Massachusetts Institute of Technology Welfare Benefit Plans Trust
Overview
Mission
To provide health and life insurance benefits to covered eligible retirees of Massachusetts institute of technology and their dependents, as well as individuals receiving long-term disability benefits for at least three years.
What it reported doing in 2024
Medical and life insurance benefits for eligible retirees, along with medical benefits for those receiving long term disability benefits for at least three years, were provided to approximately 7,446 individuals covered under the Massachusetts institute of technology (mit) welfare benefit plans trust.
Operating model
- Revenue model
- Earned-program. 83% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Member-benefit provider. The nonprofit used 97% of its reported program spending for member benefits.
Nonprofit profile at a glance
- EIN
- 043177556
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Headquarters
- Cambridge, MA, USA
- Rating
- 70
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Mutual/Membership Benefit
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 98
- Transparency & Controls: 64
- Accountability: 18
- Sustainability: 50
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 94.6%; rating input score 95
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 71st percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
- Public monitoring controls: Limited
- Public policy transparency: Limited
- Public financial transparency: Limited
- Impact reporting controls: Limited
- Public relationship transparency: Limited
Accountability
- Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
- Governance controls: 3 of 9 controls in place; rating input score 43
- Public governance controls: Limited
- Zakat policy transparency: Limited
Sustainability
- Operating margin: -15.9%; rating input score 5; 5th percentile among comparable filings
- Operating reserve ratio: 17.99; rating input score 96; 96th percentile among comparable filings
- Liabilities to assets ratio: 0.04; rating input score 89; 89th percentile among comparable filings
- Officer compensation ratio: 1.1%; rating input score 73; 73rd percentile among comparable filings
Growth
- Program expense growth: 7.6% per year; rating input score 100; 61st percentile among comparable filings
- Revenue growth: 7.8% per year; rating input score 100; 65th percentile among comparable filings
- Asset growth: 8.6% per year; rating input score 100; 62nd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 94.6% of spending went to programs
- Governance: 0 of 2 board members independent · 3 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $60.8M in reported program spending
- Leadership: top reported pay $4.5M · 2 people listed · 0 of 6 pay-setting controls reported
- Consistency: 19 of 19 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 16 annual filings from 2009 to 2024
- Related organizations: 1 filed related-organization link