Civic Intelligence

Constellation Employees Benefit Trust for Management Employees

990 • Fiscal year 2022 • EIN 87-3974129

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 22, 2024

Organization ProfileN/A
200 Exelon WayKennett Square, PA 19348

(779) 231-5341

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.03x

Higher debt load relative to assets than 52% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

0.64x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Net Margin

2nd percentile

-279%

Higher net margin than 2% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$68,422

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets52nd percentile

Assets

$148,542,753

No earlier filing loaded for comparison.

Net Assets

$144,304,765

No earlier filing loaded for comparison.

Liabilities

$4,237,988

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin2nd percentile

Revenue

$6,594,201

No earlier filing loaded for comparison.

Expenses

$24,960,392

No earlier filing loaded for comparison.

Net Income

-$18,366,191

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$150M$100M$50M$0Assets 2022: $148,542,753Liabilities 2022: $4,237,988Net Assets 2022: $144,304,7652022Assets 2023: $115,292,481Liabilities 2023: $15,071Net Assets 2023: $115,277,4102023Assets 2024: $52,085,497Liabilities 2024: $4,528,580Net Assets 2024: $47,556,9172024

Highlighted filing

2022

Assets$148,542,753
Liabilities$4,237,988
Net Assets$144,304,765
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$100M$50M$0-$50MRevenue 2022: $6,594,201Expenses 2022: $24,960,392Net Income 2022: -$18,366,1912022Revenue 2023: $10,946,318Expenses 2023: $31,319,585Net Income 2023: -$20,373,2672023Revenue 2024: $11,114,284Expenses 2024: $57,732,428Net Income 2024: -$46,618,1442024

Highlighted filing

2022

Revenue$6,594,201
Expenses$24,960,392
Net Income-$18,366,191
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 22, 2024
Return Version
2022v5.0
Gross Receipts
$58,881,301
Mission and Program Overview

Mission

To provide healthcare benefits to members.

To provide health care benefits to the retired management employees participating in the veba.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$0$144,304,765▲ $144,304,765
Investments in Publicly Traded Securities$0$97,448,325▲ $97,448,325
Investments Other Securities-$40,922,254-
Savings and Temporary Cash Investments-$7,342,352-
Accounts Receivable$0$2,550,852▲ $2,550,852
Cash and Non-Interest-Bearing Accounts$0$278,970▲ $278,970
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$0$148,542,753▲ $148,542,753
Liabilities
Accounts Payable and Accrued Expenses$0$2,538,839▲ $2,538,839
Other Liabilities$0$1,699,149▲ $1,699,149
Total Liabilities$0$4,237,988▲ $4,237,988
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$144,304,765▲ $144,304,765
Total Liabilities and Net Assets / Fund Balance$0$148,542,753▲ $148,542,753

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$40,922,254--
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleBaseTotal
-Institutional Trustee$68,422$68,422

Highest Paid Contractors

ContractorServicesLocationCompensation
Tempo Holding Company LLCRecord Keeping4 OVERLOOK POINT, Lincolnshire, IL 60069$185,078
Morgan Stanley Investment Mgmt LtdInvestment Management522 FIFTH AVENUE, New York, NY 10036$120,224
Blackrock Financial ManagementInvestment Management40 EAST 52ND STREET 2ND FLOOR, New York, NY 10022$103,057
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,419,748
Investment Income
$3,174,453
Other Revenue
$0
Change in Net Assets
$-18,366,191
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,278,995
Salaries, Compensation, and Employee Benefits$68,422
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$22,612,975
Fees for Service Investment Mgmnt Fees---$462,169
Other Expenses---$185,078
Current Officers, Directors, Trustees, and Key Employees---$68,422
Fees for Services Other---$55,013
Total Functional Expenses$0$0$0$24,960,392
International Activity

International Summary

Offices
0
Employees
0
Spending
$63,666,989

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (including Iceland & Greenland)-Investment in Securities00$45,422,687
Central America and the Caribbean-Investment in Pfic00$14,025,400
East Asia and the Pacific-Investment in Securities00$3,852,781
North America-Investment in Securities00$329,692
Russia and Neighboring States-Investment in Securities00$36,429
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Intra-plan Payable$1,699,149
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Members participate in the sponsor health benefit plans and receive medical benefits from the funded veba.”

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

“The organization uses a cpa firm to prepare form 990. The return is reviewed by constellation accounting, corporate benefits and legal departments. The return is reviewed by partners who administer the health and welfare plans that are funded by the organization and manage the assets of the organization. As such all responsible governing bodies review and approve the return prior to filing.”

Form 990, Part VI, Section B, Line 12C

“All parties responsible for plan assets are subject to the constellation energy corporation conflict of interest policy. Constellation regularly monitors compliance with its conflict of interest policy.”

Form 990, Part VI, Section B, Line 15

“The organization does not pay any compensation. Consequently lines 15a and 15b are not applicable to this organization.”

Form 990, Part VI, Section C, Line 19

“The organization makes its form 1024, form 990, governing documents, conflict of interest policy and financial statements available upon request.”

