Bank of America Group Benefits Program Trust
Nonprofit profile at a glance
- EIN
- 957055654
- IRS 990 coverage
- 2021–2024
- Forms available
- Form 990 2024
- Location
- Dallas, TX, USA
- Phone
- 8888663275
- Rating
- 73
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Voluntary Employees Beneficiary Associations (Non-Government)
Reported finances
- Revenue
- $2,819,075,101
- Expenses
- $2,823,914,831
- Assets
- $407,252,163
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
1 person listed
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Provide employees and their dependents welfare benefit plans for life, sickness, accident, medical, disability, severance, and other similar benefits
Operating model
- Revenue model
- Earned-program. 100% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Member-benefit provider. The nonprofit used 95% of its reported program spending for member benefits.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 90
- Accountability: 24
- Sustainability: 36
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: Limited
- Governance controls: 4 of 9 controls in place; rating input score 57
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Limited
- Other executive compensation review process: Limited
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -0.2%; rating input score 26; 26th percentile among comparable filings
- Total-asset coverage ratio: 0.14; rating input score 4; 4th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 95; 95th percentile among comparable filings
Growth
- Program expense growth: 3.8% per year; rating input score 100; 29th percentile among comparable filings
- Revenue growth: 3.3% per year; rating input score 100; 25th percentile among comparable filings
- Asset growth: -3% per year; rating input score 0; 3rd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: 4 of 9 filing controls reported
- Programs: Filed program service accomplishments
- Leadership: top reported pay $86K · 1 people listed
- Consistency: 11 of 11 current checks pass
- Schedules: 1 filed schedules
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 2 of 6 not reported.
- High — Sustainability: Operating margin scored 26/100.
- High — Sustainability: Total-asset coverage ratio scored 4/100.
- High — Growth: Asset growth scored 0/100.