Civic Intelligence

Constellation Employees Benefit Trust for Management Employees

990 • Fiscal year 2023 • EIN 87-3974129

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 22, 2024

Organization ProfileN/A
200 Energy WayKennett Square, PA 19348

(779) 231-5871

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

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

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

Liabilities / Revenue

25th percentile

0.00x

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

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

Net Margin

5th percentile

-186%

Higher net margin than 5% of similar nonprofits.

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

Top Officer Pay

51st percentile

$35,031

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

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

Asset Growth

5th percentile

-22%

Faster asset growth than 5% of similar nonprofits.

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

Revenue Growth

89th percentile

66%

Faster revenue growth than 89% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets25th percentile

Assets

Down

$115,292,481

Down $33,250,272 (-22%) from 2022

Net Assets

Down

$115,277,410

Down $29,027,355 (-20%) from 2022

Liabilities

Down

$15,071

Down $4,222,917 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin5th percentile

Revenue

Up

$10,946,318

Up $4,352,117 (+66%) from 2022

Expenses

Up

$31,319,585

Up $6,359,193 (+25%) from 2022

Net Income

Down

-$20,373,267

Down $2,007,076 (-11%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

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

2023

Assets$115,292,481
Liabilities$15,071
Net Assets$115,277,410
Open 2023 Filing

Operations Trend

Revenue Growth89th percentile

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

2023

Revenue$10,946,318
Expenses$31,319,585
Net Income-$20,373,267
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 22, 2024
Return Version
2023v5.1
Gross Receipts
$265,718,526
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$146,003,914$115,277,410▼ $30,726,504
Investments in Publicly Traded Securities$97,448,325$103,225,661▲ $5,777,336
Investments Other Securities$40,922,254$7,639,348▼ $33,282,906
Savings and Temporary Cash Investments$7,342,352$3,363,437▼ $3,978,915
Accounts Receivable$2,550,852$921,612▼ $1,629,240
Cash and Non-Interest-Bearing Accounts$278,970$142,423▼ $136,547
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$148,542,753$115,292,481▼ $33,250,272
Liabilities
Accounts Payable and Accrued Expenses$2,538,839$15,071▼ $2,523,768
Total Liabilities$2,538,839$15,071▼ $2,523,768
Net Assets / Fund Balance
Total Net Assets Fund Balance$146,003,914$115,277,410▼ $30,726,504
Total Liabilities and Net Assets / Fund Balance$148,542,753$115,292,481▼ $33,250,272

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$7,639,348--
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleBaseTotal
-Institutional Trustee$35,031$35,031

Highest Paid Contractors

ContractorServicesLocationCompensation
Alight Solutions LLCRecord Keeping4 OVERLOOK POINT, Lincolnshire, IL 60069$376,597
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,944,720
Investment Income
$5,001,598
Other Revenue
$0
Change in Net Assets
$-20,373,267
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,372,260
Salaries, Compensation, and Employee Benefits$35,031
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$25,912,294
Fees for Services Other---$132,489
Fees for Service Investment Mgmnt Fees---$106,932
Current Officers, Directors, Trustees, and Key Employees---$35,031
Other Expenses---$32,023
Total Functional Expenses$0$0$0$31,319,585
International Activity

International Summary

Offices
0
Employees
0
Spending
$46,193,815

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) - Albania, Andorra, Austria, Belgium-Investment in Securities00$26,979,199
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,-Investment in Securities00$13,483,962
North America - Canada and Mexico, But Not the United States-Investment in Securities00$3,543,741
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,-Investment in Pfic00$1,408,485
Sub-saharan Africa-Investment in Securities00$412,224
Middle East and North Africa-Investment in Securities00$309,126
Russia and Neighboring States - Armenia, Azerbijan, Belarus,-Investment in Securities00$57,078
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
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
7792315871
Address
200 ENERGY WAY, KENNETT SQUARE, PA 19348

Signing Officer

Name
Lisa Agase
Title
Dir., Empl. Ben. Plans & Programs
Phone
7792315871
Signed
2024-11-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa Agase
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 -21,606,145.”

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, 2023, 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 Appendix399 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/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt2NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt3EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt4RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,
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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 -21,606,145.
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/WebsiteAddressTxt0N/A
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LISA AGASE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIR., EMPL. BEN. PLANS & PROGRAMS
ReturnHeader/BusinessOfficerGrp/PhoneNum07792315871
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-22
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ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0TRUST FOR MANAGEMENT EMPLOYEES
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PLANTE & MORAN PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010 S RIVERSIDE PLAZA 9TH FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHICAGO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060606
ReturnHeader/PreparerPersonGrp/PhoneNum03122071040
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID LOWENTHAL
ReturnHeader/ReturnTs02024-11-22T15:06:28-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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
$115,292,481
Liabilities
$15,071
Net assets
$115,277,410
Revenue
$10,946,318
Expenses
$31,319,585
Net income
-$20,373,267
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