Civic Intelligence

Voluntary Employees Beneficiary Association for the General Mills

990 • Fiscal year 2016 • EIN 41-1738267

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

C/O The Bnym PO Box 535007Pittsburgh, PA 15253-5007

(412) 236-7175

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.00x

Higher debt load relative to assets than 32% of similar nonprofits.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

39th percentile

0.02x

Higher debt load relative to revenue than 39% of similar nonprofits.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2016

Net Margin

96th percentile

81%

Higher net margin than 96% of similar nonprofits.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

42nd percentile

$27,098

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2016

Asset Growth

70th percentile

10.0%

Faster asset growth than 70% of similar nonprofits.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

15th percentile

-9.2%

Faster revenue growth than 15% of similar nonprofits.

2016 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Assets

Up

$453,058,136

Up $41,137,774 (+10.0%) from 2015

Net Assets

Up

$452,225,752

Up $41,119,737 (+10%) from 2015

Liabilities

Up

$832,384

Up $18,037 (+2.2%) from 2015

Revenue

Down

$38,494,408

Down $3,906,077 (-9.2%) from 2015

Expenses

Down

$7,381,720

Down $487,527 (-6.2%) from 2015

Net Income

Down

$31,112,688

Down $3,418,550 (-9.9%) from 2015

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $238,072,740Liabilities 2010: $0Net Assets 2010: $238,072,7402010Assets 2011: $242,824,052Liabilities 2011: $0Net Assets 2011: $242,824,0522011Assets 2012: $293,240,836Liabilities 2012: $17,352,028Net Assets 2012: $275,888,8082012Assets 2013: $361,000,390Liabilities 2013: $17,396,395Net Assets 2013: $343,603,9952013Assets 2014: $413,093,922Liabilities 2014: $17,370,876Net Assets 2014: $395,723,0462014Assets 2015: $411,920,362Liabilities 2015: $814,347Net Assets 2015: $411,106,0152015Assets 2016: $453,058,136Liabilities 2016: $832,384Net Assets 2016: $452,225,7522016Assets 2017: $521,762,792Liabilities 2017: $1,417,191Net Assets 2017: $520,345,6012017Assets 2018: $497,737,787Liabilities 2018: $2,419,454Net Assets 2018: $495,318,3332018Assets 2019: $552,933,506Liabilities 2019: $7,363,834Net Assets 2019: $545,569,6722019Assets 2020: $582,071,362Liabilities 2020: $3,535,514Net Assets 2020: $578,535,8482020Assets 2021: $542,345,691Liabilities 2021: $0Net Assets 2021: $542,345,6912021Assets 2022: $362,775,148Liabilities 2022: $0Net Assets 2022: $362,775,1482022Assets 2023: $227,505,927Liabilities 2023: $0Net Assets 2023: $227,505,9272023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2016

Assets$453,058,136
Liabilities$832,384
Net Assets$452,225,752

Operations Trend

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

$200M$100M$0-$100M-$200MRevenue 2010: $10,796,463Expenses 2010: $1,285,697Net Income 2010: $9,510,7662010Expenses 2011: $1,178,8702011Expenses 2012: $1,111,2682012Revenue 2013: $45,980,279Expenses 2013: $4,709,356Net Income 2013: $41,270,9232013Revenue 2014: $50,629,804Expenses 2014: $7,311,609Net Income 2014: $43,318,1952014Revenue 2015: $42,400,485Expenses 2015: $7,869,247Net Income 2015: $34,531,2382015Revenue 2016: $38,494,408Expenses 2016: $7,381,720Net Income 2016: $31,112,6882016Revenue 2017: $66,597,255Expenses 2017: $16,024,791Net Income 2017: $50,572,4642017Revenue 2018: $65,749,470Expenses 2018: $22,718,483Net Income 2018: $43,030,9872018Revenue 2019: $31,817,376Expenses 2019: $22,139,806Net Income 2019: $9,677,5702019Revenue 2020: $36,274,693Expenses 2020: $17,981,553Net Income 2020: $18,293,1402020Revenue 2021: $47,763,245Expenses 2021: $53,438,496Net Income 2021: -$5,675,2512021Revenue 2022: $940,226Expenses 2022: $141,306,897Net Income 2022: -$140,366,6712022Revenue 2023: -$5,618,816Expenses 2023: $146,532,074Net Income 2023: -$152,150,8902023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2016

Revenue$38,494,408
Expenses$7,381,720
Net Income$31,112,688
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.1
Gross Receipts
$38,828,841
Mission and Program Overview

Mission

Voluntary employees' beneficiary association providing for the payment of life, sick, accident, or other permissible benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$411,106,015$452,225,752▲ $41,119,737
Investments Other Securities$219,290,382$232,986,331▲ $13,695,949
Investments in Publicly Traded Securities$190,376,512$217,719,455▲ $27,342,943
Accounts Receivable$1,661,313$1,361,026▼ $300,287
Cash and Non-Interest-Bearing Accounts$582,597$987,453▲ $404,856
Savings and Temporary Cash Investments$9,558$3,871▼ $5,687
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 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$411,920,362$453,058,136▲ $41,137,774
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$814,347$832,384▲ $18,037
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$814,347$832,384▲ $18,037
Net Assets / Fund Balance
Total Net Assets Fund Balance$411,106,015$452,225,752▲ $41,119,737
Total Liabilities and Net Assets / Fund Balance$411,920,362$453,058,136▲ $41,137,774

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$24,845--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
The Bank of New York MellonTrustee - See Sch OPT$27,098$27,098

