Civic Intelligence

AT&T Union Welfare Benefit Trust

990 • Fiscal year 2017 • EIN 74-2697492

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 22, 2018

Organization ProfileN/A

View Organization Page

208 S Akard Street Room 1857Dallas, TX 75202

(214) 486-8753

Siviq Scores

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

Liabilities / Assets

12th percentile

0.04x

Higher debt load relative to assets than 12% of similar nonprofits.

2017 filings • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

25th percentile

0.38x

Higher debt load relative to revenue than 25% of similar nonprofits.

2017 filings • $1B+ nonprofits • Source year 2017

Net Margin

100th percentile

98%

Higher net margin than 100% of similar nonprofits.

2017 filings • $1B+ nonprofits • Source year 2017

Top Officer Pay

4th percentile

$122,275

Higher top officer pay than 4% of similar nonprofits.

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

2017 filings • $1B+ nonprofits • Source year 2017

Asset Growth

2nd percentile

-18%

Faster asset growth than 2% of similar nonprofits.

2017 filings • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

98th percentile

198%

Faster revenue growth than 98% of similar nonprofits.

2017 filings • $1B+ nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets12th percentile

Assets

Down

$3,062,422,804

Down $674,733,016 (-18%) from 2016

Net Assets

Down

$2,945,744,073

Down $678,351,104 (-19%) from 2016

Liabilities

Up

$116,678,731

Up $3,618,088 (+3.2%) from 2016

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin100th percentile

Revenue

Up

$308,759,930

Up $205,161,561 (+198%) from 2016

Expenses

Down

$5,705,542

Down $1,627,325 (-22%) from 2016

Net Income

Up

$303,054,388

Up $206,788,886 (+215%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$8.0B$6.0B$4.0B$2.0B$0Assets 2010: $7,722,348,608Liabilities 2010: $468,675,666Net Assets 2010: $7,253,672,9422010Assets 2011: $7,717,412,957Liabilities 2011: $277,727,453Net Assets 2011: $7,439,685,5042011Assets 2012: $7,010,453,058Liabilities 2012: $193,202,030Net Assets 2012: $6,817,251,0282012Assets 2013: $6,420,939,776Liabilities 2013: $173,941,673Net Assets 2013: $6,246,998,1032013Assets 2014: $5,463,479,761Liabilities 2014: $217,375,184Net Assets 2014: $5,246,104,5772014Assets 2015: $4,508,176,604Liabilities 2015: $140,846,825Net Assets 2015: $4,367,329,7792015Assets 2016: $3,737,155,820Liabilities 2016: $113,060,643Net Assets 2016: $3,624,095,1772016Assets 2017: $3,062,422,804Liabilities 2017: $116,678,731Net Assets 2017: $2,945,744,0732017Assets 2018: $2,140,147,211Liabilities 2018: $80,963,545Net Assets 2018: $2,059,183,6662018Assets 2019: $1,545,940,123Liabilities 2019: $49,128,204Net Assets 2019: $1,496,811,9192019Assets 2020: $924,445,545Liabilities 2020: $50,399,004Net Assets 2020: $874,046,5412020Assets 2021: $319,274,080Liabilities 2021: $67Net Assets 2021: $319,274,0132021Assets 2022: $18,835,421Liabilities 2022: $126Net Assets 2022: $18,835,2952022Assets 2023: $14,906,726Liabilities 2023: $78Net Assets 2023: $14,906,6482023Assets 2024: $16,141,383Liabilities 2024: $128Net Assets 2024: $16,141,2552024

Highlighted filing

2017

Assets$3,062,422,804
Liabilities$116,678,731
Net Assets$2,945,744,073
Open 2017 Filing

