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Nonprofiteer
← PCSI EMPLOYEE BENEFIT TR

Form 990 for tax year 2023

Filed by PCSI EMPLOYEE BENEFIT TR.

Totals

Total revenue
$4,780,556
Total expenses
$4,857,740
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,780,556
Investment income
$0
Other revenue
$0
Total assets, end of year
$887,593
Total liabilities, end of year
$36,588
Net assets or fund balances, end of year
$851,005
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $4,253,126 · related or exempt $4,253,126

  • 2b · Program service revenue: EMPLOYEE CONTRIBUTIONS

    total $527,430 · related or exempt $527,430

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,754,470

  • 13 · Office expenses

    total $6,588

  • 24a · Other expenses: ADMINISTRATIVE EXPENSES

    total $96,682

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,988 · end of year $100,881

  • 4 · Accounts receivable

    beginning of year $964,608 · end of year $786,712

  • 17 · Accounts payable and accrued expenses

    beginning of year $46,407 · end of year $36,588

  • 27 · Net assets without donor restrictions

    beginning of year $928,189 · end of year $851,005

Mission and programs · 2023

Mission

TO PROVIDE BENEFITS FOR PCSI EMPLOYEES.

  • THE VEBA TRUST'S PURPOSE IS TO PROVIDE MEDICAL AND WELFARE BENEFITS FOR EMPLOYEES UNDER CERTAIN COMPONENT BENEFIT PLANS OF THE PLAN AS DESIGNATED BY THE SPONSOR AND AS PERMITTED BY CODE 501(C)(9).

As filed on the 2023 return.

Listed in Part VII

  • Cucolo III Anthony A

    TRUSTEE

    Total calculated
    $663,681
    From this org
    $0
    From related orgs
    $572,524
    Other
    $91,157
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $468,333 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $4,191 related
    Deferred
    $0 + $87,300 related
    Nontaxable benefits
    $0 + $3,857 related
    Filer's total
    $0 + $663,681 related

  • Jones Mark K

    TREASURER

    Total calculated
    $425,179
    From this org
    $0
    From related orgs
    $343,388
    Other
    $81,791
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $290,932 related
    Bonus
    $0 + $50,000 related
    Other
    $0 + $2,456 related
    Deferred
    $0 + $56,425 related
    Nontaxable benefits
    $0 + $25,366 related
    Filer's total
    $0 + $425,179 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION RELIES ON THE RELATED ORGANIZATION TO ESTABLISH COMPENSATION. THE RELATED ORGANZIATION USES A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
PART I, LINE 4B
IN JULY 2003, THE RELATED ORGANIZATION ADOPTED A NONQUALIFIED DEFERRED COMPENSATION PLAN, UNDER IRC SECTION 457(F), COVERING CERTAIN OFFICERS. THE PLAN WAS AMENDED IN JANUARY 2011 AND STATED THAT NET EARNINGS AND LOSSES SHALL BE CREDITED TO THE RECIPIENT'S ACCOUNT FROM TIME TO TIME, AS DETERMINED BY THE RELATED ORGANIZATION. THE RELATED ORGANIZATION ACCRUED AMOUNTS ANNUALLY, AS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS. TO VEST IN THE ALLOCATED AMOUNTS, THE PARTICIPANT MUST HAVE REMAINED IN CONTINUOUS SERVICE AS AN EMPLOYEE WITH THE RELATED ORGANIZATION. THE RELATED ORGANIZATION PAID, IN A SINGLE LUMP-SUM PAYMENT, AN AMOUNT EQUAL TO THE VESTED AMOUNT WITHIN 90 DAYS OF THE DATE OF VESTING. AT JULY 1, 2021 THE PLAN BECAME FULLY VESTED AND FULLY VESTED DEFERRED COMPENSATION WAS PAID OUT IN ACCORDANCE WITH THE PLAN DOCUMENT. IN DECEMBER 2021, THE RELATED ORGANIZATION ADOPTED A NONQUALIFIED DEFERRED COMPENSATION PLAN, UNDER IRC SECTION 457(F), COVERING CERTAIN OFFICERS. THE RELATED ORGANIZATION ACCRUED AMOUNTS ANNUALLY, AS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS. TO VEST IN THE ALLOCATED AMOUNTS, THE PARTICIPANT MUST HAVE REMAINED IN CONTINUOUS SERVICE AS AN EMPLOYEE WITH THE RELATED ORGANIZATION. THE RELATED ORGANIZATION PAID, IN A SINGLE LUMP-SUM PAYMENT, AN AMOUNT EQUAL TO THE VESTED AMOUNT WITHIN 30 DAYS OF THE DATE OF VESTING. THESE PAYMENTS ARE PAID FROM THE GENERAL ASSETS OF THE RELATED ORGANIZATION. ALTHOUGH IT IS NOT REQUIRED TO DO SO, THE RELATED ORGANIZATION MAY ELECT TO INVEST AMOUNTS IN ORDER TO MEET ITS OBLIGATIONS UNDER THIS DEFERRED COMPENSATION PLAN. COMPENSATION BENEFITS ACCRUED AND DEFERRED UNDER THE DEFERRED COMPENSATION PLAN ARE SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE SHOULD THE PARTICIPANT TERMINATE HIS OR HER RELATIONSHIP WITH THE RELATED ORGANIZATION PRIOR TO THE RESPECTIVE SCHEDULED VESTING DATE, AS DEFINED. AS OF JUNE 30, 2023, THE RELATED ORGANIZATION HAD ACCRUED $889,208 IN DEFERRED COMPENSATION UNDER THE AMENDED PLAN. THE FOLLOWING OFFICERS PARTICIPATE IN THE 457(F) PLAN AND THERE WERE NO EMPLOYER CONTRIBUTIONS FROM THE RELATED ORGANZIATION TO THE PLAN FOR THE YEAR ENDING JUNE 30, 2023. * ANTHONY A. CUCOLO III - $67,500 * MARK K. JONES - $36,625

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
2023
Filed
20 October 2024
IRS schema version
2023v5.1
Source object
202422969349301697

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