Civic Intelligence

Bae Systems Welfare Benefit Trust

EIN 74-2624710 • 501(c)9 • Falls Church, VA

Profile

To fund welfare benefits pursuant to irc section 501(c)(9).

2941 Fairview Park Drive Floor 13Falls Church, VA 22042

n/A

Siviq Scores

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

Liabilities / Assets

21st percentile

0.00x

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

501(c)9 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

24th percentile

0.00x

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

501(c)9 • $250M-$1B nonprofits • Source year 2024

Net Margin

31st percentile

-0.7%

Higher net margin than 31% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

14th percentile

$5,700

Higher top officer pay than 14% of similar nonprofits.

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

$250M-$1B nonprofits • Source year 2024

Asset Growth

8th percentile

-22%

Faster asset growth than 8% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Revenue Growth

66th percentile

13%

Faster revenue growth than 66% of similar nonprofits.

501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Assets

Down

$33,156,493

Down $3,730,846 (-10%) from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Down

$33,156,493

Down $3,730,846 (-10%) from 2023

Revenue

Up

$534,243,661

Up $82,419,841 (+18%) from 2023

Expenses

Up

$537,974,507

Up $68,456,901 (+15%) from 2023

Net Income

Up

-$3,730,846

Up $13,962,940 (+79%) from 2023

Trend Graphs

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $9,564,926Liabilities 2010: $0Net Assets 2010: $9,564,9262010Assets 2011: $11,423,513Liabilities 2011: $0Net Assets 2011: $11,423,5132011Assets 2012: $18,206,740Liabilities 2012: $0Net Assets 2012: $18,206,7402012Assets 2013: $24,312,402Liabilities 2013: $0Net Assets 2013: $24,312,4022013Assets 2014: $19,004,823Liabilities 2014: $0Net Assets 2014: $19,004,8232014Assets 2015: $18,623,211Liabilities 2015: $0Net Assets 2015: $18,623,2112015Assets 2016: $10,417,215Liabilities 2016: $0Net Assets 2016: $10,417,2152016Assets 2017: $17,836,485Liabilities 2017: $0Net Assets 2017: $17,836,4852017Assets 2018: $12,861,504Liabilities 2018: $0Net Assets 2018: $12,861,5042018Assets 2019: $21,471,930Liabilities 2019: $0Net Assets 2019: $21,471,9302019Assets 2020: $32,861,780Liabilities 2020: $0Net Assets 2020: $32,861,7802020Assets 2021: $56,869,441Liabilities 2021: $0Net Assets 2021: $56,869,4412021Assets 2022: $54,581,125Liabilities 2022: $0Net Assets 2022: $54,581,1252022Assets 2023: $36,887,339Liabilities 2023: $0Net Assets 2023: $36,887,3392023Assets 2024: $33,156,493Liabilities 2024: $0Net Assets 2024: $33,156,4932024

Highlighted filing

2024

Assets$33,156,493
Liabilities$0
Net Assets$33,156,493

Operations Trend

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

$600M$400M$200M$0-$200MRevenue 2010: $377,363,547Expenses 2010: $377,197,318Net Income 2010: $166,2292010Revenue 2011: $372,908,027Expenses 2011: $371,049,440Net Income 2011: $1,858,5872011Revenue 2012: $365,176,093Expenses 2012: $361,453,875Net Income 2012: $3,722,2182012Revenue 2013: $353,073,444Expenses 2013: $342,375,752Net Income 2013: $10,697,6922013Revenue 2014: $330,489,135Expenses 2014: $335,796,714Net Income 2014: -$5,307,5792014Revenue 2015: $330,752,480Expenses 2015: $331,134,092Net Income 2015: -$381,6122015Revenue 2016: $326,199,719Expenses 2016: $334,405,715Net Income 2016: -$8,205,9962016Revenue 2017: $311,947,655Expenses 2017: $304,528,385Net Income 2017: $7,419,2702017Revenue 2018: $329,096,508Expenses 2018: $334,071,489Net Income 2018: -$4,974,9812018Revenue 2019: $375,571,809Expenses 2019: $366,961,383Net Income 2019: $8,610,4262019Revenue 2020: $377,859,170Expenses 2020: $366,469,320Net Income 2020: $11,389,8502020Revenue 2021: $370,352,777Expenses 2021: $368,710,796Net Income 2021: $1,641,9812021Revenue 2022: $418,677,030Expenses 2022: $420,965,346Net Income 2022: -$2,288,3162022Revenue 2023: $451,823,820Expenses 2023: $469,517,606Net Income 2023: -$17,693,7862023Revenue 2024: $534,243,661Expenses 2024: $537,974,507Net Income 2024: -$3,730,8462024