Operations Trend

Revenue Growth98th percentile

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

$800M$600M$400M$200M$0-$200MRevenue 2010: $688,152,209Expenses 2010: $32,659,922Net Income 2010: $655,492,2872010Revenue 2011: $58,887,923Expenses 2011: $30,718,928Net Income 2011: $28,168,9952011Revenue 2012: $499,506,656Expenses 2012: $13,559,103Net Income 2012: $485,947,5532012Revenue 2013: $758,868,764Expenses 2013: $17,396,568Net Income 2013: $741,472,1962013Revenue 2014: $148,324,514Expenses 2014: $14,435,186Net Income 2014: $133,889,3282014Revenue 2015: $528,634,011Expenses 2015: $12,382,684Net Income 2015: $516,251,3272015Revenue 2016: $103,598,369Expenses 2016: $7,332,867Net Income 2016: $96,265,5022016Revenue 2017: $308,759,930Expenses 2017: $5,705,542Net Income 2017: $303,054,3882017Revenue 2018: $355,287,640Expenses 2018: $5,724,501Net Income 2018: $349,563,1392018Revenue 2019: $81,325,378Expenses 2019: $3,587,535Net Income 2019: $77,737,8432019Revenue 2020: $93,597,857Expenses 2020: $9,702,379Net Income 2020: $83,895,4782020Revenue 2021: $31,868,332Expenses 2021: $2,686,337Net Income 2021: $29,181,9952021Revenue 2022: -$4,875,322Expenses 2022: $1,021,260Net Income 2022: -$5,896,5822022Revenue 2023: $8,201,598Expenses 2023: $409,254Net Income 2023: $7,792,3442023Revenue 2024: -$15,777,649Expenses 2024: $190,091Net Income 2024: -$15,967,7402024

Highlighted filing

2017

Revenue$308,759,930
Expenses$5,705,542
Net Income$303,054,388
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 22, 2018
Return Version
2017v2.3
Gross Receipts
$4,435,092,962
Mission and Program Overview

Mission

Payment of health and insurance benefit expenses for at&t's retirees and their dependents.

To fund benefit expenses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$3,624,095,177$2,945,744,073▼ $678,351,104
Investments in Publicly Traded Securities$3,595,605,860$2,939,398,549▼ $656,207,311
Investments Other Securities$108,692,589$80,496,652▼ $28,195,937
Accounts Receivable$25,123,394$34,512,752▲ $9,389,358
Savings and Temporary Cash Investments$4,911,064$5,963,982▲ $1,052,918
Cash and Non-Interest-Bearing Accounts$2,822,913$2,050,869▼ $772,044
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
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$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$3,737,155,820$3,062,422,804▼ $674,733,016
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$113,060,643$116,678,731▲ $3,618,088
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$113,060,643$116,678,731▲ $3,618,088
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,624,095,177$2,945,744,073▼ $678,351,104
Total Liabilities and Net Assets / Fund Balance$3,737,155,820$3,062,422,804▼ $674,733,016
Compensation and Service Providers
Top Officer Pay4th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Bny MellonTrusteeFT$122,275$122,275

Highest Paid Contractors

ContractorServicesLocationCompensation
Western Asset ManagementInvest Mgmt Services385 EAST COLORADO BLVD, Pasadena, CA 91101$1,085,015
Jp Morgan Asset MgmtInvest Mgmt Services320 PARK AVENUE 15TH FLOOR NY1-U0, New York, NY 10022$962,158
Standish Mellon Asset ManagementInvest Mgmt ServicesPO BOX 371784, Pittsburgh, PA 15251-7784$685,907
Eacm Advisors LLCInvest Mgmt Services200 CONNECTICUT AVENUE SIXTH FLOOR, Norwalk, CT 06854-1940$398,847
State Street Bank And TrustInvest Mgmt ServicesONE LINCOLN STREET, Boston, MA 02111$271,665
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$302,792,269
Other Revenue
$5,967,661
Change in Net Assets
$303,054,388
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,583,267
Salaries, Compensation, and Employee Benefits$122,275
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees---$4,115,243
All Other Expenses---$638,190
Fees for Services Accounting---$203,144
Current Officers, Directors, Trustees, and Key Employees---$122,275
Other Expenses---$66,881
Fees for Services Other---$64,535
Fees for Services Legal---$1,268
Total Functional Expenses$0$0$0$5,705,542
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
Backup withholding compliance
Yes
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
Filing and Contact Details

Filer

Filer Name
AT&T Union Welfare Benefit Trust
EIN
74-2697492
In Care Of
% AT&T INC
Phone
2144868753
Address
208 S AKARD STREET ROOM 1857, DALLAS, TX 75202

Signing Officer

Name
Paul W Stephens
Title
Sr. VP-tax
Phone
2673303000
Signed
2018-10-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul W Stephens
Formed
1993
Legal Domicile
TX
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
PricewaterhouseCoopers LLP
Address
2001 MARKET ST SUITE 1800, PHILADELPHIA, PA 19103
Preparer
Erica R Mcreynolds
Phone
2673303000
Supplemental Narrative

