Civic Intelligence

Hb Fuller Company Welfare Benefits Trust - Veba

EIN 41-1743540 • 501(c)9 • St Paul, MN

Profile

The purpose of the welfare benefits trust is to provide post-retirement benefits to former employees of h.b. Fuller company.

PO Box 64683St Paul, MN 55164-0683

n/A

Siviq Scores

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

Liabilities / Assets

18th percentile

0.00x

Higher debt load relative to assets than 18% of similar nonprofits.

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

Liabilities / Revenue

24th percentile

0.00x

Higher debt load relative to revenue than 24% of similar nonprofits.

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

Net Margin

92nd percentile

59%

Higher net margin than 92% of similar nonprofits.

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

Top Officer Pay

44th percentile

$14,129

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

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

Asset Growth

96th percentile

32%

Faster asset growth than 96% of similar nonprofits.

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

Revenue Growth

97th percentile

193%

Faster revenue growth than 97% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets18th percentile

Assets

Up

$176,044,070

Up $42,590,907 (+32%) from 2023

Liabilities

Down

$12,717

Down $7,824 (-38%) from 2023

Net Assets

Up

$176,031,353

Up $42,598,731 (+32%) from 2023

Operations
Liabilities / Revenue24th percentileNet Margin92nd percentile

Revenue

Up

$5,972,223

Up $3,932,153 (+193%) from 2023

Expenses

Down

$2,428,592

Down $261,776 (-9.7%) from 2023

Net Income

Up

$3,543,631

Up $4,193,929 (+645%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth96th percentile

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

$200M$150M$100M$50M$0Assets 2011: $37,642,800Liabilities 2011: $0Net Assets 2011: $37,642,8002011Assets 2012: $42,569,223Liabilities 2012: $116,833Net Assets 2012: $42,452,3902012Assets 2013: $54,196,396Liabilities 2013: $54,666Net Assets 2013: $54,141,7302013Assets 2014: $63,076,257Liabilities 2014: $44,744Net Assets 2014: $63,031,5132014Assets 2015: $62,584,721Liabilities 2015: $5,990Net Assets 2015: $62,578,7312015Assets 2016: $66,640,131Liabilities 2016: $4,554Net Assets 2016: $66,635,5772016Assets 2017: $79,300,004Liabilities 2017: $31,228Net Assets 2017: $79,268,7762017Assets 2018: $82,910,555Liabilities 2018: $26,142Net Assets 2018: $82,884,4132018Assets 2019: $94,473,499Liabilities 2019: $3,147Net Assets 2019: $94,470,3522019Assets 2020: $109,055,115Liabilities 2020: $20,588Net Assets 2020: $109,034,5272020Assets 2021: $135,701,345Liabilities 2021: $10,329Net Assets 2021: $135,691,0162021Assets 2022: $120,781,869Liabilities 2022: $6,868Net Assets 2022: $120,775,0012022Assets 2023: $133,453,163Liabilities 2023: $20,541Net Assets 2023: $133,432,6222023Assets 2024: $176,044,070Liabilities 2024: $12,717Net Assets 2024: $176,031,3532024

Highlighted filing

2024

Assets$176,044,070
Liabilities$12,717
Net Assets$176,031,353
Open 2024 Filing

Operations Trend

Revenue Growth97th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $4,094,641Expenses 2011: $4,195,681Net Income 2011: -$101,0402011Expenses 2012: $4,246,1862012Revenue 2013: $3,809,478Expenses 2013: $3,994,013Net Income 2013: -$184,5352013Revenue 2014: $4,042,394Expenses 2014: $3,257,687Net Income 2014: $784,7072014Revenue 2015: $1,328,038Expenses 2015: $3,298,775Net Income 2015: -$1,970,7372015Revenue 2016: $2,782,829Expenses 2016: $3,245,551Net Income 2016: -$462,7222016Revenue 2017: $3,089,941Expenses 2017: $3,287,218Net Income 2017: -$197,2772017Revenue 2018: $3,022,379Expenses 2018: $2,958,021Net Income 2018: $64,3582018Revenue 2019: $2,901,628Expenses 2019: $2,951,749Net Income 2019: -$50,1212019Revenue 2020: $3,093,139Expenses 2020: $2,852,226Net Income 2020: $240,9132020Revenue 2021: $2,443,870Expenses 2021: $2,866,848Net Income 2021: -$422,9782021Revenue 2022: $3,688,672Expenses 2022: $2,566,059Net Income 2022: $1,122,6132022Revenue 2023: $2,040,070Expenses 2023: $2,690,368Net Income 2023: -$650,2982023Revenue 2024: $5,972,223Expenses 2024: $2,428,592Net Income 2024: $3,543,6312024

