Wells Fargo
Legal name: Wells Fargo & Co Employee Benefit Trust
Nonprofit profile at a glance
- EIN
- 411340042
- IRS 990 coverage
- 2011–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Des Moines, IA, USA
- Phone
- 9802210098
- Rating
- 77
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $2,670,190,347
- Expenses
- $2,653,497,605
- Assets
- $14,146,382
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
1 person listed
People named in this filing
- Principal Financial Group (Institutional Trustee)
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 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The trust was established to provide employee benefits to eligible employees on Wells Fargo including medical, dental, and vision benefits. We're finding ways to support inclusion and accessibility in both the workplace and in our communities. Inclusion and accessibility >. We strive to support our business, customers, and communities' transition to a resilient and sustainable future. Sustainability >. We help to meet the credit needs of the communities we serve, including low- and moderate-income neighborhoods, in alignment with the Community Reinvestment Act (CRA). Under CRA regulations, we’ve provided information for public inspection in a public file. View the CRA public file > Related Information.
What it reported doing in 2024
The exempt purpose is to provide medical, dental and vision benefits to active employees of Wells Fargo and Co.
Operating model
- Revenue model
- Earned-program. 100% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Member-benefit provider. The nonprofit used 88% 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 expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 88
- Transparency & Controls: 90
- Accountability: 42
- Sustainability: 40
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 99.2%; rating input score 99
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th 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: 0%; rating input score 0; 4th percentile among comparable filings
- Governance controls: 7 of 7 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0.6%; rating input score 35; 35th percentile among comparable filings
- Total-asset coverage ratio: 0.01; rating input score 1; 1st percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings
Growth
- Program expense growth: 2.1% per year; rating input score 100; 16th percentile among comparable filings
- Revenue growth: 1.9% per year; rating input score 100; 14th percentile among comparable filings
- Asset growth: -2.4% per year; rating input score 0; 4th percentile among comparable filings
Details
- What they do: 5 programs and campaigns described on the official site
- Where the money goes: 99.2% of revenue deployed · 100% of spending went to programs
- Governance: 0 of 1 board members independent · 7 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $2.7B in reported program spending
- Leadership: top reported pay $0 · 1 people listed
- Consistency: 13 of 13 current checks pass
- Schedules: 2 filed schedules
- Filing history: 13 filing years from 2011 to 2024
- 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.
- High — Accountability: Independent voting board scored 0/100.
- Moderate — Sustainability: Operating margin scored 35/100.
- High — Sustainability: Total-asset coverage ratio scored 1/100.
- High — Growth: Asset growth scored 0/100.