Civic Intelligence

Association Health & Welfare Veba Master Trust

EIN 46-7130790 • 501(c)9 • Louisville, KY

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Profile

Serves as a funding vehicle for providing life, sickness, accident and other benefits such as welfare benefits contemplated by code 501(c)(9) through the purchase of insurance.

9600 Brownsboro Road Ste 300Louisville, KY 40241

llhins.com

Siviq Scores

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

Liabilities / Assets

76th percentile

0.23x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)9 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

48th percentile

0.01x

Higher debt load relative to revenue than 48% of similar nonprofits.

501(c)9 • $5M-$10M nonprofits • Source year 2024

Net Margin

42nd percentile

0.2%

Higher net margin than 42% of similar nonprofits.

501(c)9 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

51st percentile

$0

Higher top officer pay than 51% of similar nonprofits.

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

501(c)9 • $5M-$10M nonprofits • Source year 2024

Asset Growth

18th percentile

-19%

Faster asset growth than 18% of similar nonprofits.

501(c)9 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

35th percentile

0.4%

Faster revenue growth than 35% of similar nonprofits.

501(c)9 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$350,179

Down $79,671 (-19%) from 2023

Liabilities

Down

$81,373

Down $103,570 (-56%) from 2023

Net Assets

Up

$268,806

Up $23,899 (+9.8%) from 2023

Operations
Liabilities / Revenue48th percentileNet Margin42nd percentile

Revenue

Up

$9,998,956

Up $40,498 (+0.4%) from 2023

Expenses

Up

$9,975,057

Up $43,202 (+0.4%) from 2023

Net Income

Down

$23,899

Down $2,704 (-10%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth18th percentile

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

$1.5M$1.0M$500K$0Assets 2014: $102,452Liabilities 2014: $95,193Net Assets 2014: $7,2592014Assets 2015: $247,820Liabilities 2015: $197,275Net Assets 2015: $50,5452015Assets 2016: $240,415Liabilities 2016: $181,224Net Assets 2016: $59,1912016Assets 2017: $152,871Liabilities 2017: $77,335Net Assets 2017: $75,5362017Assets 2018: $332,589Liabilities 2018: $240,697Net Assets 2018: $91,8922018Assets 2019: $1,046,850Liabilities 2019: $951,347Net Assets 2019: $95,5032019Assets 2020: $203,835Liabilities 2020: $58,208Net Assets 2020: $145,6272020Assets 2021: $236,440Liabilities 2021: $116,198Net Assets 2021: $120,2422021Assets 2022: $448,081Liabilities 2022: $229,777Net Assets 2022: $218,3042022Assets 2023: $429,850Liabilities 2023: $184,943Net Assets 2023: $244,9072023Assets 2024: $350,179Liabilities 2024: $81,373Net Assets 2024: $268,8062024

Highlighted filing

2024

Assets$350,179
Liabilities$81,373
Net Assets$268,806
Open 2024 Filing

Operations Trend

Revenue Growth35th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2014: $2,492,556Expenses 2014: $2,485,297Net Income 2014: $7,2592014Revenue 2015: $5,982,490Expenses 2015: $5,941,434Net Income 2015: $41,0562015Revenue 2016: $6,444,035Expenses 2016: $6,435,389Net Income 2016: $8,6462016Revenue 2017: $8,095,335Expenses 2017: $8,078,990Net Income 2017: $16,3452017Revenue 2018: $10,667,225Expenses 2018: $10,650,869Net Income 2018: $16,3562018Revenue 2019: $9,506,301Expenses 2019: $9,502,690Net Income 2019: $3,6112019Revenue 2020: $9,882,944Expenses 2020: $9,832,820Net Income 2020: $50,1242020Revenue 2021: $11,005,674Expenses 2021: $11,031,059Net Income 2021: -$25,3852021Revenue 2022: $11,061,571Expenses 2022: $11,070,814Net Income 2022: -$9,2432022Revenue 2023: $9,958,458Expenses 2023: $9,931,855Net Income 2023: $26,6032023Revenue 2024: $9,998,956Expenses 2024: $9,975,057Net Income 2024: $23,8992024

Highlighted filing

2024

Revenue$9,998,956
Expenses$9,975,057
Net Income$23,899
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
$350,179
Liabilities
$81,373
Net assets
$268,806
Revenue
$9,998,956
Expenses
$9,975,057
Net income
$23,899
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.35$0.08$0.27$10.00$9.98$0.02
2023Detailed filing. Detailed filing data is available for this year.$0.43$0.18$0.24$9.96$9.93$0.03
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.45$0.23$0.22$11.1$11.1$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.24$0.12$0.12$11.0$11.0$0.03
2020Detailed filing. Detailed filing data is available for this year.$0.20$0.06$0.15$9.88$9.83$0.05
2019Detailed filing. Detailed filing data is available for this year.$1.05$0.95$0.10$9.51$9.50$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.33$0.24$0.09$10.7$10.7$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.15$0.08$0.08$8.10$8.08$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.24$0.18$0.06$6.44$6.44$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.25$0.20$0.05$5.98$5.94$0.04
2014Summary only. Only limited summary data is available for this year.$0.10$0.10$0.01$2.49$2.49$0.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Dec 1, 2023 to Nov 30, 2024
Signed
Sep 26, 2025
Return Version
2023v6.0
Gross Receipts
$9,998,956
Mission and Program Overview

