Civic Intelligence

Sonoco Collectively Bargained Veba

990 • Fiscal year 2014 • EIN 57-6179868

Jan 01, 2014 to Dec 31, 2014 • Filed on Oct 30, 2015

Organization Profilewww.sonoco.com
PO Box 160 Attn Michelle BanksonHartsville, SC 29551-0160

(843) 383-7000

Siviq Scores

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

Liabilities / Assets

89th percentile

0.56x

Higher debt load relative to assets than 89% of similar nonprofits.

2014 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

5.57x

Higher debt load relative to revenue than 99% of similar nonprofits.

2014 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2014

Net Margin

88th percentile

38%

Higher net margin than 88% of similar nonprofits.

2014 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

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

2014 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2014

Asset Growth

69th percentile

9.9%

Faster asset growth than 69% of similar nonprofits.

2014 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

7th percentile

-29%

Faster revenue growth than 7% of similar nonprofits.

2014 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$11,510,000

Up $1,039,000 (+9.9%) from 2013

Net Assets

Up

$5,032,000

Up $442,000 (+9.6%) from 2013

Liabilities

Up

$6,478,000

Up $597,000 (+10%) from 2013

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin88th percentile

Revenue

Down

$1,162,000

Down $468,000 (-29%) from 2013

Expenses

Up

$720,000

Up $1,211,000 (+247%) from 2013

Net Income

Down

$442,000

Down $1,679,000 (-79%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth69th percentile

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

$15M$10M$5.0M$0Assets 2010: $7,812,000Liabilities 2010: $6,463,000Net Assets 2010: $1,349,0002010Assets 2011: $8,154,000Liabilities 2011: $6,766,000Net Assets 2011: $1,388,0002011Assets 2012: $8,983,000Liabilities 2012: $6,514,000Net Assets 2012: $2,469,0002012Assets 2013: $10,471,000Liabilities 2013: $5,881,000Net Assets 2013: $4,590,0002013Assets 2014: $11,510,000Liabilities 2014: $6,478,000Net Assets 2014: $5,032,0002014Assets 2015: $11,355,000Liabilities 2015: $4,684,000Net Assets 2015: $6,671,0002015Assets 2016: $12,269,000Liabilities 2016: $4,007,000Net Assets 2016: $8,262,0002016Assets 2017: $14,133,000Liabilities 2017: $3,115,000Net Assets 2017: $11,018,0002017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2014

Assets$11,510,000
Liabilities$6,478,000
Net Assets$5,032,000
Open 2014 Filing

Operations Trend

Revenue Growth7th percentile

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

$20M$10M$0-$10M-$20MExpenses 2010: -$5,824,0002010Expenses 2011: $335,0002011Expenses 2012: -$126,0002012Revenue 2013: $1,630,000Expenses 2013: -$491,000Net Income 2013: $2,121,0002013Revenue 2014: $1,162,000Expenses 2014: $720,000Net Income 2014: $442,0002014Revenue 2015: $133,000Expenses 2015: -$1,506,000Net Income 2015: $1,639,0002015Revenue 2016: $1,038,000Expenses 2016: -$553,000Net Income 2016: $1,591,0002016Revenue 2017: $2,038,000Expenses 2017: -$718,000Net Income 2017: $2,756,0002017Revenue 2018: $503,000Expenses 2018: $11,521,000Net Income 2018: -$11,018,0002018

Highlighted filing

2014

Revenue$1,162,000
Expenses$720,000
Net Income$442,000
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Oct 30, 2015
Return Version
2014v5.0
Gross Receipts
$1,162,000
Mission and Program Overview

Mission

To provide funding for group Health and Welfare plans covering collectively bargained retirees of Sonoco Products Company.

Funding vehicle for group health and welfare plans covering collectively bargained retirees of Sonoco Products Company.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$10,471,000$11,510,000▲ $1,039,000
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
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 Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$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$10,471,000$11,510,000▲ $1,039,000
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$5,881,000$6,478,000▲ $597,000
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$5,881,000$6,478,000▲ $597,000
Net Assets / Fund Balance
Unrestricted Net Assets$4,590,000$5,032,000▲ $442,000
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$4,590,000$5,032,000▲ $442,000
Total Liabilities and Net Assets / Fund Balance$10,471,000$11,510,000▲ $1,039,000
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Michelle BanksonDirector, Employee Benefits
Ritchie L BondVP Treasurer and Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,162,000
Other Revenue
$0
All Other Contributions
$0
Change in Net Assets
$442,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$720,000
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
Other Expenses$0$687,000$0$687,000
Total Functional Expenses$0$720,000$0$720,000
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
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
Backup withholding compliance
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 8A

“There were no meetings during the plan year.”

