Multi-plan Services Agency Inc

What it reported doing in 2024

The corporation is organized and operated as a California nonprofit mutual benefit corporation. The specific purpose of the corporation is to provide administrative services for the pension trust fund for operating engineers and the operating engineers health and welfare trust fund and other related trust funds. Notwithstanding any of the above statements of purposes and powers, this corporation shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of the specific purposes of this corporation. No substantial part of the activities of this corporation shall consist of carrying on propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate or intervene in any political campaign (including the publishing or distribution of statements) on behalf of any candidate for public office. The property of this corporation is irrevocably dedicated to the specific purposes of the corporation and no part of the net income or assets of this corporation shall ever inure to the benefit of any director, officer, or individual member thereof or to the benefit of any private person. Upon dissolution or winding up of the corporation, its assets remaining after payment, or provision for payment, of all debts and liabilities of this corporation shall be distributed to one or more trust funds, mutual benefit corporations, or foundations organized and operated exclusively for providing pension and/or health benefits to eligible participants and maintaining tax exempt status under the provisions of the code.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 50%; rating input score 50; 8th percentile among comparable filings
• Governance controls: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 0%; rating input score 33; 33rd percentile among comparable filings
• Total-asset coverage ratio: 4.16; rating input score 80; 80th percentile among comparable filings
• Liabilities to assets ratio: 0.98; rating input score 6; 6th percentile among comparable filings
• Officer compensation ratio: 12.5%; rating input score 24; 24th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 3.1% per year; rating input score 100; 28th percentile among comparable filings
• Asset growth: -11.8% per year; rating input score 0; 1st percentile among comparable filings