Civic Intelligence

Teamsters Benefit Trust

990 • Fiscal year 2023 • EIN 94-2848389

Oct 01, 2022 to Sep 30, 2023 • Filed on Aug 02, 2024

Organization Profilewww.teamstersbenefittrust.com

View Organization Page

Post Office Box 5820Fremont, CA 94537

(510) 796-4676

Siviq Scores

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

Liabilities / Assets

64th percentile

0.06x

Higher debt load relative to assets than 64% of similar nonprofits.

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

Liabilities / Revenue

61st percentile

0.11x

Higher debt load relative to revenue than 61% of similar nonprofits.

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

Net Margin

77th percentile

16%

Higher net margin than 77% of similar nonprofits.

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

Top Officer Pay

38th percentile

$0

Higher top officer pay than 38% 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

91st percentile

19%

Faster asset growth than 91% of similar nonprofits.

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

Revenue Growth

30th percentile

-0.2%

Faster revenue growth than 30% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$739,157,796

Up $116,688,915 (+19%) from 2022

Net Assets

Up

$698,094,192

Up $116,093,814 (+20%) from 2022

Liabilities

Up

$41,063,604

Up $595,101 (+1.5%) from 2022

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin77th percentile

Revenue

Down

$366,749,635

Down $685,388 (-0.2%) from 2022

Expenses

Up

$306,602,707

Up $6,479,605 (+2.2%) from 2022

Net Income

Down

$60,146,928

Down $7,164,993 (-11%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$1.0B$500M$0Assets 2010: $146,060,727Liabilities 2010: $34,716,281Net Assets 2010: $111,344,4462010Assets 2011: $151,652,583Liabilities 2011: $34,764,688Net Assets 2011: $116,887,8952011Assets 2012: $168,532,474Liabilities 2012: $32,034,983Net Assets 2012: $136,497,4912012Assets 2013: $197,112,848Liabilities 2013: $33,891,699Net Assets 2013: $163,221,1492013Assets 2014: $231,422,836Liabilities 2014: $34,186,340Net Assets 2014: $197,236,4962014Assets 2015: $243,690,333Liabilities 2015: $36,752,086Net Assets 2015: $206,938,2472015Assets 2016: $289,617,130Liabilities 2016: $37,935,894Net Assets 2016: $251,681,2362016Assets 2017: $349,515,385Liabilities 2017: $36,471,909Net Assets 2017: $313,043,4762017Assets 2018: $407,860,556Liabilities 2018: $35,441,757Net Assets 2018: $372,418,7992018Assets 2019: $451,609,321Liabilities 2019: $37,694,661Net Assets 2019: $413,914,6602019Assets 2020: $515,238,654Liabilities 2020: $37,781,871Net Assets 2020: $477,456,7832020Assets 2021: $647,016,311Liabilities 2021: $40,035,308Net Assets 2021: $606,981,0032021Assets 2022: $622,468,881Liabilities 2022: $40,468,503Net Assets 2022: $582,000,3782022Assets 2023: $739,157,796Liabilities 2023: $41,063,604Net Assets 2023: $698,094,1922023Assets 2024: $910,753,202Liabilities 2024: $45,483,746Net Assets 2024: $865,269,4562024

Highlighted filing

2023

Assets$739,157,796
Liabilities$41,063,604
Net Assets$698,094,192
Open 2023 Filing

Operations Trend

Revenue Growth30th percentile

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

$400M$300M$200M$100M$0Expenses 2010: $220,335,5182010Expenses 2011: $234,567,0852011Revenue 2012: $249,677,621Expenses 2012: $242,735,841Net Income 2012: $6,941,7802012Expenses 2013: $245,576,3652013Revenue 2014: $284,322,256Expenses 2014: $260,677,818Net Income 2014: $23,644,4382014Revenue 2015: $295,373,744Expenses 2015: $281,325,337Net Income 2015: $14,048,4072015Revenue 2016: $349,263,007Expenses 2016: $286,487,684Net Income 2016: $62,775,3232016Revenue 2017: $319,126,088Expenses 2017: $282,479,944Net Income 2017: $36,646,1442017Revenue 2018: $348,903,064Expenses 2018: $286,161,477Net Income 2018: $62,741,5872018Revenue 2019: $338,839,356Expenses 2019: $309,297,494Net Income 2019: $29,541,8622019Revenue 2020: $337,741,506Expenses 2020: $302,636,943Net Income 2020: $35,104,5632020Revenue 2021: $360,030,062Expenses 2021: $303,373,691Net Income 2021: $56,656,3712021Revenue 2022: $367,435,023Expenses 2022: $300,123,102Net Income 2022: $67,311,9212022Revenue 2023: $366,749,635Expenses 2023: $306,602,707Net Income 2023: $60,146,9282023Revenue 2024: $379,823,294Expenses 2024: $334,360,230Net Income 2024: $45,463,0642024

