Massachusetts Institute of Technology Welfare Benefit Plans Trust

Nonprofit profile at a glance

EIN
043177556
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Cambridge, MA, USA
Phone
6172532734
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Teachers Retirement Fund Association

Reported finances

Revenue
$55,434,000
Expenses
$64,245,000
Assets
$1,155,540,000
Liabilities
$50,233,000

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

Leadership & pay

2 people listed

Highest reported compensation

  • Seth Alexander (Trustee): $4,462,390 total reported compensation
  • Glen Shor (Trustee): $1,027,167 total reported compensation

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

Overview

Mission

To provide health and life insurance benefits to covered eligible retirees of Massachusetts institute of technology and their dependents, as well as individuals receiving long-term disability benefits for at least three years.

What it reported doing in 2024

Medical and life insurance benefits for eligible retirees, along with medical benefits for those receiving long term disability benefits for at least three years, were provided to approximately 7,446 individuals covered under the Massachusetts institute of technology (mit) welfare benefit plans trust.

Operating model

Revenue model
Other-operating. 83% of the money available for current operations came from other operating revenue.
Distribution model
Member-benefit provider. The nonprofit used 97% 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 64
  • Accountability: 18
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94.6%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -15.9%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 17.99; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 1.1%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 7.6% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: 7.8% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 94.6% of spending went to programs
  • Governance: 0 of 2 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $60.8M in reported program spending
  • Leadership: top reported pay $4.5M · 2 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $1.1M reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 5/100.