Civic Intelligence

Sonoco Collectively Bargained Veba

990 • Fiscal year 2018 • EIN 57-6179868

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 08, 2019

P O Box 180 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

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2018

Liabilities / Revenue

52nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2018

Net Margin

1st percentile

-2190%

Higher net margin than 1% of similar nonprofits.

2018 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2018

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.

2018 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2018

Asset Growth

3rd percentile

-100%

Faster asset growth than 3% of similar nonprofits.

2018 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

2nd percentile

-75%

Faster revenue growth than 2% of similar nonprofits.

2018 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Down

$0

Down $14,133,000 (-100%) from 2017

Net Assets

Down

$0

Down $11,018,000 (-100%) from 2017

Liabilities

Down

$0

Down $3,115,000 (-100%) from 2017

Revenue

Down

$503,000

Down $1,535,000 (-75%) from 2017

Expenses

Up

$11,521,000

Up $12,239,000 (+1705%) from 2017

Net Income

Down

-$11,018,000

Down $13,774,000 (-500%) from 2017

Historical Trend

Balance Sheet Trend

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

2018

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

2018

Revenue$503,000
Expenses$11,521,000
Net Income-$11,018,000
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 8, 2019
Return Version
2018v3.0
Gross Receipts
$503,000
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$14,133,000$0▼ $14,133,000
Cash and Non-Interest-Bearing Accounts$0--
Savings and Temporary Cash Investments$0--
Accounts Receivable$0--
Other Notes and Loans Receivable, Net$0--
Pledges and Grants Receivable$0--
Receivable From Disqualified Prsn$0--
Receivables From Officers Etc$0--
Investments Other Securities$0--
Investments Program Related$0--
Intangible Assets$0--
Inventories for Sale or Use$0--
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0--
Total Assets$14,133,000$0▼ $14,133,000
Other Assets Total$0--
Liabilities
Accounts Payable and Accrued Expenses$3,115,000$0▼ $3,115,000
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0--
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$3,115,000$0▼ $3,115,000
Net Assets / Fund Balance
Unrestricted Net Assets$11,018,000$0▼ $11,018,000
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$11,018,000$0▼ $11,018,000
Total Liabilities and Net Assets / Fund Balance$14,133,000$0▼ $14,133,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Julie C AlbrechtVice President and Chief Financial Officer
Michelle V BanksonDirector, Compensation & Benefits
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$503,000
Other Revenue
$0
Change in Net Assets
$-11,018,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,521,000
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$11,496,831$0$0$11,496,831
Total Functional Expenses$11,521,000$0$0$11,521,000
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--
Receivables from Officers, Directors, Trustees, and Key Employees$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 8B

There are no committees who met during the plan year.

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

The 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

The 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
P O Box 180 Attn Michelle Bankson, Hartsville, SC 29551-0160

Signing Officer

Name
Michelle Bankson
Title
Director, Employee Benefits
Phone
8433837000
Signed
2019-11-08

Organization Details

Principal Officer
Michelle V Bankson
Formed
1998
Legal Domicile
Sc
Voting Board Members
2
Independent Board Members
2
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

The Collectively Bargained VEBA was liquidated and terminated as of December 31 2018.

Form 990, Part III, Line 4A

Paid or accrued benefit to member including medical and dental claims and group life insurance premiums.

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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc4Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc5Vanguard 500 Index Fund CUSIP XXX-XX-XXXX
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc6Wells Fargo Fixed Funds CUSIP 94975J581
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt1Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt2Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt3Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt4Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt5Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt6Sonoco Employee Benefits Trust
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02018-02-06
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12018-03-19
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt22018-06-15
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt32018-06-18
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt42018-06-19
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt52018-07-19
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt62018-07-19
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN1570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN2570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN3570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN4570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN5570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN6570752046
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt03683
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt13571
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt26081748
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt32958954
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt43577
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt52079776
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt63492414
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt1501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt2501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt3501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt4501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt5501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt6501(c)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt1Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt2Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt3Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt4Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt5Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt6Publicly traded mutual fund price.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt01 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt11 North 2nd Street
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt21 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt31 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt41 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt51 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt61 North 2nd Street A01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm1Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm2Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm3Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm4Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm5Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm6Hartsville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd1SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd2SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd3SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd4SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd5SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd6SC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd029550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd129550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd229550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd329550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd429550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd529550
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd629550
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Collectively Bargained VEBA was liquidated and terminated as of December 31 2018.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Paid or accrued benefit to member including medical and dental claims and group life insurance premiums.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2There are no committees who met during the plan year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Form 990 is prepared by the Employee Benefits and Financial Accounting departments. Management from both departments review the forms.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The 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.

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