Mission

Serves as a funding vehicle for providing life, sickness, accident and other benefits such as welfare benefits contemplated by code 501(c)(9) through the purchase of insurance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$418,833$297,439▼ $121,394
Rtn Earn Endowment Incm Other Fnds$244,907$268,806▲ $23,899
Accounts Receivable$8,104$49,352▲ $41,248
Pledges and Grants Receivable$2,054$2,685▲ $631
Prepaid Expenses and Deferred Charges$859$703▼ $156
Total Assets$429,850$350,179▼ $79,671
Liabilities
Deferred Revenue$154,332$45,177▼ $109,155
Accounts Payable and Accrued Expenses$30,611$36,196▲ $5,585
Total Liabilities$184,943$81,373▼ $103,570
Net Assets / Fund Balance
Total Net Assets Fund Balance$244,907$268,806▲ $23,899
Total Liabilities and Net Assets / Fund Balance$429,850$350,179▼ $79,671
Compensation and Service Providers
Top Officer Pay51st percentile

Board Members and Trustees

NameTitle
J Trent HuntTrustee
Jacob JuliusTrustee
Stephen GregoryTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,998,956
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$23,899

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,998,956
Total Revenue per Audited Statements
$9,998,956
Total Revenue per Form 990
$9,998,956
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$218,561
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$9,756,496--$9,756,496
Fees for Services Other-$146,785-$146,785
Fees for Services Management-$52,387-$52,387
Fees for Services Accounting-$14,000-$14,000
Insurance-$5,389-$5,389
Total Functional Expenses$9,756,496$218,561$0$9,975,057

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$9,975,057
Total Expenses per Audited Statements$9,975,057
Total Expenses per Form 990$9,975,057
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Shepherd insurance shepherd insurance business partners”

Form 990, Page 6, Part VI, Line 7A

“Election of members and their rights notices are sent to all participating members asking for nominations. Members vote on the nominations.”

Form 990, Page 6, Part VI, Line 11B

“This 990 is reviewed by stephen church, administrative trustee, who is granted authority from board of trustees to finalize the return. Mr. Church reports the summary and status of 990 filings to the board.”

Form 990, Page 6, Part VI, Line 12C

“The conflicts of interest policy is reviewed and monitored at least annually by the board of trustees and enforced as necessary.”

Form 990, Page 6, Part VI, Line 19

“All documents are available upon request by any participating participant. Notices are sent out when annual reports are complete to participants and copies will be provided upon request.”

Filing and Contact Details

Filer

Filer Name
Association Health & Welfare Veba
EIN
46-7130790
Phone
5024996880
Address
9600 BROWNSBORO ROAD STE 300, LOUISVILLE, KY 40241
Doing Business As
Indiana Employers Trust

Signing Officer

Name
Stephen Gregory
Title
Trustee
Phone
5024996880
Signed
2025-09-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Gregory
Formed
2014
Legal Domicile
Ky
Voting Board Members
3
Independent Board Members
0
Employees
0

Preparer

Firm
L M Henderson & Company Llp
Address
450 E 96TH ST STE 200, INDIANAPOLIS, IN 46240-3797
Preparer
Michelle L Zimmerman
Phone
3175661000
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item C

“INDIANA EMPLOYERS TRUST”

Financial Statement Notes

Schedule D, Page 3, Part X

“The plan obtained its latest determination letter on november 6, 2014, in which the internal revenue service stated that the plan was in compliance with the applicable requirements of the internal revenue code pursuant to section 501(c)(9). The plan has been amended since receiving the determination letter. However, the plan administrator and the plans tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the internal revenue code. In accordance with section 419a of the internal revenue code, the plan is subject to plan tax rates on net income earned from unrelated business activities. As the plan is a fully insured voluntary employee beneficiary association, investment income less related investment fees are subject to tax, excluding investment income (if any exists) from tax exempt sources. For the years ended november 30, 2024 and november 30, 2023, the plan did not incur any federal or state income tax expense. Management evaluates all significant income tax positions that it takes. For the years ended november 30, 2024 and november 30, 2023, management does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. The plan recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. No interest or penalties have been accrued or charged to expense for uncertain tax positions for the years ended november 30, 2024 and november 30, 2023. The tax returns of the plan are subject to examination by the taxing authority, generally for a period of three years from the date the tax returns were filed.”

