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← WOODS SERVICES WORKERS COMPENSATION TRUST

Form 990 for tax year 2022

Filed by WOODS SERVICES WORKERS COMPENSATION TRUST.

Totals

Total revenue
$1,870,582
Total expenses
$2,920,799
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,800,000
Investment income
$70,582
Other revenue
$0
Total assets, end of year
$3,230,315
Total liabilities, end of year
$6,766,969
Net assets or fund balances, end of year
-$3,536,654
Program services expenses (Part IX)
$2,920,799
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,920,799

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 $1,800,000 · related or exempt $1,800,000

  • 3 · Investment income

    total $70,582 · excluded $70,582

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,527,975 · program services $2,527,975

  • 23 · Insurance

    total $192,682 · program services $192,682

  • 24a · Other expenses: STATE ASSESSMENTS

    total $94,740 · program services $94,740

  • 24b · Other expenses: ADMINISTRATIVE FEES

    total $76,877 · program services $76,877

  • 24c · Other expenses: TRUSTEE FEES

    total $14,563 · program services $14,563

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

    total $13,962 · program services $13,962

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,253,320 · end of year $561,424

  • 11 · Investments: publicly traded securities

    beginning of year $2,786,235 · end of year $2,668,891

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,784,837 · end of year $1,283,499

  • 25 · Other liabilities

    beginning of year $5,143,652 · end of year $5,483,470

  • 28 · Net assets with donor restrictions

    beginning of year -$2,888,934 · end of year -$3,536,654

Mission and programs · 2022

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 $2,920,799 · Revenue $1,800,000

As filed on the 2022 return.

Listed in Part VII

  • Tine Hansen-Turton

    EX-OFFICIO (WOODS-CEO)

    Total calculated
    $1,046,251
    From this org
    $0
    From related orgs
    $1,032,020
    Other
    $14,231
    Hours/week
    2 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $805,270 related
    Bonus
    $0 + $201,250 related
    Other
    $0 + $25,500 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $2,031 related
    Filer's total
    $0 + $1,046,251 related

  • Julia Pfister

    TRUSTEE (WOODS-SVP OF HR)

    Total calculated
    $330,587
    From this org
    $0
    From related orgs
    $308,294
    Other
    $22,293
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $248,294 related
    Bonus
    $0 + $60,000 related
    Other
    $0
    Deferred
    $0 + $20,931 related
    Nontaxable benefits
    $0 + $1,362 related
    Filer's total
    $0 + $330,587 related

  • Heather Fehn

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Trip McMahon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kevin Sheetz

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 3 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

  • 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 SERVICES MANAGEMENT TEAM. TINE HANSEN-TURTON - $19,500 (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
2022
Filed
15 January 2024
IRS schema version
2022v5.0
Source object
202420169349300977

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