Highlighted filing

2023

Revenue$366,749,635
Expenses$306,602,707
Net Income$60,146,928
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Aug 2, 2024
Return Version
2022v5.0
Gross Receipts
$366,749,635
Mission and Program Overview

Mission

To provide health and welfare benefits to plan participants.

To provide health and welfare benefits to multiemployer plan participants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$582,000,378$698,094,192▲ $116,093,814
Investments in Publicly Traded Securities$384,707,706$472,456,273▲ $87,748,567
Investments Other Securities$182,690,375$217,517,041▲ $34,826,666
Accounts Receivable$39,582,204$38,318,288▼ $1,263,916
Savings and Temporary Cash Investments$11,266,209$9,404,248▼ $1,861,961
Cash and Non-Interest-Bearing Accounts$2,804,262$0▼ $2,804,262
Prepaid Expenses and Deferred Charges$956,925$1,000,746▲ $43,821
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
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
Total Assets$622,468,881$739,157,796▲ $116,688,915
Other Assets Total$461,200$461,200→ $0
Liabilities
Other Liabilities$20,557,400$21,973,500▲ $1,416,100
Accounts Payable and Accrued Expenses$19,887,913$18,974,334▼ $913,579
Deferred Revenue$23,190$115,770▲ $92,580
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$40,468,503$41,063,604▲ $595,101
Net Assets / Fund Balance
Total Net Assets Fund Balance$582,000,378$698,094,192▲ $116,093,814
Total Liabilities and Net Assets / Fund Balance$622,468,881$739,157,796▲ $116,688,915

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$125,685,609--
Compensation and Service Providers
Top Officer Pay38th percentile

Board Members and Trustees

NameTitle
Alberto RuizTrustee
Bill RossiTrustee
Carlos BorbaTrustee
Gerald ColemanTrustee
John BouchardTrustee
Keith FlemingTrustee
Richard JordanTrustee
Richard MurphyTrustee
William AlbaneseTrustee
Sal LomeliTrustee (eff 01/2023)
Stephen BeckTrustee (eff 01/2023)
Steven LuaTrustee (eff 01/2023)
Jesse CasqueiroTrustee (thru 01/2023)
Ron ParedesTrustee (THRU 01/2023)
Dennis HartTrustee (THRU 12/2022)
See Schedule O for CompensationPaid by Related Organizations

Highest Paid Contractors

ContractorServicesLocationCompensation
Lipman Insurance Administrators InAdministrator39420 LIBERTY STREET SUITE 260, Fremont, CA 94538$7,845,317
Anthem Blue CrossAdministrative11030 white rock road, Rancho Cordova, CA 95670$869,894
Withumsmithbrown PCAudit Services5000 Executive Parkway Suite 400, San Ramon, CA 94583$634,615
IngeniorxAdministrative450 HEADQUARTERS PLAZA7TH FL EAST, Morristown, NJ 07960$360,375
Beeson Tayer BodineLegal ServicesROss House 483 Ninth St 2nd Floor, Oakland, CA 94607$326,956
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$344,688,094
Investment Income
$21,252,131
Other Revenue
$809,410
Change in Net Assets
$60,146,928

Audited Revenue Reconciliation

Revenue per Audited Statements
$364,529,474
Revenue Not Reported on Financial Statements
$2,220,161
Revenue Not Reported on Form 990
$55,946,886
Total Revenue per Audited Statements
$420,476,360
Total Revenue per Form 990
$366,749,635
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$15,589,050
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$291,013,657
Fees for Services Management---$8,295,612
Fees for Services Other---$2,653,811
Fees for Service Investment Mgmnt Fees---$2,220,161
Office Expenses---$701,471
Fees for Services Accounting---$643,684
Other Expenses---$518,074
Fees for Services Legal---$274,274
Insurance---$229,085
Conferences and Meetings---$52,878
Total Functional Expenses$0$0$0$306,602,707

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$306,602,707
Expenses per Audited Statements$304,999,496
Total Expenses per Audited Statements$304,999,496
Expenses Not Reported on Financial Statements$1,603,211
Other Expense Adjustments$-616,950
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accumulated Eligibility Credits$21,973,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The trust has contracted with titan insurance administrators, inc. To provide administrative services for the organization.”

