Employee Welfare Benefit Plans Trust of FPL Group Inc & Its Affiliates

Nonprofit profile at a glance

EIN
592183080
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Juno Beach, FL, USA
Phone
5615429740
Rating confidence
Limited

Reported finances

Revenue
$216,001,006
Expenses
$225,873,341
Assets
$32,403,981
Liabilities
$237,759

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

Leadership & pay

1 person listed

Highest reported compensation

  • Bank of New York Mellon (500 GRANT ST., PITTSBURGH, PA 15258): $345 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 veba trust holds the assets of the health and welfare plan for the purpose of administering the financial activities of the plan, primarily the payments of eligible expenses incurred by the plan's participants.

What it reported doing in 2024

The health and welfare plan's activities provide medical, dental, life, vision, prescription drug, long/short term disability benefits, employee assistance, mental health services, substance abuse, and reimbursement of paid medical and dependent care expenses through IRS approved flexible spending accounts to eligible employees of NextEra Energy, Inc. The plan is administered by insurance companies and by the company. At the end of the year, there were 17,000 participants.

Operating model

Revenue model
Other-operating. 99% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 30
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • 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: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.6%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.14; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.6% per year; rating input score 100; 11th percentile among comparable filings
  • Asset growth: -1.6% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 1 of 1 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $345 · 1 people listed
  • Highest-paid contractors: 5 contractors listed · $9.4M reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Sustainability: Operating margin scored 13/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.