Civic Intelligence

Capreit Welfare Benefit Trust

990 • Fiscal year 2022 • EIN 52-1927939

Feb 01, 2021 to Jan 31, 2022 • Filed on Dec 14, 2022

Organization ProfileN/A
6116 Executive Blvd 100Rockville, MD 20852

(301) 231-8700

Siviq Scores

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

Liabilities / Assets

55th percentile

0.01x

Higher debt load relative to assets than 55% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

49th percentile

0.00x

Higher debt load relative to revenue than 49% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Net Margin

27th percentile

-5.9%

Higher net margin than 27% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

54th percentile

$0

Higher top officer pay than 54% of similar nonprofits.

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

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Asset Growth

37th percentile

-10%

Faster asset growth than 37% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

30th percentile

-11%

Faster revenue growth than 30% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$2,407,315

Down $276,742 (-10%) from 2021

Net Assets

Down

$2,385,502

Down $279,476 (-10%) from 2021

Liabilities

Up

$21,813

Up $2,734 (+14%) from 2021

Revenue And Expenses
Liabilities / Revenue49th percentileNet Margin27th percentile

Revenue

Down

$4,732,042

Down $586,176 (-11%) from 2021

Expenses

Up

$5,011,518

Up $383,062 (+8.3%) from 2021

Net Income

Down

-$279,476

Down $969,238 (-141%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,221,851Liabilities 2011: $0Net Assets 2011: $1,221,8512011Assets 2012: $1,368,202Liabilities 2012: $0Net Assets 2012: $1,368,2022012Assets 2013: $1,292,915Liabilities 2013: $0Net Assets 2013: $1,292,9152013Assets 2014: $838,981Liabilities 2014: $0Net Assets 2014: $838,9812014Assets 2015: $731,083Liabilities 2015: $59,473Net Assets 2015: $671,6102015Assets 2016: $705,475Liabilities 2016: $78,446Net Assets 2016: $627,0292016Assets 2017: $1,253,489Liabilities 2017: $100,362Net Assets 2017: $1,153,1272017Assets 2018: $1,143,491Liabilities 2018: $0Net Assets 2018: $1,143,4912018Assets 2019: $1,618,532Liabilities 2019: $11,621Net Assets 2019: $1,606,9112019Assets 2020: $2,275,097Liabilities 2020: $299,881Net Assets 2020: $1,975,2162020Assets 2021: $2,684,057Liabilities 2021: $19,079Net Assets 2021: $2,664,9782021Assets 2022: $2,407,315Liabilities 2022: $21,813Net Assets 2022: $2,385,5022022Assets 2023: $2,039,851Liabilities 2023: $122,281Net Assets 2023: $1,917,5702023Assets 2024: $2,417,145Liabilities 2024: $33,417Net Assets 2024: $2,383,7282024Assets 2025: $1,670,016Liabilities 2025: $91,049Net Assets 2025: $1,578,9672025

Highlighted filing

2022

Assets$2,407,315
Liabilities$21,813
Net Assets$2,385,502
Open 2022 Filing

Operations Trend

Revenue Growth30th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $2,719,495Expenses 2011: $2,763,570Net Income 2011: -$44,0752011Expenses 2012: $2,328,6182012Expenses 2013: $2,371,4112013Revenue 2014: $2,190,757Expenses 2014: $2,644,691Net Income 2014: -$453,9342014Revenue 2015: $2,725,697Expenses 2015: $2,893,068Net Income 2015: -$167,3712015Revenue 2016: $3,457,557Expenses 2016: $3,502,138Net Income 2016: -$44,5812016Revenue 2017: $4,056,191Expenses 2017: $3,530,093Net Income 2017: $526,0982017Revenue 2018: $4,092,179Expenses 2018: $4,101,815Net Income 2018: -$9,6362018Revenue 2019: $4,797,474Expenses 2019: $4,334,054Net Income 2019: $463,4202019Revenue 2020: $5,085,524Expenses 2020: $4,717,219Net Income 2020: $368,3052020Revenue 2021: $5,318,218Expenses 2021: $4,628,456Net Income 2021: $689,7622021Revenue 2022: $4,732,042Expenses 2022: $5,011,518Net Income 2022: -$279,4762022Revenue 2023: $4,360,536Expenses 2023: $4,828,468Net Income 2023: -$467,9322023Revenue 2024: $4,262,981Expenses 2024: $3,796,823Net Income 2024: $466,1582024Revenue 2025: $3,579,106Expenses 2025: $4,383,867Net Income 2025: -$804,7612025

Highlighted filing

2022

Revenue$4,732,042
Expenses$5,011,518
Net Income-$279,476
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Feb 1, 2021 to Jan 31, 2022
Signed
Dec 14, 2022
Return Version
2021v4.2
Gross Receipts
$4,732,042
Mission and Program Overview

