Civic Intelligence

Bae Systems North America Welfare Benefit Trust

990 • Fiscal year 2023 • EIN 74-2624710

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 11, 2024

Organization ProfileN/A
2941 Fairview Park Drive Floor 13Falls Church, VA 22042

(571) 461-6000

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

24th percentile

0.00x

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Net Margin

29th percentile

-3.9%

Higher net margin than 29% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

44th percentile

$5,700

Higher top officer pay than 44% of similar nonprofits.

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

2023 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2023

Asset Growth

3rd percentile

-32%

Faster asset growth than 3% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

59th percentile

7.9%

Faster revenue growth than 59% of similar nonprofits.

2023 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets25th percentile

Assets

Down

$36,887,339

Down $17,693,786 (-32%) from 2022

Net Assets

Down

$36,887,339

Down $17,693,786 (-32%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin29th percentile

Revenue

Up

$451,823,820

Up $33,146,790 (+7.9%) from 2022

Expenses

Up

$469,517,606

Up $48,552,260 (+12%) from 2022

Net Income

Down

-$17,693,786

Down $15,405,470 (-673%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$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

2023

Assets$36,887,339
Liabilities$0
Net Assets$36,887,339
Open 2023 Filing

Operations Trend

Revenue Growth59th percentile

Revenue, expenses, and net income across loaded years, with this 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

2023

Revenue$451,823,820
Expenses$469,517,606
Net Income-$17,693,786
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 11, 2024
Return Version
2023v5.1
Gross Receipts
$451,823,820
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$54,581,125$36,887,339▼ $17,693,786
Rtn Earn Endowment Incm Other Fnds$54,581,125$36,887,339▼ $17,693,786
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$54,581,125$36,887,339▼ $17,693,786
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$54,581,125$36,887,339▼ $17,693,786
Total Liabilities and Net Assets / Fund Balance$54,581,125$36,887,339▼ $17,693,786
Compensation and Service Providers
Top Officer Pay44th percentile

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$3,209,991
Marathon HealthWellness Program20 WINOOSKI FALLS WAY STE 400, Winooski, VT 05404-2239$454,841
Artemis HealthWellness Program15 N RIO GRANDE ST, Salt Lake City, UT 84101$328,707
Segal BenzCommunication Svcs180 HOWARD STREET STE 1100, San Francisco, CA 94105$285,068
Groom Law Group CharteredLegal Services1701 PENNSYLVANIA AVENUE NW SUITE, Washington, DC 20006$124,525
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$407,281,467
Investment Income
$1,241,470
Other Revenue
$43,300,883
Change in Net Assets
$-17,693,786

Audited Revenue Reconciliation

Revenue per Audited Statements
$408,522,937
Revenue Not Reported on Financial Statements
$43,300,883
Other Revenue Adjustments
$43,300,883
Total Revenue per Audited Statements
$408,522,937
Total Revenue per Form 990
$451,823,820
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,895,088
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$464,616,818--$464,616,818
Fees for Services Other-$2,634,693-$2,634,693
Other Expenses$0$1,982,052$0$1,982,052
Fees for Services Accounting-$135,386-$135,386
Fees for Services Legal-$117,525-$117,525
Office Expenses-$25,432-$25,432
Current Officers, Directors, Trustees, and Key Employees$0$5,700$0$5,700
Total Functional Expenses$464,616,818$4,900,788$0$469,517,606

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$469,517,606
Total Expenses per Form 990$469,517,606
Total Expenses per Audited Statements$426,216,723
Expenses Not Reported on Form 990$-43,300,883
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
2024-11-11
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 19108
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 XI, Line 4B

“Carrier refunds and rebates of $43,300,883”

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

“Carrier refunds and rebates of ($43,300,883)”

Raw XML AppendixShowing 400 of 429 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/ExplanationTxt0CARRIER REFUNDS AND REBATES OF $43,300,883
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CARRIER REFUNDS AND REBATES OF ($43,300,883)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCHEDULE D, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, SCHEDULE D, PART XII, LINE 2D
IRS990ScheduleD/TotalExpensesPerForm990Amt0469517606
IRS990ScheduleD/TotalRevenuePerForm990Amt0451823820
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0408522937
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0426216723
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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/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$36,887,339
Liabilities
$0
Net assets
$36,887,339
Revenue
$451,823,820
Expenses
$469,517,606
Net income
-$17,693,786
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
2023Detailed filing. Detailed filing data is available for this year.$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