Form 990 for tax year 2024
Filed by MAINE FINANCIAL INSTITUTIONS EMPLOYEE BEN TR.
Totals
- Total revenue
- $35,016,697
- Total expenses
- $34,973,651
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $34,677,100
- Investment income
- $339,597
- Other revenue
- $0
- Total assets, end of year
- $12,000,177
- Total liabilities, end of year
- $1,306,811
- Net assets or fund balances, end of year
- $10,693,366
- 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: Premiums Collected
total $34,608,443 · related or exempt $34,608,443
-
2b · Program service revenue: Administrative Income
total $68,657 · related or exempt $68,657
-
3 · Investment income
total $339,597 · excluded $339,597
Functional expenses
Part IX, the statement of functional expenses.
-
11c · Fees: accounting
total $26,135
-
11g · Fees: other
total $78,690
-
14 · Information technology
total $22,368
-
19 · Conferences, conventions and meetings
total $4,205
-
23 · Insurance
total $22,612
-
24a · Other expenses: Insurance Premiums for
total $33,132,280
-
24b · Other expenses: Administrative Expense
total $993,323
-
24c · Other expenses: Wellness Program
total $673,661
-
24d · Other expenses: Miscellaneous Expenses
total $20,377
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $12,309,979 · end of year $11,704,107
-
4 · Accounts receivable
beginning of year $18,167 · end of year $17,854
-
9 · Prepaid expenses and deferred charges
beginning of year $256,797 · end of year $274,905
-
15 · Other assets
beginning of year $0 · end of year $3,311
-
17 · Accounts payable and accrued expenses
beginning of year $1,845,810 · end of year $1,210,022
-
25 · Other liabilities
beginning of year $88,813 · end of year $96,789
-
27 · Net assets without donor restrictions
beginning of year $10,650,320 · end of year $10,693,366
Mission and programs · 2024
Mission
The VEBA trust was formed for the purpose of funding and administering employee benefit plans established and maintained by members of the Maine Bankers Association for their respective employees.
-
The Maine Financial Institutions Employee Benefits Trust funds and administers the Maine Bankers Association Employee Benefit Plan (the Plan) established and maintained by certain Maine financial institutions for their respective employees.The Plan offers health, life, accidental death and dismemberment, hospital, surgical, prescription drug, dental, vision, accident expenses, basic and major medical, long- and short-term disability coverage, and sponsors participation based wellness programs for participating members of Maine Bankers Association.
As filed on the 2024 return.
Listed in Part VII
-
Timothy Thompson
Chair
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jeanne Hulit
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Stephen deCastro
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Blaine Boudreau
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Robert Montgomery-Rice
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Matt Nightingale
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
David Cohen
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
James J Roche
President
- Total calculated
- $475,092
- From this org
- $0
- From related orgs
- $440,471
- Other
- $34,621
- Hours/week
- 0.47 + 37.03 related
Schedule J breakdown matched by us
- Base
- $0 + $347,786 related
- Bonus
- $0 + $75,000 related
- Other
- $0 + $17,685 related
- Deferred
- $0 + $20,442 related
- Nontaxable benefits
- $0 + $14,179 related
- Filer's total
- $0 + $475,092 related
-
Marcia M Ferguson
Chief Operating Officer
- Total calculated
- $242,735
- From this org
- $0
- From related orgs
- $202,106
- Other
- $40,629
- Hours/week
- 27.99 + 9.51 related
Schedule J breakdown matched by us
- Base
- $0 + $175,106 related
- Bonus
- $0 + $27,000 related
- Other
- $0
- Deferred
- $0 + $10,879 related
- Nontaxable benefits
- $0 + $29,750 related
- Filer's total
- $0 + $242,735 related
-
Marc P Owen
Past SVP & Treasurer
- Total calculated
- $226,248
- From this org
- $0
- From related orgs
- $214,980
- Other
- $11,268
- Hours/week
- 11.61 + 25.89 related
Schedule J breakdown matched by us
- Base
- $0 + $109,696 related
- Bonus
- $0 + $14,000 related
- Other
- $0 + $91,284 related
- Deferred
- $0 + $5,339 related
- Nontaxable benefits
- $0 + $5,929 related
- Filer's total
- $0 + $226,248 related
-
Liza M Wells
VP & Treasurer
- Total calculated
- $145,974
- From this org
- $0
- From related orgs
- $110,848
- Other
- $35,126
- Hours/week
- 11.61 + 25.89 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
- 4a · Severance or change-of-control payment
Answered no
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Part I, Line 3
- Maine Bankers Association, a related organization, establishes the compensation for the Organization's President. Maine Bankers Association uses a variety of resources to establish compensation as follows: 1. Compensation Committee 2. Compensation survey/study 3. Approval by the board/compensation committee
- Part I, Line 4a
- During 2024, Marc Owen, Past SVP & Treasurer, received a $90,884 severance payment from Maine Bankers Association.
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.
-
501(c)(6) · Trade Association · ME
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
Aroostook County Federal Savings & Loan
-
Bangor Savings Bank
-
Bar Harbor Bankshares
-
Bar Harbor Savings & Loan
-
Bath Savings Institution
-
Bigelow Investment Advisors
-
First Federal Savings & Loan Association of Bath
-
First National Bank
-
Franklin Savings Bank
-
Gorham Savings Bank
-
Katahdin Trust Company
-
Maine Community Bank
-
Partners Bank
-
Portland Trust Company
-
Rockland Savings & Loan Association
-
Saco & Biddeford Savings Institution
-
Skowhegan Savings Bank
-
Spinnaker Trust
-
Association Services Inc
C · Administration Services · ME
-
Community Banks Insurance Agency
C · Insurance Services · ME
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 5 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202501329349300900
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