Mission

To support health and other benefits to be paid to the eligible employees of capreit.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,684,057$2,407,315▼ $276,742
Total Assets$2,684,057$2,407,315▼ $276,742
Liabilities
Accounts Payable and Accrued Expenses$19,079$21,813▲ $2,734
Total Liabilities$19,079$21,813▲ $2,734
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,664,978$2,385,502▼ $279,476
Total Net Assets Fund Balance$2,664,978$2,385,502▼ $279,476
Total Liabilities and Net Assets / Fund Balance$2,684,057$2,407,315▼ $276,742
Compensation and Service Providers
Top Officer Pay54th percentile

Board Members and Trustees

NameTitle
-Trustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,732,042
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-279,476

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,732,042
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$4,732,042
Total Revenue per Form 990
$4,732,042
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$358,391
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---$4,653,127
Fees for Services Other---$323,578
Fees for Services Accounting---$33,561
Other Expenses---$1,252
Total Functional Expenses$0$0$0$5,011,518

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,011,518
Total Expenses per Audited Statements$5,011,518
Total Expenses per Form 990$5,011,518
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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 8B

“There are no committees that have authority to act on behalf of the trustee.”

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

“Officers of the trustee's general partner review the plan's federal form 990 for accuracy prior to filing with the internal revenue service.”

Form 990, Part VI, Section B, Line 12

“The trustee uses the conflict of interest of its general partner. The trustee's general partner monitors and enforces compliance with the policy and any impact on plan administration.”

Form 990, Part VI, Section C, Line 19

“The plan makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Capreit Welfare Benefit Trust
EIN
52-1927939
Phone
3012318700
Address
6116 EXECUTIVE BLVD 100, ROCKVILLE, MD 20852

Signing Officer

Name
Terence J Collins
Title
Officer
Phone
3012318700
Signed
2022-12-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terence J Collins
Formed
2013
Legal Domicile
Md
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
7501 WISCONSIN AVENUE SUITE 400E, BETHESDA, MD 20814
Preparer
Lori Rothe Yokobosky CPA
Phone
3016529100
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“Capreit welfare benefit plan (the plan) was formed to serve as the funding vehicle for health and other benefits to be paid to the eligible employees of capreit operating lp, capreit residential corporation, and capreit management, llc and their respective eligible dependents pursuant to the capreit welfare benefit plan. The plan is engaged in no activities other than those required to maintain its existence.”

FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS:

“The plan provides benefits consisting of (i) a partially self-funded health program providing medical, dental, and prescription benefits, (ii) a premium conversion program designed to enable participants to pay their portion of the cost of coverage on a pre-tax basis under the employer's self-insured health program, (iii) a life and accidental death and dismemberment (ad&d) program, (iv) a long term disability program, and (v) an organ or tissue transplant program. Current health claims of participants and their participating eligible dependents are provided under a group stop-loss insurance arrangement after certain individual and family limits of $110,000 and aggregate claims limits which are based on an agreed-upon formula with the insurer are met.”

Financial Statement Notes

PART X, LINE 2:

