Nn Retirees Benefit Trust C/o Patrick Rykwalder Cpa

Nonprofit profile at a glance

EIN
466653802
IRS 990 coverage
2013–2019
Forms available
Form 990 2019
Location
Owensboro, KY, USA
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$21,826
Expenses
$261,228
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • GARY DONAHEE (VEBA COMMITTEE PRESIDENT)

People named in this filing

  • GARY DONAHEE (VEBA COMMITTEE PRESIDENT)
  • MICHAEL RESSNER (TREASURER)
  • SUSAN KANE (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Until september 1, 2017, the trust sponsored and maintained a health reimbursement arrangement (hra) plan which was intended to meet the requirements of IRS notice 2002-45 and which provided for the reimbursement of eligible medical expenses for participants of the hra plan in accordance with the plan documents. The plan terminated in 2017 and no plan was in place in 2018, nor 2019.

What it reported doing in 2019

Until september 1, 2017, the trust sponsored a health reimbursementarrangement (hra) plan which was intended to meet the requirements setforth in IRS notice 2002-45. The hra plan provided for thereimbursement of eligible medical expenses submitted by participantsin the hra plan who were eligible former retirees of nortel networksinc, ("nortel") that participated in the nortel sponsored retireehealth and welfare benefit plans prior to the termination of such plansby nortel in connection with its bankruptcy filing. The reimbursementsreceived from the hra plan helped offset the benefits that retireeslost as a result of the termination of the nortel retiree health andwelfare benefits plans. The hra was terminated effective september 1,2017 and the trust was subsequently terminated effective november 30, 2017.

Operating model

Revenue model
Other-operating. 66% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 10
  • Growth: 0

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1,096.9%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -52.1% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: -73.9% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -41.8% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 1 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $261K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 7 filing years from 2013 to 2019
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Asset growth scored 0/100.