FORM 990, PART VI:

“This organization is a voluntary employees' beneficiary association trust under irc 501(c)(9). This organization funds healthcare benefits provided under certain health and welfare plans sponsored by constellation energy generation, llc for its retirees and their eligible dependents. This organization follows constellation's corporate policies, where applicable, including proper documentation of all actions taken on behalf of the plan.”

Filing and Contact Details

Filer

Filer Name
Constellation Employees Benefit
EIN
87-3974129
Phone
7792315341
Address
200 EXELON WAY, KENNETT SQUARE, PA 19348

Signing Officer

Name
Vanessa Hecht
Title
VP, Benefits
Phone
7792315341
Signed
2024-11-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vanessa Hecht
Formed
2022
Legal Domicile
Il
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Plante & Moran Pllc
Address
10 S RIVERSIDE PLAZA 9TH FLOOR, CHICAGO, IL 60606
Preparer
David Lowenthal
Phone
3122071040
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Transfers to hra plan -15,143,274. Transfer from exelon 201,129,316.”

Financial Statement Notes

PART X, LINE 2:

“Gaap requires the plan's management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable authorities. The company has analyzed the tax positions taken by the plan and has concluded that as of december 31, 2022, there were no uncertain tax positions taken. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

Raw XML Appendix388 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/CreditCounselingInd00
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt068422
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IRS990/Form990PartVIISectionAGrp/TitleTxt0INSTITUTIONAL TRUSTEE
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IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt054329662
IRS990/GrossReceiptsAmt058881301
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0GAAP REQUIRES THE PLAN'S MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE AUTHORITIES. THE COMPANY HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2022, THERE WERE NO UNCERTAIN TAX POSITIONS TAKEN. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0CENTRAL AMERICA AND THE CARIBBEAN
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt1EUROPE (INCLUDING ICELAND & GREENLAND)
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt2NORTH AMERICA
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt3EAST ASIA AND THE PACIFIC
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt4RUSSIA AND NEIGHBORING STATES
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0INVESTMENT IN PFIC
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt1INVESTMENT IN SECURITIES
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt2INVESTMENT IN SECURITIES
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt3INVESTMENT IN SECURITIES
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt4INVESTMENT IN SECURITIES
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IRS990ScheduleF/ForeignPartnershipInd00
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IRS990ScheduleF/SubtotalEmployeesCnt00
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IRS990ScheduleF/SubtotalSpentAmt063666989
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
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IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt063666989
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS PARTICIPATE IN THE SPONSOR HEALTH BENEFIT PLANS AND RECEIVE MEDICAL BENEFITS FROM THE FUNDED VEBA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION USES A CPA FIRM TO PREPARE FORM 990. THE RETURN IS REVIEWED BY CONSTELLATION ACCOUNTING, CORPORATE BENEFITS AND LEGAL DEPARTMENTS. THE RETURN IS REVIEWED BY PARTNERS WHO ADMINISTER THE HEALTH AND WELFARE PLANS THAT ARE FUNDED BY THE ORGANIZATION AND MANAGE THE ASSETS OF THE ORGANIZATION. AS SUCH ALL RESPONSIBLE GOVERNING BODIES REVIEW AND APPROVE THE RETURN PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL PARTIES RESPONSIBLE FOR PLAN ASSETS ARE SUBJECT TO THE CONSTELLATION ENERGY CORPORATION CONFLICT OF INTEREST POLICY. CONSTELLATION REGULARLY MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION DOES NOT PAY ANY COMPENSATION. CONSEQUENTLY LINES 15A AND 15B ARE NOT APPLICABLE TO THIS ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS FORM 1024, FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THIS ORGANIZATION IS A VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION TRUST UNDER IRC 501(C)(9). THIS ORGANIZATION FUNDS HEALTHCARE BENEFITS PROVIDED UNDER CERTAIN HEALTH AND WELFARE PLANS SPONSORED BY CONSTELLATION ENERGY GENERATION, LLC FOR ITS RETIREES AND THEIR ELIGIBLE DEPENDENTS. THIS ORGANIZATION FOLLOWS CONSTELLATION'S CORPORATE POLICIES, WHERE APPLICABLE, INCLUDING PROPER DOCUMENTATION OF ALL ACTIONS TAKEN ON BEHALF OF THE PLAN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6TRANSFERS TO HRA PLAN -15,143,274. TRANSFER FROM EXELON 201,129,316.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
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IRS990/TotalReportableCompFromOrgAmt068422
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt02277272
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IRS990/VotingMembersGoverningBodyCnt01
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IRS990/WebsiteAddressTxt0N/A
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VP, BENEFITS
ReturnHeader/BusinessOfficerGrp/PhoneNum07792315341
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ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0TRUST FOR MANAGEMENT EMPLOYEES
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PLANTE & MORAN PLLC
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ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID LOWENTHAL
ReturnHeader/ReturnTs02024-11-22T16:22:18-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$148,542,753
Liabilities
$4,237,988
Net assets
$144,304,765
Revenue
$6,594,201
Expenses
$24,960,392
Net income
-$18,366,191
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$52.1$4.53$47.6$11.1$57.7$46.6
2023Detailed filing. Detailed filing data is available for this year.$115$0.02$115$10.9$31.3$20.4
2022Detailed filing. Detailed filing data is available for this year.$149$4.24$144$6.59$25.0$18.4