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← WOODS SERVICES WORKERS COMPENSATION TRUST

Form 990 for tax year 2024

Filed by WOODS SERVICES WORKERS COMPENSATION TRUST.

Totals

Total revenue
$2,556,568
Total expenses
$3,482,170
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,465,000
Investment income
$91,568
Other revenue
$0
Total assets, end of year
$2,903,998
Total liabilities, end of year
$7,707,851
Net assets or fund balances, end of year
-$4,803,853
Program services expenses (Part IX)
$3,482,170
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$3,482,170

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: EMPLOYER CONTRIBUTIONS

    total $2,465,000 · related or exempt $2,465,000

  • 3 · Investment income

    total $91,568 · excluded $91,568

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $3,052,068 · program services $3,052,068

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $211,711 · program services $211,711

  • 24a · Other expenses: ADMINISTRATIVE FEES

    total $98,980 · program services $98,980

  • 24b · Other expenses: STATE ASSESSMENTS

    total $75,939 · program services $75,939

  • 24c · Other expenses: TRUSTEE FEES

    total $29,222 · program services $29,222

  • 24d · Other expenses: BOND/LETTER OF CREDIT

    total $14,250 · program services $14,250

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $50,344 · end of year $5,495

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $2,781,304 · end of year $2,898,503

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,268,398 · end of year $1,520,412

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $5,775,295 · end of year $6,187,439

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year -$4,212,045 · end of year -$4,803,853

Mission and programs · 2024

Mission

THE TRUST IS TO BE USED EXCLUSIVELY TO SUPPORT AND BENEFIT WOODS SERVICES, INC. BY SERVING AS A REPOSITORY FOR WOODS' FUNDS IN ORDER TO MEET ITS OBLIGATIONS TO PROVIDE WORKERS' COMPENSATION BENEFITS TO ITS EMPLOYEES.

Activities or mission (Part I)

PROVIDE WORKERS' COMPENSATION TO EMPLOYEES

  • THE TRUST PROVIDES, THROUGH SELF-INSURANCE AND THROUGH CERTAIN EXCESS COVERAGE INSURANCE POLICIES, WORKERS' COMPENSATION BENEFITS TO WOODS SERVICES, INC. EMPLOYEES OR THEIR BENEFICIARIES UP TO THE MAXIMUM LEVELS OF ANY FINAL WORKERS' COMPENSATION BENEFITS.

    Expenses $3,482,170 · Revenue $2,465,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tine Hansen-Turton

    EX-OFFICIO (Pres/CEO WSOC)

    Total calculated
    $1,531,144
    From this org
    $0
    From related orgs
    $1,499,739
    Other
    $31,405
    Hours/week
    2 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,182,489 related
    Bonus
    $0 + $288,750 related
    Other
    $0 + $28,500 related
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $17,605 related
    Filer's total
    $0 + $1,531,144 related

  • Julia Pfister

    TRUSTEE (EVP Chief HR Officer)

    Total calculated
    $402,080
    From this org
    $0
    From related orgs
    $387,579
    Other
    $14,501
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $319,579 related
    Bonus
    $0 + $68,000 related
    Other
    $0
    Deferred
    $0 + $12,821 related
    Nontaxable benefits
    $0 + $1,680 related
    Filer's total
    $0 + $402,080 related

  • Heather Fehn

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Trip McMahon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Barry Sharer

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1 + 3 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B:
A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(B) OF THE INTERNAL REVENUE CODE HAS BEEN ESTABLISHED FOR SOME MEMBERS OF THE WOODS SYSTEM OF CARE MANAGEMENT TEAM. TINE HANSEN-TURTON - $22,500 (457(B))
PART I, LINE 7:
BONUSES, PAID BY A RELATED ORGANIZATION, ARE BASED ON A NUMBER OF VARIABLES INCLUDING BUT NOT LIMITED TO INDIVIDUAL GOAL ACHIEVEMENTS AS WELL AS ORGANIZATION OPERATION ACHIEVEMENTS. THE FINAL DETERMINATION OF THE BONUS AMOUNT IS DETERMINED AND APPROVED BY THE BOARD AS PART OF THE OVERALL COMPENSATION REVIEW OF THE OFFICERS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
15 January 2026
IRS schema version
2024v5.2
Source object
202600159349300715

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