“The internal revenue service ("irs") has determined and informed the company by a letter dated february 13, 2013, that the plan and related trust are designed in accordance with applicable sections of the internal revenue code ("irc"). Although the plan has been amended since receiving the determination letter, the plan administrator and the plan's tax counsel believe that the plan is designed, and is currently being operated, in compliance with the applicable requirements of the irc and, therefore, believe that the plan is qualified and the related trust is tax exempt. U.s. Gaap requires plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the irs. As of november 15, 2022, the date the financial statements were available to be issued, required nondiscrimination testing for the year ended january 31, 2022 had not been completed for the plan. Plan management does not believe that this will have a material impact on the plan's financial statements and will take appropriate actions, if any are required, to maintain the plan's qualified tax status. The plan administrator has analyzed the tax positions taken by the plan, and has concluded that as of january 31, 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Raw XML Appendix303 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 INTERNAL REVENUE SERVICE ("IRS") HAS DETERMINED AND INFORMED THE COMPANY BY A LETTER DATED FEBRUARY 13, 2013, THAT THE PLAN AND RELATED TRUST ARE DESIGNED IN ACCORDANCE WITH APPLICABLE SECTIONS OF THE INTERNAL REVENUE CODE ("IRC"). ALTHOUGH THE PLAN HAS BEEN AMENDED SINCE RECEIVING THE DETERMINATION LETTER, THE PLAN ADMINISTRATOR AND THE PLAN'S TAX COUNSEL BELIEVE THAT THE PLAN IS DESIGNED, AND IS CURRENTLY BEING OPERATED, IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE IRC AND, THEREFORE, BELIEVE THAT THE PLAN IS QUALIFIED AND THE RELATED TRUST IS TAX EXEMPT. U.S. GAAP REQUIRES PLAN MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. AS OF NOVEMBER 15, 2022, THE DATE THE FINANCIAL STATEMENTS WERE AVAILABLE TO BE ISSUED, REQUIRED NONDISCRIMINATION TESTING FOR THE YEAR ENDED JANUARY 31, 2022 HAD NOT BEEN COMPLETED FOR THE PLAN. PLAN MANAGEMENT DOES NOT BELIEVE THAT THIS WILL HAVE A MATERIAL IMPACT ON THE PLAN'S FINANCIAL STATEMENTS AND WILL TAKE APPROPRIATE ACTIONS, IF ANY ARE REQUIRED, TO MAINTAIN THE PLAN'S QUALIFIED TAX STATUS. THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF JANUARY 31, 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CAPREIT WELFARE BENEFIT PLAN (THE PLAN) WAS FORMED TO SERVE AS THE FUNDING VEHICLE FOR HEALTH AND OTHER BENEFITS TO BE PAID TO THE ELIGIBLE EMPLOYEES OF CAPREIT OPERATING LP, CAPREIT RESIDENTIAL CORPORATION, AND CAPREIT MANAGEMENT, LLC AND THEIR RESPECTIVE ELIGIBLE DEPENDENTS PURSUANT TO THE CAPREIT WELFARE BENEFIT PLAN. THE PLAN IS ENGAGED IN NO ACTIVITIES OTHER THAN THOSE REQUIRED TO MAINTAIN ITS EXISTENCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE PLAN PROVIDES BENEFITS CONSISTING OF (I) A PARTIALLY SELF-FUNDED HEALTH PROGRAM PROVIDING MEDICAL, DENTAL, AND PRESCRIPTION BENEFITS, (II) A PREMIUM CONVERSION PROGRAM DESIGNED TO ENABLE PARTICIPANTS TO PAY THEIR PORTION OF THE COST OF COVERAGE ON A PRE-TAX BASIS UNDER THE EMPLOYER'S SELF-INSURED HEALTH PROGRAM, (III) A LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D) PROGRAM, (IV) A LONG TERM DISABILITY PROGRAM, AND (V) AN ORGAN OR TISSUE TRANSPLANT PROGRAM. CURRENT HEALTH CLAIMS OF PARTICIPANTS AND THEIR PARTICIPATING ELIGIBLE DEPENDENTS ARE PROVIDED UNDER A GROUP STOP-LOSS INSURANCE ARRANGEMENT AFTER CERTAIN INDIVIDUAL AND FAMILY LIMITS OF $110,000 AND AGGREGATE CLAIMS LIMITS WHICH ARE BASED ON AN AGREED-UPON FORMULA WITH THE INSURER ARE MET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THERE ARE NO COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE TRUSTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OFFICERS OF THE TRUSTEE'S GENERAL PARTNER REVIEW THE PLAN'S FEDERAL FORM 990 FOR ACCURACY PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE TRUSTEE USES THE CONFLICT OF INTEREST OF ITS GENERAL PARTNER. THE TRUSTEE'S GENERAL PARTNER MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY AND ANY IMPACT ON PLAN ADMINISTRATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PLAN MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/PaidEmployeesSharingInd00
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IRS990/SignificantChangeInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd020814
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ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,407,315
Liabilities
$21,813
Net assets
$2,385,502
Revenue
$4,732,042
Expenses
$5,011,518
Net income
-$279,476
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.67$0.09$1.58$3.58$4.38$0.80
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.42$0.03$2.38$4.26$3.80$0.47
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.04$0.12$1.92$4.36$4.83$0.47
2022Detailed filing. Detailed filing data is available for this year.$2.41$0.02$2.39$4.73$5.01$0.28
2021Detailed filing. Detailed filing data is available for this year.$2.68$0.02$2.66$5.32$4.63$0.69
2020Detailed filing. Detailed filing data is available for this year.$2.28$0.30$1.98$5.09$4.72$0.37
2019Detailed filing. Detailed filing data is available for this year.$1.62$0.01$1.61$4.80$4.33$0.46
2018Detailed filing. Detailed filing data is available for this year.$1.14$0.00$1.14$4.09$4.10$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.25$0.10$1.15$4.06$3.53$0.53
2016Detailed filing. Detailed filing data is available for this year.$0.71$0.08$0.63$3.46$3.50$0.04
2015Summary only. Only limited summary data is available for this year.$0.73$0.06$0.67$2.73$2.89$0.17
2014Detailed filing. Detailed filing data is available for this year.$0.84$0.00$0.84$2.19$2.64$0.45
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.29$0.00$1.29$2.37
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.37$0.00$1.37$2.33
2011Summary only. Only limited summary data is available for this year.$1.22$0.00$1.22$2.72$2.76$0.04