Raw XML Appendix264 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE PLAN OBTAINED ITS LATEST DETERMINATION LETTER ON NOVEMBER 6, 2014, IN WHICH THE INTERNAL REVENUE SERVICE STATED THAT THE PLAN WAS IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE PURSUANT TO SECTION 501(C)(9). THE PLAN HAS BEEN AMENDED SINCE RECEIVING THE DETERMINATION LETTER. HOWEVER, THE PLAN ADMINISTRATOR AND THE PLANS TAX COUNSEL BELIEVE THAT THE PLAN IS CURRENTLY DESIGNED AND BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE. IN ACCORDANCE WITH SECTION 419A OF THE INTERNAL REVENUE CODE, THE PLAN IS SUBJECT TO PLAN TAX RATES ON NET INCOME EARNED FROM UNRELATED BUSINESS ACTIVITIES. AS THE PLAN IS A FULLY INSURED VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION, INVESTMENT INCOME LESS RELATED INVESTMENT FEES ARE SUBJECT TO TAX, EXCLUDING INVESTMENT INCOME (IF ANY EXISTS) FROM TAX EXEMPT SOURCES. FOR THE YEARS ENDED NOVEMBER 30, 2024 AND NOVEMBER 30, 2023, THE PLAN DID NOT INCUR ANY FEDERAL OR STATE INCOME TAX EXPENSE. MANAGEMENT EVALUATES ALL SIGNIFICANT INCOME TAX POSITIONS THAT IT TAKES. FOR THE YEARS ENDED NOVEMBER 30, 2024 AND NOVEMBER 30, 2023, MANAGEMENT DOES NOT BELIEVE THAT IT HAS TAKEN ANY TAX POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY ADDITIONAL TAX LIABILITY NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT WOULD EITHER INCREASE OR DECREASE WITHIN THE NEXT TWELVE MONTHS. THE PLAN RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. NO INTEREST OR PENALTIES HAVE BEEN ACCRUED OR CHARGED TO EXPENSE FOR UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED NOVEMBER 30, 2024 AND NOVEMBER 30, 2023. THE TAX RETURNS OF THE PLAN ARE SUBJECT TO EXAMINATION BY THE TAXING AUTHORITY, GENERALLY FOR A PERIOD OF THREE YEARS FROM THE DATE THE TAX RETURNS WERE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0INDIANA EMPLOYERS TRUST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SHEPHERD INSURANCE SHEPHERD INSURANCE BUSINESS PARTNERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ELECTION OF MEMBERS AND THEIR RIGHTS NOTICES ARE SENT TO ALL PARTICIPATING MEMBERS ASKING FOR NOMINATIONS. MEMBERS VOTE ON THE NOMINATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THIS 990 IS REVIEWED BY STEPHEN CHURCH, ADMINISTRATIVE TRUSTEE, WHO IS GRANTED AUTHORITY FROM BOARD OF TRUSTEES TO FINALIZE THE RETURN. MR. CHURCH REPORTS THE SUMMARY AND STATUS OF 990 FILINGS TO THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICTS OF INTEREST POLICY IS REVIEWED AND MONITORED AT LEAST ANNUALLY BY THE BOARD OF TRUSTEES AND ENFORCED AS NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL DOCUMENTS ARE AVAILABLE UPON REQUEST BY ANY PARTICIPATING PARTICIPANT. NOTICES ARE SENT OUT WHEN ANNUAL REPORTS ARE COMPLETE TO PARTICIPANTS AND COPIES WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0429850
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IRS990/TotalAssetsGrp/BOYAmt0429850
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt09756496
IRS990/TotalFunctionalExpensesGrp/TotalAmt09975057
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0184943
IRS990/TotalLiabilitiesEOYAmt081373
IRS990/TotalLiabilitiesGrp/BOYAmt0184943
IRS990/TotalLiabilitiesGrp/EOYAmt081373
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0244907
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0268806
IRS990/TotalProgramServiceExpensesAmt09756496
IRS990/TotalProgramServiceRevenueAmt09998956
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt09998956
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt09998956
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0429850
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0350179
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt011420 BLUEGRASS PARKWAY
IRS990/USAddress/CityNm0LOUISVILLE
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHEN GREGORY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum05024996880
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-09-26
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ASSOCIATION HEALTH & WELFARE VEBA
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0MASTER TRUST
ReturnHeader/Filer/BusinessNameControlTxt0ASSO
ReturnHeader/Filer/EIN0467130790
ReturnHeader/Filer/PhoneNum05024996880
ReturnHeader/Filer/USAddress/AddressLine1Txt09600 BROWNSBORO ROAD STE 300
ReturnHeader/Filer/USAddress/CityNm0LOUISVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0205520612
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0L M HENDERSON & COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0450 E 96TH ST STE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0INDIANAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0462403797
ReturnHeader/PreparerPersonGrp/PhoneNum03175661000
ReturnHeader/PreparerPersonGrp/PreparationDt02025-09-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHELLE L ZIMMERMAN
ReturnHeader/ReturnTs02025-09-29T08:40:19-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-12-01
ReturnHeader/TaxPeriodEndDt02024-11-30
ReturnHeader/TaxYr02023

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