L & M Companies Employee Benefit Trust

Nonprofit profile at a glance

EIN
467239612
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9197162669
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$2,738,704
Expenses
$2,910,687
Assets
$1,338,603
Liabilities
$82,000

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

Leadership & pay

1 person listed

Highest reported compensation

  • FIRST CITIZENS BANK (TRUSTEE): $9,090 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 plan is a defined contribution health and welfare benefit plan established to provide specified health care, dental, disability, life and travel insurance benefits to eligible employees of l&m companies, inc., l&m farms, inc., l&m warehouse & packing, inc., l&m farms of Colorado, llc, and l&m transportation services, inc.

What it reported doing in 2024

Provide specified health care, dental, disability, life and travel insurance benefits to eligible employees of l&m companies, inc., l&m farms, inc., l&m warehouse & packing, inc., l&m farms of Colorado, llc, and l&m transportation services, inc. And their spouse and/or covered dependent(s)

Operating model

Revenue model
Earned-program. 98% 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 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: 88
  • Transparency & Controls: 90
  • Accountability: 18
  • Sustainability: 31
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.9%; rating input score 98
  • 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 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.3%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0.46; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 67; 67th percentile among comparable filings
  • Officer compensation ratio: 0.3%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: 4.4% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: -2.1% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.9% of spending went to programs
  • Governance: 0 of 1 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $9K · 1 people listed
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 5 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.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 18/100.
  • Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • High — Growth: Asset growth scored 0/100.