Clorox Company Voluntary Employees Beneficiary Association

Nonprofit profile at a glance

EIN
680471501
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Oakland, CA, USA
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$2,113,104
Expenses
$2,913,589
Assets
$881,387
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Highest reported compensation

  • Eric Reynolds (The Clorox Company (VEBA Sponsor)): $5,408,275 total reported compensation
  • Kirsten Marriner (The Clorox Company (VEBA Sponsor)): $3,030,531 total reported compensation
  • Chris Hyder (The Clorox Company (VEBA Sponsor)): $2,882,444 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The purpose of this organization is to fund health and welfare benefits offered to retired employees of the Clorox Company and its participating subsidiaries. Employer and employee contributions made to the organization are exempt from taxation per IRS Department Letter dated 3/18/2002.

What it reported doing in 2024

The Clorox Company Voluntary Employees Beneficiary Association ("VEBA Trust") was established for the purpose of providing security to active employees by holding employer funds contributed by Clorox and its subsidiaries and by employees for the payment of medical, dental, and vision benefits. On January 1, 2002, the trust agreement dated September 28, 2000 between The Clorox Company and Union Bank of California, N.A. (Trustee) was amended to add The Clorox Company Group Insurance Plan for Certain Retired and Disabled Participants (Plan No. 508) to the trust. On June 24, 2008, the VEBA Trust Agreement was amended to remove the current eligible employees from the VEBA Trust. Effective July 1, 2008 active employee contributions are no longer held in the VEBA Trust and certain benefits and expenses for the active employees are paid through the general assets of the Clorox Company. Effective July 1, 2018, The Clorox Company Group Insurance Plan for Retirees was established to provide benefits for eligible former employees of The Clorox Company.

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 75% 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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 16
  • Sustainability: 25
  • Growth: 20

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; 63rd 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: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -37.9%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.3; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0.4%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: -2.9% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: -3.8% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: 27.9% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 6 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $5.4M · 7 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2020 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.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.