Civic Intelligence

Nreca Group Benefits Trust

990 • Fiscal year 2023 • EIN 56-6208927

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

Organization ProfileWWW.ELECTRIC.COOP
4301 Wilson BoulevardArlington, VA 22203-1860

(703) 907-5960

Siviq Scores

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

Liabilities / Assets

36th percentile

0.21x

Higher debt load relative to assets than 36% of similar nonprofits.

2023 filings • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

20th percentile

0.20x

Higher debt load relative to revenue than 20% of similar nonprofits.

2023 filings • $1B+ nonprofits • Source year 2023

Net Margin

59th percentile

7.3%

Higher net margin than 59% of similar nonprofits.

2023 filings • $1B+ nonprofits • Source year 2023

Top Officer Pay

49th percentile

$1,310,935

Higher top officer pay than 49% of similar nonprofits.

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

2023 filings • $1B+ nonprofits • Source year 2023

Asset Growth

81st percentile

12%

Faster asset growth than 81% of similar nonprofits.

2023 filings • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

66th percentile

14%

Faster revenue growth than 66% of similar nonprofits.

2023 filings • $1B+ nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$777,585,780

Up $82,852,462 (+12%) from 2022

Net Assets

Up

$610,863,762

Up $87,379,894 (+17%) from 2022

Liabilities

Down

$166,722,018

Down $4,527,432 (-2.6%) from 2022

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin59th percentile

Revenue

Up

$824,688,034

Up $98,692,100 (+14%) from 2022

Expenses

Up

$764,466,134

Up $48,152,109 (+6.7%) from 2022

Net Income

Up

$60,221,900

Up $50,539,991 (+522%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$1.0B$500M$0Assets 2010: $385,464,504Liabilities 2010: $177,722,216Net Assets 2010: $207,742,2882010Assets 2011: $400,399,876Liabilities 2011: $188,589,752Net Assets 2011: $211,810,1242011Assets 2012: $427,451,237Liabilities 2012: $194,014,571Net Assets 2012: $233,436,6662012Assets 2013: $431,993,980Liabilities 2013: $171,086,399Net Assets 2013: $260,907,5812013Assets 2014: $481,431,964Liabilities 2014: $172,375,626Net Assets 2014: $309,056,3382014Assets 2015: $503,716,088Liabilities 2015: $178,222,924Net Assets 2015: $325,493,1642015Assets 2016: $530,441,098Liabilities 2016: $183,177,461Net Assets 2016: $347,263,6372016Assets 2017: $575,660,639Liabilities 2017: $189,994,413Net Assets 2017: $385,666,2262017Assets 2018: $574,077,579Liabilities 2018: $174,544,348Net Assets 2018: $399,533,2312018Assets 2019: $644,299,646Liabilities 2019: $175,718,465Net Assets 2019: $468,581,1812019Assets 2020: $742,011,711Liabilities 2020: $169,190,171Net Assets 2020: $572,821,5402020Assets 2021: $760,805,496Liabilities 2021: $179,961,459Net Assets 2021: $580,844,0372021Assets 2022: $694,733,318Liabilities 2022: $171,249,450Net Assets 2022: $523,483,8682022Assets 2023: $777,585,780Liabilities 2023: $166,722,018Net Assets 2023: $610,863,7622023Assets 2024: $862,266,478Liabilities 2024: $167,630,227Net Assets 2024: $694,636,2512024

Highlighted filing

2023

Assets$777,585,780
Liabilities$166,722,018
Net Assets$610,863,762
Open 2023 Filing

Operations Trend

Revenue Growth66th percentile

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

$1.0B$500M$0-$500MExpenses 2010: $584,487,9992010Revenue 2011: $611,369,685Expenses 2011: $600,790,506Net Income 2011: $10,579,1792011Revenue 2012: $614,951,238Expenses 2012: $597,892,778Net Income 2012: $17,058,4602012Revenue 2013: $588,037,438Expenses 2013: $557,817,739Net Income 2013: $30,219,6992013Revenue 2014: $593,787,190Expenses 2014: $550,060,287Net Income 2014: $43,726,9032014Revenue 2015: $577,281,491Expenses 2015: $552,693,695Net Income 2015: $24,587,7962015Revenue 2016: $606,417,143Expenses 2016: $584,136,826Net Income 2016: $22,280,3172016Revenue 2017: $647,613,115Expenses 2017: $625,250,480Net Income 2017: $22,362,6352017Revenue 2018: $675,312,632Expenses 2018: $648,435,993Net Income 2018: $26,876,6392018Revenue 2019: $722,563,810Expenses 2019: $676,525,480Net Income 2019: $46,038,3302019Revenue 2020: $751,839,593Expenses 2020: $673,295,810Net Income 2020: $78,543,7832020Revenue 2021: $725,806,986Expenses 2021: $719,852,096Net Income 2021: $5,954,8902021Revenue 2022: $725,995,934Expenses 2022: $716,314,025Net Income 2022: $9,681,9092022Revenue 2023: $824,688,034Expenses 2023: $764,466,134Net Income 2023: $60,221,9002023Revenue 2024: $838,293,694Expenses 2024: $844,136,338Net Income 2024: -$5,842,6442024