Highest Paid Contractors

ContractorServicesLocationCompensation
Hewitt AssociatesRecordkeepingPO BOX 563901, Charlotte, NC 28256-3901$365,317
Marathon VebaInvestment Mgmt-$235,981
Wells Capital ManagementInvestment Mgmt4 NORTH PARK DRIVE STE 106, Hunt Valley, MD 21030$225,941
Sands Capital ManagementInvestment Mgmt1000 Wilson Blvd Ste 3000, Arlington, VA 22209$204,813
Artisan VebaInvestment Mgmt525 Market Street 10th Floor, San Francisco, CA 94105$199,329
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$22,351,544
Investment Income
$18,213,465
Other Revenue
$-2,070,601
Change in Net Assets
$31,112,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,656,131
Salaries, Compensation, and Employee Benefits$27,098
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$4,698,491
Fees for Service Investment Mgmnt Fees---$1,980,801
Fees for Services Accounting---$53,775
Current Officers, Directors, Trustees, and Key Employees---$27,098
Fees for Services Other---$8,192
Other Expenses---$1,635
Total Functional Expenses$0$0$0$7,381,720
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
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
Filing and Contact Details

Filer

Filer Name
Voluntary Employees Beneficiary
EIN
41-1738267
In Care Of
% THE BANK OF NEW YORK MELLON
Phone
4122367175
Address
C/O THE BNYM PO BOX 535007, PITTSBURGH, PA 15253-5007

Signing Officer

Name
Brent Heintzelman
Title
VP Bnym as Trustee
Phone
4122367175
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
The Bank of New York Mellon
Formed
1988
Legal Domicile
Ma
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
2100 ONE PPG PLACE, PITTSBURGH, PA 15222
Preparer
Eileen M Webb
Phone
4126447800
Supplemental Narrative

Additional Explanations

Supplemental Information

Form 990, part vi, section a, lines 1a & b the bank of new york mellon serves as the sole directed trustee of this trust. The plan sponsor is the general mills inc. The trust is administered by the general mills inc. In accordance with the terms of the trust agreement. As such the veba does not have a governing body that exercises discretion. Form 990, part vi, sections a & b, lines 8, 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, section b, line 11b a complete electronic copy of the organization's form 990 was provided to the trustee for review prior to filing with the irs. Form 990, part vi, 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. Form 990, part vii, section a, line 1a, column (b) average hours per week devoted to positions as trustee, the bank of new york mellon provides administrative services such as acting as investment manager for voluntary employee beneficiary association trust for general mills. 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's fees are not based upon hourly basis but are calculated based upon factors such as the market value of the account and in accordance with the bank of new york mellon's agreement with voluntary employee beneficiary association trust for general mills. Form 990, part xii, line 1 modified cash basis

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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt220490
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2193062539
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt324845
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IRS990ScheduleD/OtherSecuritiesGrp/Desc1OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc2COMMON/COLLECTIVE TRUST
IRS990ScheduleD/OtherSecuritiesGrp/Desc3103-12 INVESTMENT ENTITIES
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART VI, SECTION A, LINES 1A & B THE BANK OF NEW YORK MELLON SERVES AS THE SOLE DIRECTED TRUSTEE OF THIS TRUST. THE PLAN SPONSOR IS THE GENERAL MILLS INC. THE TRUST IS ADMINISTERED BY THE GENERAL MILLS INC. IN ACCORDANCE WITH THE TERMS OF THE TRUST AGREEMENT. AS SUCH THE VEBA DOES NOT HAVE A GOVERNING BODY THAT EXERCISES DISCRETION. FORM 990, PART VI, SECTIONS A & B, LINES 8, 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, SECTION B, LINE 11B A COMPLETE ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 WAS PROVIDED TO THE TRUSTEE FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, 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. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B) AVERAGE HOURS PER WEEK DEVOTED TO POSITIONS AS TRUSTEE, THE BANK OF NEW YORK MELLON PROVIDES ADMINISTRATIVE SERVICES SUCH AS ACTING AS INVESTMENT MANAGER FOR VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION TRUST FOR GENERAL MILLS. 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'S FEES ARE NOT BASED UPON HOURLY BASIS BUT ARE CALCULATED BASED UPON FACTORS SUCH AS THE MARKET VALUE OF THE ACCOUNT AND IN ACCORDANCE WITH THE BANK OF NEW YORK MELLON'S AGREEMENT WITH VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION TRUST FOR GENERAL MILLS. FORM 990, PART XII, LINE 1 MODIFIED CASH BASIS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0SUPPLEMENTAL INFORMATION
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0CONSUMER FOOD
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1MASTER TRUST
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0GENERAL MILLS INC & SUBSIDIARIES
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1GMI INVESTMENT TRUST
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt10
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt10
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IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/BOYAmt0411920362
IRS990/TotalAssetsGrp/EOYAmt0453058136
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IRS990/TotalLiabilitiesBOYAmt0814347
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IRS990/TotalReportableCompFromOrgAmt027098
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0368141
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.00$0.00$0.00
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$228$0.00$228$5.62$147$152
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$363$0.00$363$0.94$141$140
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$542$0.00$542$47.8$53.4$5.68
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$582$3.54$579$36.3$18.0$18.3
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$553$7.36$546$31.8$22.1$9.68
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$498$2.42$495$65.7$22.7$43.0
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$522$1.42$520$66.6$16.0$50.6
2016Detailed filing. Detailed filing data is available for this year.$453$0.83$452$38.5$7.38$31.1
2015Detailed filing. Detailed filing data is available for this year.$412$0.81$411$42.4$7.87$34.5
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$413$17.4$396$50.6$7.31$43.3
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$361$17.4$344$46.0$4.71$41.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$293$17.4$276$1.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$243$0.00$243$1.18
2010Summary only. Only limited summary data is available for this year.$238$0.00$238$10.8$1.29$9.51