SECTION A, LINE 1, COL B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 1
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0BETSY L CAMPBELL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SR. VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03125577328
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GENERAL DYNAMICS LAND SYSTEMS
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ERNST & YOUNG US LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0155 N WACKER DRIVE
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060606
ReturnHeader/PreparerPersonGrp/PhoneNum03128792000
ReturnHeader/PreparerPersonGrp/PreparationDt02024-10-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MORGAN EADS
ReturnHeader/ReturnTs02024-11-08T16:10:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$259,750,877
Liabilities
$0
Net assets
$259,750,877
Revenue
$6,180,047
Expenses
$12,682,522
Net income
-$6,502,475
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