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Nonprofiteer
← YOUNG MENS CHRISTIAN ASSOCIATION RETIREMENT FUND

Form 990 for tax year 2023

Filed by YOUNG MENS CHRISTIAN ASSOCIATION RETIREMENT FUND.

Totals

Total revenue
$606,354,941
Total expenses
$578,530,290
Contributions and grants received
$271,034
Grants paid
$260,251
Program service revenue
$171,379,563
Investment income
$434,704,344
Other revenue
$0
Total assets, end of year
$9,217,436,636
Total liabilities, end of year
$8,500,274,582
Net assets or fund balances, end of year
$717,162,054
Program services expenses (Part IX)
$559,509,252
Management and general expenses
$19,021,038
Fundraising expenses
$0
Program service expenses (Part III)
$559,509,252

Program services were 96.7% 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.

  • 1f · All other contributions, gifts and grants

    $271,034

  • 2a · Program service revenue: LIFE ANNUITIES

    total $171,379,563 · related or exempt $171,379,563

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $57,827,259 · excluded $57,827,259

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $2,532,194,929

  • 7b · Less cost or other basis and sales expenses

    securities $2,155,317,844

  • 7c · Gain or loss

    securities $376,877,085 · other assets $0

  • 7d · Net gain or loss

    total $376,877,085 · excluded $376,877,085

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $207,500 · program services $207,500

  • 2 · Grants to domestic individuals

    total $52,751 · program services $52,751

  • 4 · Benefits paid to or for members

    total $509,558,511 · program services $509,558,511

  • 5 · Compensation of officers, directors and key employees

    total $6,879,459 · program services $4,701,183 · management and general $2,178,276

  • 7 · Other salaries and wages

    total $25,096,897 · program services $17,081,119 · management and general $8,015,778

  • 8 · Pension plan contributions

    total $2,129,337 · program services $1,320,567 · management and general $808,770

  • 9 · Other employee benefits

    total $1,925,563 · program services $1,209,406 · management and general $716,157

  • 10 · Payroll taxes

    total $2,023,217 · program services $1,366,467 · management and general $656,750

  • 11b · Fees: legal

    total $331,095 · program services $423,803 · management and general -$92,708

  • 11c · Fees: accounting

    total $432,996 · program services $99,996 · management and general $333,000

  • 11d · Fees: lobbying

    total $75,113 · management and general $75,113

  • 11f · Fees: investment management

    total $11,470,171 · program services $11,286,792 · management and general $183,379

  • 11g · Fees: other

    total $5,423,536 · program services $3,675,621 · management and general $1,747,915 · fundraising $0

  • 12 · Advertising and promotion

    total $163,964 · program services $110,787 · management and general $53,177

  • 13 · Office expenses

    total $805,720 · program services $351,005 · management and general $454,715

  • 14 · Information technology

    total $3,060,822 · program services $2,966,498 · management and general $94,324

  • 16 · Occupancy

    total $6,170,160 · program services $4,109,902 · management and general $2,060,258

  • 17 · Travel

    total $596,273 · program services $423,375 · management and general $172,898

  • 19 · Conferences, conventions and meetings

    total $712,045 · program services $165,685 · management and general $546,360

  • 22 · Depreciation, depletion and amortization

    total $612,744 · program services $398,284 · management and general $214,460

  • 23 · Insurance

    total $802,416 · management and general $802,416

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $36,620,186 · end of year $35,450,111

  • 4 · Accounts receivable

    beginning of year $100,448,017 · end of year $24,068,275

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,370,280 · end of year $1,771,155

  • 10a · Land, buildings and equipment: cost or other basis

    $11,507,098

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,683,598

  • 10c · Land, buildings and equipment, net

    beginning of year $2,606,009 · end of year $3,823,500

  • 11 · Investments: publicly traded securities

    beginning of year $3,245,708,074 · end of year $3,744,813,880

  • 12 · Investments: other securities

    beginning of year $5,378,027,848 · end of year $5,407,509,715

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $89,431,856 · end of year $47,317,001

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $8,301,710,000 · end of year $8,452,957,581

  • 31 · Retained earnings, endowment or other funds

    beginning of year $373,638,558 · end of year $717,162,054

Mission and programs · 2023

Mission

The mission of the YMCA Retirement Fund is to partner with YMCAs to help those who serve others build a foundation for financial security in retirement.