Form 990, Part VI, Section A, Line 8B

“There were no meetings during the plan year.”

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

“Form 990 is prepared by the Employee Benefits and Financial Accounting Departments. Management from both departments review the forms.”

Form 990, Part VI, Section C, Line 19

“This VEBA is used as a funding vehicle for group health and welfare plans covering collectively bargained employees of Sonoco Products Company. The governing documents or financial statements are not made available to the public. The forms would be provided upon request.”

Filing and Contact Details

Filer

Filer Name
Sonoco Collectively Bargained Veba
EIN
57-6179868
Phone
8433837000
Address
PO Box 160 Attn Michelle Bankson, Hartsville, SC 29551-0160

Signing Officer

Name
Michelle Bankson
Title
Director, Employee Benefits
Phone
8433837000
Signed
2015-10-30

Organization Details

Principal Officer
Michelle Bankson
Formed
1998
Legal Domicile
Sc
Voting Board Members
2
Independent Board Members
2
Employees
0
Volunteers
0
Raw XML AppendixShowing 400 of 412 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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IRS990/ReportProgramRelatedInvstInd00
IRS990/RoyaltiesGrp/FundraisingAmt00
IRS990/RoyaltiesGrp/ManagementAndGeneralAmt00
IRS990/RoyaltiesGrp/ProgramServicesAmt00
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0There were no meetings during the plan year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1There were no meetings during the plan year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Form 990 is prepared by the Employee Benefits and Financial Accounting Departments. Management from both departments review the forms.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3This VEBA is used as a funding vehicle for group health and welfare plans covering collectively bargained employees of Sonoco Products Company. The governing documents or financial statements are not made available to the public. The forms would be provided upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 8a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt00
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt010471000
IRS990/TotalAssetsEOYAmt011510000
IRS990/TotalAssetsGrp/BOYAmt010471000
IRS990/TotalAssetsGrp/EOYAmt011510000
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0720000
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0720000
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05881000
IRS990/TotalLiabilitiesEOYAmt06478000
IRS990/TotalLiabilitiesGrp/BOYAmt05881000
IRS990/TotalLiabilitiesGrp/EOYAmt06478000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04590000
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt05032000
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01162000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01162000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt010471000
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011510000
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/FundraisingAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt00
IRS990/TravelGrp/ProgramServicesAmt00
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt04590000
IRS990/UnrestrictedNetAssetsGrp/EOYAmt05032000
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO Box 160
IRS990/USAddress/CityNm0Hartsville
IRS990/USAddress/StateAbbreviationCd0SC
IRS990/USAddress/ZIPCd0295510161
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0www.sonoco.com
IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0Our department had significant reductions in staff this year. Two of our senior employees left early this year, and they were responsible for compliance. That is why we failed to file the extensions for this filing. We are asking for leniency when determining penalties for this late filing. We will ensure the extensions are filed prior to the deadlines next year. Thank you.
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Michelle Bankson
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director, Employee Benefits
ReturnHeader/BusinessOfficerGrp/PhoneNum08433837000
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-10-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SONOCO COLLECTIVELY BARGAINED VEBA

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,510,000
Liabilities
$6,478,000
Net assets
$5,032,000
Revenue
$1,162,000
Expenses
$720,000
Net income
$442,000
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.50$11.5$11.0
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$3.12$11.0$2.04$0.72$2.76
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.3$4.01$8.26$1.04$0.55$1.59
2015Detailed filing. Detailed filing data is available for this year.$11.4$4.68$6.67$0.13$1.51$1.64
2014Detailed filing. Detailed filing data is available for this year.$11.5$6.48$5.03$1.16$0.72$0.44
2013Detailed filing. Detailed filing data is available for this year.$10.5$5.88$4.59$1.63$0.49$2.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.98$6.51$2.47$0.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.15$6.77$1.39$0.34
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.81$6.46$1.35$5.82