Kraft Heinz Company Retiree Health & & Welfare Benefits Trust III

Nonprofit profile at a glance

EIN
276820275
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
8005435335
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$82,278,135
Expenses
$70,922,521
Assets
$791,274,956
Liabilities
$0

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

Leadership & pay

2 people listed

Highest reported compensation

  • The Northern Trust Company (Trustee): $45,365 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 trust is to provide retiree medical and life insurance coverage as set forth in the Kraft Heinz Company Retiree Health and Welfare Benefits Plan which is funded through this trust.

What it reported doing in 2024

To provide retiree benefits under the Kraft Heinz Company Retiree Health and Welfare Benefits Plan.

Operating model

Revenue model
Investment-supported. 74% of the money available for current operations came from recurring investment income.
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 the filed numbers largely add up. A relatively small share of voting board members are independent and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 90
  • Accountability: 36
  • Sustainability: 87
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94.3%; rating input score 94
  • 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: 0%; rating input score 0; 4th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 86
    • 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: Fail

Sustainability

  • Operating margin: 13.8%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 11.16; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 0.1%; rating input score 94; 94th percentile among comparable filings

Growth

  • Program expense growth: -9.7% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -13.3% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 20% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 94.3% of spending went to programs
  • Governance: 0 of 8 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $66.9M in reported program spending
  • Leadership: top reported pay $45K · 2 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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 — Accountability: Independent voting board scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.