Highlighted filing

2024

Revenue$5,972,223
Expenses$2,428,592
Net Income$3,543,631
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$176,044,070
Liabilities
$12,717
Net assets
$176,031,353
Revenue
$5,972,223
Expenses
$2,428,592
Net income
$3,543,631
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$0.01$176$5.97$2.43$3.54
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$133$0.02$133$2.04$2.69$0.65
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$121$0.01$121$3.69$2.57$1.12
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$136$0.01$136$2.44$2.87$0.42
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$109$0.02$109$3.09$2.85$0.24
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.5$0.00$94.5$2.90$2.95$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$82.9$0.03$82.9$3.02$2.96$0.06
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.3$0.03$79.3$3.09$3.29$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$66.6$0.00$66.6$2.78$3.25$0.46
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$62.6$0.01$62.6$1.33$3.30$1.97
2014Detailed filing. Detailed filing data is available for this year.$63.1$0.04$63.0$4.04$3.26$0.78
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$54.2$0.05$54.1$3.81$3.99$0.18
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.6$0.12$42.5$4.25
2011Summary only. Only limited summary data is available for this year.$37.6$0.00$37.6$4.09$4.20$0.10
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Dec 1, 2023 to Nov 30, 2024
Signed
Oct 3, 2025
Return Version
2023v6.0
Gross Receipts
$5,972,223
Mission and Program Overview

Mission

The purpose of the welfare benefits trust is to provide post-retirement benefits to former employees of h.b. Fuller company.

The purpose of the welfare benefits is to provide post-retirement benefits to former employees of h.b. Fuller company.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$133,432,622$176,031,353▲ $42,598,731
Investments Other Securities$132,753,698$171,808,798▲ $39,055,100
Savings and Temporary Cash Investments$699,465$3,566,364▲ $2,866,899
Pledges and Grants Receivable-$668,908-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Total Assets$133,453,163$176,044,070▲ $42,590,907
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$20,541$12,717▼ $7,824
Other Liabilities$0$0→ $0
Total Liabilities$20,541$12,717▼ $7,824
Net Assets / Fund Balance
Total Net Assets Fund Balance$133,432,622$176,031,353▲ $42,598,731
Total Liabilities and Net Assets / Fund Balance$133,453,163$176,044,070▲ $42,590,907

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$171,808,798--
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleBaseTotal
US Bank NaTrustee$14,129$14,129
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,877,972
Investment Income
$94,251
Other Revenue
$0
Change in Net Assets
$3,543,631

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,972,223
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$39,055,100
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$45,027,323
Total Revenue per Form 990
$5,972,223
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$170,414
Salaries, Compensation, and Employee Benefits$14,129
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$2,244,049
Fees for Services Other---$88,631
Fees for Services Accounting---$49,261
Fees for Services Legal---$20,108
Comp Disqual Persons---$14,129
Other Expenses---$12,278
Office Expenses---$136
Total Functional Expenses$0$0$0$2,428,592

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,428,592
Total Expenses per Audited Statements$2,428,592
Total Expenses per Form 990$2,428,592
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

“Decisions of the governing body are subject to approval by the board of directors of h.b. Fuller company.”

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

“The form 990 is prepared for internal review by an independent accountant. The tax department of h.b. Fuller company reviews the form, and upon completion, the form is forwarded to u.s. Bank, trustee, for final review and approval.”