Highlighted filing

2024

Revenue$534,243,661
Expenses$537,974,507
Net Income-$3,730,846

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.2$0.00$33.2$534$538$3.73
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$36.9$0.00$36.9$452$470$17.7
2022Detailed filing. Detailed filing data is available for this year.$54.6$0.00$54.6$419$421$2.29
2021Detailed filing. Detailed filing data is available for this year.$56.9$0.00$56.9$370$369$1.64
2020Detailed filing. Detailed filing data is available for this year.$32.9$0.00$32.9$378$366$11.4
2019Detailed filing. Detailed filing data is available for this year.$21.5$0.00$21.5$376$367$8.61
2018Detailed filing. Detailed filing data is available for this year.$12.9$0.00$12.9$329$334$4.97
2017Detailed filing. Detailed filing data is available for this year.$17.8$0.00$17.8$312$305$7.42
2016Detailed filing. Detailed filing data is available for this year.$10.4$0.00$10.4$326$334$8.21
2015Summary only. Only limited summary data is available for this year.$18.6$0.00$18.6$331$331$0.38
2014Summary only. Only limited summary data is available for this year.$19.0$0.00$19.0$330$336$5.31
2013Summary only. Only limited summary data is available for this year.$24.3$0.00$24.3$353$342$10.7
2012Summary only. Only limited summary data is available for this year.$18.2$0.00$18.2$365$361$3.72
2011Summary only. Only limited summary data is available for this year.$11.4$0.00$11.4$373$371$1.86
2010Summary only. Only limited summary data is available for this year.$9.56$0.00$9.56$377$377$0.17
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 13, 2025
Return Version
2024v5.2
Gross Receipts
$534,243,661
Mission and Program Overview

Mission

To fund welfare benefits pursuant to irc section 501(c)(9).

The organization is a voluntary employees beneficiary association that provides for medical, disability & other benefits. Approximately 40,000 participants were subject to benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$36,887,339$33,156,493▼ $3,730,846
Rtn Earn Endowment Incm Other Fnds$36,887,339$33,156,493▼ $3,730,846
Cash and Non-Interest-Bearing Accounts$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
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$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
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$36,887,339$33,156,493▼ $3,730,846
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
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$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$36,887,339$33,156,493▼ $3,730,846
Total Liabilities and Net Assets / Fund Balance$36,887,339$33,156,493▼ $3,730,846
Compensation and Service Providers

Employees

NameTitleBaseTotal
Jp Morgan Chase Bank NaTrustee$5,700$5,700

Highest Paid Contractors

ContractorServicesLocationCompensation
Alight Solutions LLCAdministrative SvcsPO BOX 95135, Chicago, IL 60694-4135$3,769,156
Marathon HealthWellness Program20 WINOOSKI FALLS WAY STE 400, Winooski, VT 05404-2239$446,696
Groom Law Group CharteredLegal Services1701 PENNSYLVANIA AVENUE NW SUITE, Washington, DC 20006$288,397
Segal BenzCommunication Svcs180 HOWARD STREET STE 1100, San Francisco, CA 94105$180,949
Artemis HealthWellness Program15 N RIO GRANDE ST, Salt Lake City, UT 84101$171,676
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$479,906,609
Investment Income
$1,503,891
Other Revenue
$52,833,161
Change in Net Assets
$-3,730,846

Audited Revenue Reconciliation

Revenue per Audited Statements
$481,410,500
Revenue Not Reported on Financial Statements
$52,833,161
Other Revenue Adjustments
$52,833,161
Total Revenue per Audited Statements
$481,410,500
Total Revenue per Form 990
$534,243,661
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,292,360
Salaries, Compensation, and Employee Benefits$5,700
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$532,676,447--$532,676,447
Fees for Services Other-$2,852,789-$2,852,789
Other Expenses$0$2,012,142$0$2,012,142
Fees for Services Legal-$281,397-$281,397
Fees for Services Accounting-$117,490-$117,490
Office Expenses-$28,542-$28,542
Current Officers, Directors, Trustees, and Key Employees$0$5,700$0$5,700
Total Functional Expenses$532,676,447$5,298,060$0$537,974,507

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$537,974,507
Total Expenses per Form 990$537,974,507
Total Expenses per Audited Statements$485,141,346
Expenses Not Reported on Form 990$-52,833,161
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
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
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 8A & 8B

Because bae systems welfare benefit trust is a veba, it does not have a governing body of its own. The governing body of bae systems, inc. Has a committee which relates to its vebas. This committee has the authority to act on behalf of the bae systems, inc. Governing body.

Part VI, Line 11

Form 990 was prepared and reviewed by an independent accounting firm. The plan sponsor, bae systems' management team with oversight responsibility over the veba, performed a review of form 990 before it was filed with the internal revenue service.

Part VI, Line 19

The veba does not make its governing documents or internal financial statements available to the public.

