General Electric Insurance Plan Trust

Nonprofit profile at a glance

EIN
510169382
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Norwalk, CT, USA
Phone
2033732211
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$913,945,910
Expenses
$917,149,836
Assets
$18,707,381
Liabilities
$10,220

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

Leadership & pay

5 people listed

People named in this filing

  • GREGORY BOULERIS (TRUSTEE)
  • VAIDHEESH KRISHNAMURTI (TRUSTEE)
  • SCOTT SILBERSTEIN (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

In accordance with the plans terms, the plan provides benefits to pay for: medical expenses, dental expenses, flexible spending accounts for otherwise unreimbursed medical and dependent care expenses, short-term disability benefits for non-occupational illness or injury, and life and accidental death and dismemberment insurance benefits.

What it reported doing in 2024

The trust provides funding for the payment of benefits to eligible persons.

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 100% of its reported program spending for member benefits.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 50
  • Accountability: 82
  • Sustainability: 35
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.6%; rating input score 98
  • Program expense ratio: 97.5%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -0.4%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 0.02; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 98; 98th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings

Growth

  • Program expense growth: -7.8% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -7.7% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -23.1% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 97.6% of revenue deployed · 97.5% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $894.4M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Highest-paid contractors: 3 contractors listed · $568K reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes foreign activity
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.