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

“The organization makes all applicable documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Hb Fuller Company Welfare Benefits Trust
EIN
41-1743540
Phone
6512365900
Address
PO BOX 64683, ST PAUL, MN 55164-0683

Signing Officer

Name
US Bank Na
Title
Trustee
Signed
2025-10-03
Discuss with paid preparer
Yes

Organization Details

Formed
1996
Legal Domicile
Mn
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA
Address
800 NICOLLET MALL STE 600, MINNEAPOLIS, MN 55402-7024
Preparer
Jake Cook
Phone
6123673000
Supplemental Narrative

Additional Explanations

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

“Net appreciation of cash surrender value of life insurance policies - 39055100;”

Financial Statement Notes

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

“U.s. Gaap requires plan management to evaluate tax positions taken by the plan. The financial statements' effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the irs. The plan administrator has analyzed the tax positions taken by the plan, and has concluded that as of november 30, 2024 and 2023, there are no uncertain positions taken or expected to be taken. The plan has recognized no interest or penalties related to uncertain tax positions. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

“Net appreciation of cash surrender value of life insurance policies - 39055100”

Raw XML Appendix315 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.

Path#Value
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IRS990/DescribedInSection501c3Ind0false
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IRS990/DonorAdvisedFundInd0false
IRS990/DonorRstrOrQuasiEndowmentsInd0false
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IRS990/EmployeeCnt00
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IRS990/FeesForServicesAccountingGrp/TotalAmt049261
IRS990/FeesForServicesLegalGrp/TotalAmt020108
IRS990/FeesForServicesOtherGrp/TotalAmt088631
IRS990/ForeignActivitiesInd0false
IRS990/ForeignFinancialAccountInd0false
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IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt01.0
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IRS990/GainOrLossGrp/SecuritiesAmt00
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IRS990/GoverningBodyVotingMembersCnt01
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt05972223
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0true
IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt00
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt094251
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IRS990/InvestmentInJointVentureInd0false
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0132753698
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0171808798
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IRS990/IRPDocumentCnt00
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
IRS990/LandBldgEquipCostOrOtherBssAmt00
IRS990/LegalDomicileStateCd0MN
IRS990/LoanOutstandingInd0false
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MiscellaneousRevenueGrp/ExclusionAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0U.S. GAAP REQUIRES PLAN MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN. THE FINANCIAL STATEMENTS' EFFECTS OF A TAX POSITION ARE RECOGNIZED WHEN THE POSITION IS MORE LIKELY THAN NOT, BASED ON THE TECHNICAL MERITS, TO BE SUSTAINED UPON EXAMINATION BY THE IRS. THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF NOVEMBER 30, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN. THE PLAN HAS RECOGNIZED NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1NET APPRECIATION OF CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES - 39055100
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS OF H.B. FULLER COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED FOR INTERNAL REVIEW BY AN INDEPENDENT ACCOUNTANT. THE TAX DEPARTMENT OF H.B. FULLER COMPANY REVIEWS THE FORM, AND UPON COMPLETION, THE FORM IS FORWARDED TO U.S. BANK, TRUSTEE, FOR FINAL REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ALL APPLICABLE DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NET APPRECIATION OF CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES - 39055100;
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders
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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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0410268370
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0MANAGEMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0HB FULLER COMPANY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0PO BOX 64683
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IRS990/TotalGrossUBIAmt094251
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IRS990/TotalLiabilitiesEOYAmt012717
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IRS990/TotalLiabilitiesGrp/EOYAmt012717
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0176031353
IRS990/TotalOtherCompensationAmt00
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IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt05877972
IRS990/TotalReportableCompFromOrgAmt014129
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt05877972
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05972223
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt094251
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0133453163
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0176044070
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt060 LIVINGSTON AVE
IRS990/USAddress/CityNm0ST PAUL
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055107
IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0US BANK NA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-10-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HB FULLER COMPANY WELFARE BENEFITS TRUST
ReturnHeader/Filer/BusinessNameControlTxt0HBFU
ReturnHeader/Filer/EIN0411743540
ReturnHeader/Filer/PhoneNum06512365900
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 64683
ReturnHeader/Filer/USAddress/CityNm0ST PAUL
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd0551640683
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0135381590
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BDO USA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0800 NICOLLET MALL STE 600
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINNEAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0554027024
ReturnHeader/PreparerPersonGrp/PhoneNum06123673000
ReturnHeader/PreparerPersonGrp/PreparationDt02025-10-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAKE COOK
ReturnHeader/ReturnTs02025-10-03T08:46:54+00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-12-01
ReturnHeader/TaxPeriodEndDt02024-11-30
ReturnHeader/TaxYr02023

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