Filing and Contact Details

Filer

Filer Name
Bae Systems Welfare Benefit Trust
EIN
74-2624710
In Care Of
% DOHI SHIN BAE SYSTEMS INC
Phone
5714616000
Address
2941 FAIRVIEW PARK DRIVE FLOOR 13, FALLS CHURCH, VA 22042

Signing Officer

Name
Jodi Coulter
Title
Bae Sys Inc VP/contr
Phone
7033126100
Signed
2025-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jodi Coulter
Formed
1992
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
PwC US Tax LLP
Address
2001 MARKET ST SUITE 1800, PHILADELPHIA, PA 19103
Preparer
Sapna P Vasu
Phone
2673303000
Supplemental Narrative

Additional Explanations

Collectively Bargained Agreement

This veba is established under a collectively bargained plan. Pursuant to the tax reform act of 1986, this fund is released from the limitations of irc section 419a and section 512(a)(3)(e). Due to this act, the filing veba does not have contributions to the fund that exceed the account limit and is therefore not subject to unrelated business income tax on earnings. Therefore, this veba has not filed form 990-t, unless required due to outside investments.

Financial Statement Notes

Form 990, Schedule D, Part I, Line 2

The veba i received an exemption letter from the internal revenue service dated august 30, 2004. The letter states the trust is tax-exempt under the provisions of section 501(c)(9) of the internal revenue service code ("code") as a veba. Although the plan was amended after the receipt of the determination letter, the amendments did not relate to the tax qualification requirements of the code. The plan and trust are required to operate in conformity with the code to maintain the tax-exempt status of the trust. The plan administrator believes the plan is being operated in compliance with the applicable requirements of the code and, therefore, believes the related trust is tax-exempt.

Form 990, Schedule D, Part XI, Line 4B

Carrier refunds and rebates of $52,833,161

Form 990, Schedule D, Part XII, Line 2D

Carrier refunds and rebates of ($52,833,161)

Raw XML AppendixShowing 400 of 436 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/ActivityOrMissionDesc0THE ORGANIZATION IS A VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION THAT PROVIDES FOR MEDICAL, DISABILITY & OTHER BENEFITS. APPROXIMATELY 40,000 PARTICIPANTS WERE SUBJECT TO BENEFITS.
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IRS990/CostOfGoodsSoldAmt00
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IRS990/CYInvestmentIncomeAmt01503891
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02012142
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IRS990/OtherExpensesGrp/TotalAmt02012142
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IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0CARRIER REFUNDS AND REBATES
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE VEBA I RECEIVED AN EXEMPTION LETTER FROM THE INTERNAL REVENUE SERVICE DATED AUGUST 30, 2004. THE LETTER STATES THE TRUST IS TAX-EXEMPT UNDER THE PROVISIONS OF SECTION 501(C)(9) OF THE INTERNAL REVENUE SERVICE CODE ("CODE") AS A VEBA. ALTHOUGH THE PLAN WAS AMENDED AFTER THE RECEIPT OF THE DETERMINATION LETTER, THE AMENDMENTS DID NOT RELATE TO THE TAX QUALIFICATION REQUIREMENTS OF THE CODE. THE PLAN AND TRUST ARE REQUIRED TO OPERATE IN CONFORMITY WITH THE CODE TO MAINTAIN THE TAX-EXEMPT STATUS OF THE TRUST. THE PLAN ADMINISTRATOR BELIEVES THE PLAN IS BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE CODE AND, THEREFORE, BELIEVES THE RELATED TRUST IS TAX-EXEMPT.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CARRIER REFUNDS AND REBATES OF $52,833,161
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2CARRIER REFUNDS AND REBATES OF ($52,833,161)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCHEDULE D, PART I, LINE 2
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, SCHEDULE D, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, SCHEDULE D, PART XII, LINE 2D
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IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleD/TotalRevenuePerForm990Amt0534243661
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0481410500
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0485141346
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BECAUSE BAE SYSTEMS WELFARE BENEFIT TRUST IS A VEBA, IT DOES NOT HAVE A GOVERNING BODY OF ITS OWN. THE GOVERNING BODY OF BAE SYSTEMS, INC. HAS A COMMITTEE WHICH RELATES TO ITS VEBAS. THIS COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BAE SYSTEMS, INC. GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 WAS PREPARED AND REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. THE PLAN SPONSOR, BAE SYSTEMS' MANAGEMENT TEAM WITH OVERSIGHT RESPONSIBILITY OVER THE VEBA, PERFORMED A REVIEW OF FORM 990 BEFORE IT WAS FILED WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE VEBA DOES NOT MAKE ITS GOVERNING DOCUMENTS OR INTERNAL FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THIS VEBA IS ESTABLISHED UNDER A COLLECTIVELY BARGAINED PLAN. PURSUANT TO THE TAX REFORM ACT OF 1986, THIS FUND IS RELEASED FROM THE LIMITATIONS OF IRC SECTION 419A AND SECTION 512(A)(3)(E). DUE TO THIS ACT, THE FILING VEBA DOES NOT HAVE CONTRIBUTIONS TO THE FUND THAT EXCEED THE ACCOUNT LIMIT AND IS THEREFORE NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX ON EARNINGS. THEREFORE, THIS VEBA HAS NOT FILED FORM 990-T, UNLESS REQUIRED DUE TO OUTSIDE INVESTMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, LINE 8A & 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3COLLECTIVELY BARGAINED AGREEMENT
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0DEFENSE CONTR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0BAE SYSTEMS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt02941 FAIRVIEW PARK DRIVE FLOOR 13
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