Semco Energy Inc Union Veba Trust

Nonprofit profile at a glance

EIN
386705802
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Port Huron, MI, USA
Phone
8109872200
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$802,570
Expenses
$1,144,398
Assets
$11,720,364
Liabilities
$20,579

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

Leadership & pay

7 people listed

Executive titles in this filing

  • M COLLEEN STARRING (PRESIDENT US UTILITIES DIRECTOR)
  • MARC A SIMONE (PRESIDENT US UTILITIES DIRECTOR)

Highest reported compensation

  • M COLLEEN STARRING (PRESIDENT US UTILITIES DIRECTOR): $1,833,403 total reported compensation
  • MARK A MOSES (VP CFO TREASURER DIR): $977,635 total reported compensation
  • ANN L FORSTER (VP ADMIN SERVICES UTILITIES): $868,961 total reported compensation

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

Overview

Mission

This irrevocable trust is established for the purpose of holding assets in trust in accordance with section 403 of erisa pending the payment of semco Michigan union retiree medical benefits. No portion of the trust fund may be used other than in the sole and exclusive interest of participants whose eligibility to participate results from employment as a semco Michigan union employee. The immediately preceding sentence shall not be construed to limit the trustees ability to pay taxes and administrative expenses from the trust fund.

What it reported doing in 2024

Funding of trust to pay future medical benefits for semco Michigan union retirees and their dependents.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 60
  • Accountability: 18
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 5th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: -42.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 10.24; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 78; 78th percentile among comparable filings
  • Officer compensation ratio: 7.5%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 29th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 0.4% per year; rating input score 100; 19th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 98% of spending went to programs
  • Governance: 0 of 1 board members independent · 4 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $1.1M in reported program spending
  • Leadership: top reported pay $1.8M · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 41 of 41 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: 5 of 9 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.