Additional Explanations

Describe Process Used by Mgmt &/or Governing Body to Review 990

“Form 990, part vi, line 11b the form 990 is prepared by an outside firm based on the information provided by at&t inc. And is reviewed by the tax department of at&t inc. Before filing. Availability of governing documents, conflict of interest policy, & financial statemnets to general public form 990, part vi, section c, line 19 this is an irc section 501(c)(9) voluntary employees' beneficiary association which covers only eligible retirees of at&t inc. There is no solicitation of contributions or involvement of the general public. The organization's governing documents and financial statements are available to members of the veba upon written request to: veba at&t inc. 208 s. Akard street, room 1857 dallas, tx 75202 reconciliation of net assets form 990, part xi, line 9 transfer of benefit payments $(879,936,399) returned payments from prior trustee $ 746,720 ---------------- $(879,189,679)”

Form 990 Part IX Line 24 - Other Expenses

“Description:miscellaneous total expenses:580722”

Form 990 Part IX Line 24 - Other Expenses

“Description:stock loan fee total expenses:40439”

Form 990 Part IX Line 24 - Other Expenses

“Description:tax expense total expenses:17029”

Raw XML AppendixShowing 400 of 416 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART VI, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE FIRM BASED ON THE INFORMATION PROVIDED BY AT&T INC. AND IS REVIEWED BY THE TAX DEPARTMENT OF AT&T INC. BEFORE FILING. AVAILABILITY OF GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, & FINANCIAL STATEMNETS TO GENERAL PUBLIC FORM 990, PART VI, SECTION C, LINE 19 THIS IS AN IRC SECTION 501(C)(9) VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION WHICH COVERS ONLY ELIGIBLE RETIREES OF AT&T INC. THERE IS NO SOLICITATION OF CONTRIBUTIONS OR INVOLVEMENT OF THE GENERAL PUBLIC. THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS OF THE VEBA UPON WRITTEN REQUEST TO: VEBA AT&T INC. 208 S. AKARD STREET, ROOM 1857 DALLAS, TX 75202 RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 9 TRANSFER OF BENEFIT PAYMENTS $(879,936,399) RETURNED PAYMENTS FROM PRIOR TRUSTEE $ 746,720 ---------------- $(879,189,679)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DESCRIPTION:MISCELLANEOUS TOTAL EXPENSES:580722
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIPTION:STOCK LOAN FEE TOTAL EXPENSES:40439
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION:TAX EXPENSE TOTAL EXPENSES:17029
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0DESCRIBE PROCESS USED BY MGMT &/OR GOVERNING BODY TO REVIEW 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART IX LINE 24 - OTHER EXPENSES
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ReturnHeader/BuildTS02018-06-14 16:35:46Z
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,062,422,804
Liabilities
$116,678,731
Net assets
$2,945,744,073
Revenue
$308,759,930
Expenses
$5,705,542
Net income
$303,054,388
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.1$0.00$16.1$15.8$0.19$16.0
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.9$0.00$14.9$8.20$0.41$7.79
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.8$0.00$18.8$4.88$1.02$5.90
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$319$0.00$319$31.9$2.69$29.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$924$50.4$874$93.6$9.70$83.9
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,546$49.1$1,497$81.3$3.59$77.7
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,140$81.0$2,059$355$5.72$350
2017Detailed filing. Detailed filing data is available for this year.$3,062$117$2,946$309$5.71$303
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,737$113$3,624$104$7.33$96.3
2015Summary only. Only limited summary data is available for this year.$4,508$141$4,367$529$12.4$516
2014Summary only. Only limited summary data is available for this year.$5,463$217$5,246$148$14.4$134
2013Summary only. Only limited summary data is available for this year.$6,421$174$6,247$759$17.4$741
2012Summary only. Only limited summary data is available for this year.$7,010$193$6,817$500$13.6$486
2011Summary only. Only limited summary data is available for this year.$7,717$278$7,440$58.9$30.7$28.2
2010Summary only. Only limited summary data is available for this year.$7,722$469$7,254$688$32.7$655
Peer Organizations

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