New Jersey Bankers Association Employee Benefits Trust

Nonprofit profile at a glance

EIN
226058397
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Cranford, NJ, USA
Phone
9083957080
Rating confidence
Limited
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$161,757
Expenses
$213,791
Assets
$968,318
Liabilities
$527,260

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

Leadership & pay

8 people listed

Highest reported compensation

  • MICHAEL AFFUSO (CHAIRMAN): $545,886 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 life, health, dental, disability and other welfare benefits to members' employees and dependents through group insurance contracts.

What it reported doing in 2024

New Jersey Bankers Association Employee Benefits Trust ("EBT") acts as the recipient for all insurance premiums paid in connection with the various group insurance contracts for employees of participating New Jersey Bankers Association ("Association") members. Until such time as premiums is remitted to the respective insurance carriers, they may be invested, and income may be earned for EBT. EBT also provides assistance to participating employer members in complying with the Consolidated Omnibus Budget Reconciliation Act by providing continuous coverage for eligible participants. Premiums are received from the participants and disbursed to the respective insurance carriers.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 66
  • Accountability: 68
  • Sustainability: 30
  • Growth: 20

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • 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: Scored; rating input score 0

Accountability

  • Independent voting board: 80%; rating input score 80; 21st percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -32.2%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 4.53; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.54; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 22.1%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -9.7% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 5 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $546K · 8 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 4 filed schedules · includes executive pay and related organizations
  • Filing history: 2 filing years from 2023 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.