FORM 990, PART VI, SECTION A, LINE 8B:

“The organization has no committees with authority to act on behalf of the board of trustees.”

FORM 990, PART VI, SECTION B, LINE 11B:

“A copy of form 990 was provided to each member of the governing body for review prior to filing with the irs.”

FORM 990, PART VI, SECTION B, LINE 12C:

“At least once a year, trustees and other fiduciaries subject to the conflict-of-interest policy will be asked to disclose in writing any relationship or interests that could give rise to a conflict. Should any individual covered by the policy determine or suspect that he or she possesses an actual or potential conflict of interest, such individual must disclose the existence of the financial interest or relationship giving rise to the conflict and disclose all relevant facts prior to any decision to enter into any proposed transaction or arrangement or, if later, as soon as the actual or potential conflict is recognized. The trustee or other fiduciary with the conflict of interest must be excluded from the discussion and approval of such transaction and the conflicted individual is not allowed to influence the board's decision in any way.”

FORM 990, PART VI, SECTION C, LINE 19:

“The organization makes it governing documents, conflict-of-interest policy and financial statements available to participants upon request.”

FORM 990, PART VII, SECTION A, LINE 1A:

“Trustees are not compensated by the trust. Compensation paid to trustees employed by other related organizations is reported on the form 990 filed with the internal revenue service by the related tax-exempt organization. If you would like additional information, please contact the third-party administrator, lipman insurance administrators.”

Filing and Contact Details

Filer

Filer Name
Teamsters Benefit Trust
EIN
94-2848389
In Care Of
% TITAN INSURANCE ADMINISTRATO
Phone
5107964676
Address
POST OFFICE BOX 5820, FREMONT, CA 94537

Signing Officer

Name
Keith Fleming
Title
Trustee
Phone
5107964676
Signed
2024-08-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Fleming
Formed
1982
Legal Domicile
CA
Voting Board Members
12
Independent Board Members
0
Employees
2
Volunteers
0

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY STE 900, BETHESDA, MD 20814
Preparer
Richard L Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The organization has a board of trustees that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed.”

FORM 990, PART V, LINE 2A:

“The plan does not have employees. However, certain participants of the plan received a form w-2 for taxable domestic partner benefits.”

Financial Statement Notes

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“change in benefit obligations”

Part X, Line 2

“The plan's administrator has analyzed the tax positions taken by the plan and has concluded that, as of september 30, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The plan is subject to routine audits by the taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$739,157,796
Liabilities
$41,063,604
Net assets
$698,094,192
Revenue
$366,749,635
Expenses
$306,602,707
Net income
$60,146,928
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$911$45.5$865$380$334$45.5
2023Detailed filing. Detailed filing data is available for this year.$739$41.1$698$367$307$60.1
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$622$40.5$582$367$300$67.3
2021Detailed filing. Detailed filing data is available for this year.$647$40.0$607$360$303$56.7
2020Detailed filing. Detailed filing data is available for this year.$515$37.8$477$338$303$35.1
2019Detailed filing. Detailed filing data is available for this year.$452$37.7$414$339$309$29.5
2018Detailed filing. Detailed filing data is available for this year.$408$35.4$372$349$286$62.7
2017Detailed filing. Detailed filing data is available for this year.$350$36.5$313$319$282$36.6
2016Detailed filing. Detailed filing data is available for this year.$290$37.9$252$349$286$62.8
2015Detailed filing. Detailed filing data is available for this year.$244$36.8$207$295$281$14.0
2014Detailed filing. Detailed filing data is available for this year.$231$34.2$197$284$261$23.6
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$197$33.9$163$246
2012Summary only. Only limited summary data is available for this year.$169$32.0$136$250$243$6.94
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$152$34.8$117$235
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$146$34.7$111$220