Highlighted filing

2023

Revenue$824,688,034
Expenses$764,466,134
Net Income$60,221,900
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$3,685,798,361
Mission and Program Overview

Mission

Provide health and welfare benefits to members of the national rural electric cooperative association and its members.

A group benefit trust designed to provide health and welfare benefits for members of nreca.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$635,127,074$724,297,377▲ $89,170,303
Rtn Earn Endowment Incm Other Fnds$523,483,868$610,863,762▲ $87,379,894
Investments Other Securities$40,489,781$38,145,807▼ $2,343,974
Accounts Receivable$11,445,710$7,023,487▼ $4,422,223
Land, Buildings, and Equipment, Net$2,312,688$4,135,489▲ $1,822,801
Savings and Temporary Cash Investments$0$1,558,541▲ $1,558,541
Cash and Non-Interest-Bearing Accounts$1,411,158$159,326▼ $1,251,832
Prepaid Expenses and Deferred Charges$38,892$38,908▲ $16
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
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$694,733,318$777,585,780▲ $82,852,462
Other Assets Total$3,908,015$2,226,845▼ $1,681,170
Liabilities
Other Liabilities$159,296,000$147,314,000▼ $11,982,000
Accounts Payable and Accrued Expenses$11,635,626$18,628,581▲ $6,992,955
Deferred Revenue$317,824$779,437▲ $461,613
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$171,249,450$166,722,018▼ $4,527,432
Net Assets / Fund Balance
Total Net Assets Fund Balance$523,483,868$610,863,762▲ $87,379,894
Total Liabilities and Net Assets / Fund Balance$694,733,318$777,585,780▲ $82,852,462

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,135,489$12,149,712$16,285,201
Equipment$0$7,416$7,416
Leasehold Improvements$0$7,350$7,350
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
State Street CorporationInstitutional TrusteePT$53,247-$53,247
Lynn JacobsonMember--$51,232$51,232
Hunter EmoryVice Chairman--$43,800$43,800
Don DouglasMember--$29,000$29,000
James WebbMember--$25,250$25,250

Board Members and Trustees

NameTitle
Bryan CaseChairman
Peter BaxterSenior Vice President
David SpradlinMember
Mel ColemanMember
Steven W WalterMember
Tim SmithMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Met LifeInsurance ServicesPO BOX 37652, Philadelphia, PA 19101$42,374,402
UmrClaims ProcessingPO BOX 88822, Milwalkee, WI 53288$20,418,095
Vsp Vision CareInsurance Services3333 QUALITY DRIVE, Rancho Cordova, CA 95670$5,186,671
Experis It Services US LLCConsulting Services29973 NETWORK PL, Chicago, IL 60673$1,140,480
CaremarkManaged Care ServicePO BOX 70584, Chicago, IL 60673$1,039,431
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$792,961,154
Investment Income
$31,726,880
Other Revenue
$0
Change in Net Assets
$60,221,900

Audited Revenue Reconciliation

Revenue per Audited Statements
$824,688,034
Revenue Not Reported on Form 990
$27,157,994
Total Revenue per Audited Statements
$851,846,028
Total Revenue per Form 990
$824,688,034
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$35,896,437
Salaries, Compensation, and Employee Benefits$53,247
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$728,516,450
Other Expenses---$29,708,732
Fees for Services Other---$4,369,600
Depreciation Depletion---$765,162
Information Technology---$584,108
Fees for Service Investment Mgmnt Fees---$236,306
Fees for Services Legal---$84,051
Fees for Services Accounting---$81,786
Current Officers, Directors, Trustees, and Key Employees---$53,247
Insurance---$49,764
Office Expenses---$16,928
Total Functional Expenses$0$0$0$764,466,134

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$764,466,134
Total Expenses per Audited Statements$764,466,134
Total Expenses per Form 990$764,466,134
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
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unrevealed Claims - Lt Disabil$78,960,000
Unrevealed Claims - Medical$68,354,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
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, PART VI, SECTION A, LINE 2:

“The following directors are also members of the nreca board of directors: tim smith, bryan case, mel coleman, steven w walter, david spradlin, lynn jacobson, don douglas, james webb, and hunter emory. The following directors are also members of the nreca international board of directors: bryan case, mel coleman, don douglas, and lynn jacobson”

FORM 990, PART VI, SECTION B, LINE 11B:

“FORM 990 IS PREPARED BY BDO, and then reviewed by a SENIOR ACCOUNTANT II, SR. MANAGER OF ACCOUNTING, I&FS, AND CHIEF FINANCIAL OFFICER. THE FORM 990 IS THEN POSTED ONLINE FOR THE GOVERNING BODY TO REVIEW.”

FORM 990, PART VI, SECTION B, LINE 12C:

“Each director and trustee is required to complete and submit a conflict of interest questionnaire that is reviewed by the chief financial officer. The chief financial officer reviews each questionnaire and follows up on any conflicts with respective directors and trustees along with nreca corporate counsel.”

FORM 990, PART VI, SECTION B, LINE 15:

“The trust does not have any employees nor does it pay its individual directors.”

FORM 990, PART VI, SECTION C, LINE 19:

“Governing documents, conflict of interest policy, and audited financial statements are available upon request.”

FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC:

“Mel coleman - po box 844, salem, ar 72576 tim smith - po box 2278, okmulgee, ok 74447 steven w. Walter - 40924 se 131st st, north blend, wa 98045 david spradlin - 7111 greenwood st ne, albuquerque, nm 87109 bryan case - 1924 e 200 n, rexburg, id 83440 lynn jacobson - 8652 125th avenue, nw, alamo, nd 58830 hunter emory - 20417 spangler drive, lincoln, de 19960 don douglas - 21 douglas rd, east orange, vt 05086 james webb - po box 46, fairview, wyoming 83119”

Filing and Contact Details

Filer

Filer Name
Nreca Group Benefits Trust
EIN
56-6208927
In Care Of
% CHRISTINE MCCAMANTSR MGR AC
Phone
7039075960
Address
4301 WILSON BOULEVARD, ARLINGTON, VA 22203-1860
Doing Business As
Nreca Group Benefits Trust

Signing Officer

Name
Digna Louis
Title
CFO
Phone
7039075895
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Digna Louis
Formed
1978
Legal Domicile
Va
Voting Board Members
9
Independent Board Members
4
Employees
0
Volunteers
10

Preparer

Firm
Bdo USA
Address
8401 GREENSBORO DRIVE 800, MCLEAN, VA 22102
Preparer
Marc Berger
Phone
7038930600
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“There were no changes to the plan's oversight process or selection process regarding the audited financial statements during the tax year.”

Financial Statement Notes

PART X, LINE 2:

“Explanation: the plan has adopted the provisions of financial accounting standards board guidance on accounting for uncertainty in income taxes (asc 740-10) for the years ended december 31, 2023 and 2022, as required. Management has analyzed the tax positions taken by the plan, and has concluded that as of december 31, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements.”

Raw XML AppendixShowing 400 of 11,647 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/ExplanationTxt0EXPLANATION: THE PLAN HAS ADOPTED THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (ASC 740-10) FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, AS REQUIRED. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$777,585,780
Liabilities
$166,722,018
Net assets
$610,863,762
Revenue
$824,688,034
Expenses
$764,466,134
Net income
$60,221,900
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$862$168$695$838$844$5.84
2023Detailed filing. Detailed filing data is available for this year.$778$167$611$825$764$60.2
2022Detailed filing. Detailed filing data is available for this year.$695$171$523$726$716$9.68
2021Detailed filing. Detailed filing data is available for this year.$761$180$581$726$720$5.95
2020Detailed filing. Detailed filing data is available for this year.$742$169$573$752$673$78.5
2019Summary only. Only limited summary data is available for this year.$644$176$469$723$677$46.0
2018Summary only. Only limited summary data is available for this year.$574$175$400$675$648$26.9
2017Summary only. Only limited summary data is available for this year.$576$190$386$648$625$22.4
2016Summary only. Only limited summary data is available for this year.$530$183$347$606$584$22.3
2015Summary only. Only limited summary data is available for this year.$504$178$325$577$553$24.6
2014Summary only. Only limited summary data is available for this year.$481$172$309$594$550$43.7
2013Summary only. Only limited summary data is available for this year.$432$171$261$588$558$30.2
2012Summary only. Only limited summary data is available for this year.$427$194$233$615$598$17.1
2011Summary only. Only limited summary data is available for this year.$400$189$212$611$601$10.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$385$178$208$584
Peer Organizations

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