  • THE YMCA RETIREMENT FUND PROVIDED MONTHLY ANNUITY PAYMENTS TO APPROXIMATELY 17,116 RETIRED YMCA EMPLOYEES WITH AN AVERAGE ANNUAL ANNUITY OF APPROXIMATELY $20,668. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE YMCA RETIREMENT FUND PROVIDED BENEFITS (INCLUDING DEATH AND DISABILITY BENEFITS) IN EXCESS OF $509,558,000. THE FOLLOWING BUNDLED BENEFITS ARE PROVIDED TO ALL PARTICIPATING YMCA'S: RETIREMENT PLAN: A DEFINED CONTRIBUTION MONEY PURCHASE CHURCH PENSION PLAN THAT IS INTENDED TO SATISFY THE QUALIFICATION REQUIREMENTS OF SECTION 401(A) OF THE INTERNAL REVENUE CODE (CODE). TAX-DEFERRED SAVINGS PLAN: A RETIREMENT INCOME ACCOUNT PLAN AS DEFINED IN SECTION 403(B)(9) OF THE CODE. LIFE ANNUITIES TO RETIREES: THE YMCA RETIREMENT FUND PROVIDES ANNUITIES BASED UPON ACCUMULATED ACCOUNT BALANCES IN THE RETIREMENT PLAN AND TAX-DEFERRED SAVINGS PLAN TO PARTICIPANTS OF RETIREMENT AGE. DEATH AND DISABILITY BENEFITS: RETIREMENT DEATH AND DISABILITY BENEFITS ARE PROVIDED TO PARTICIPANTS OR THEIR BENEFICIARIES UPON DEATH OR PERMANENT TOTAL DISABILITY.

    Expenses $559,509,252 · Grants $260,251 · Revenue $171,379,563

As filed on the 2023 return.

Listed in Part VII

  • Patricia Haverland

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • William D Rueckert

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Brian T Pederson

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Christine C Marcks

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Christopher O Blunt

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Jayesh Bhansali

    TRUSTEE VOLUNTEER AS OF 12/23

    Total calculated
    $0
    Hours/week
    2

  • Joseph R Weist

    TRUSTEE VOLUNTEER

    Total calculated
    $207,739
    From this org
    $0
    From related orgs
    $180,069
    Other
    $27,670
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $180,069 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $21,608 related
    Nontaxable benefits
    $0 + $6,062 related
    Filer's total
    $0 + $207,739 related

  • Jurij Z Kushner

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Lauren A Koontz

    TRUSTEE VOLUNTEER

    Total calculated
    $519,097
    From this org
    $0
    From related orgs
    $483,029
    Other
    $36,068
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $440,529 related
    Bonus
    $0 + $42,500 related
    Other
    $0
    Deferred
    $0 + $26,400 related
    Nontaxable benefits
    $0 + $9,668 related
    Filer's total
    $0 + $519,097 related

  • Mark Baumgartner

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Scott C Evans

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Stephen Ives

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • W Kelvin Walker

    TRUSTEE VOLUNTEER

    Total calculated
    $0
    Hours/week
    2

  • Derrick Stewart

    EXECUTIVE VICE PRESIDENT & CHIEF OPERATING OFFICER

    Total calculated
    $823,895
    From this org
    $719,649
    From related orgs
    $0
    Other
    $104,246
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $459,879
    Bonus
    $259,088
    Other
    $682
    Deferred
    $62,100
    Nontaxable benefits
    $42,146
    Filer's total
    $823,895

  • Gordon Bailey

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $532,884
    From this org
    $497,023
    From related orgs
    $0
    Other
    $35,861
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $370,446
    Bonus
    $125,000
    Other
    $1,577
    Deferred
    $18,269
    Nontaxable benefits
    $17,592
    Filer's total
    $532,884

  • Hunter Reisner

    CHIEF INVESTMENT OFFICER

    Total calculated
    $2,454,845
    From this org
    $2,354,008
    From related orgs
    $0
    Other
    $100,837
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $808,647
    Bonus
    $1,539,600
    Other
    $5,761
    Deferred
    $62,100
    Nontaxable benefits
    $38,737
    Filer's total
    $2,454,845

  • John Quinones

    GENERAL COUNSEL

    Total calculated
    $768,538
    From this org
    $671,575
    From related orgs
    $0
    Other
    $96,963
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $514,957
    Bonus
    $154,320
    Other
    $2,298
    Deferred
    $62,100
    Nontaxable benefits
    $34,863
    Filer's total
    $768,538

  • Michael Cefole

    PRESIDENT AND CHIEF EXECUTIVE OFFICER

    Total calculated
    $1,398,030
    From this org
    $1,297,283
    From related orgs
    $0
    Other
    $100,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $816,452
    Bonus
    $478,509
    Other
    $2,322
    Deferred
    $62,100
    Nontaxable benefits
    $38,647
    Filer's total
    $1,398,030

  • Gerard Rescigno

    CHIEF INFORMATION OFFICER

    Total calculated
    $769,390
    From this org
    $673,026
    From related orgs
    $0
    Other
    $96,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $486,215
    Bonus
    $184,656
    Other
    $2,155
    Deferred
    $62,100
    Nontaxable benefits
    $34,264
    Filer's total
    $769,390

  • Erik Strobel

    INVESTMENT DIRECTOR

    Total calculated
    $587,330
    From this org
    $529,101
    From related orgs
    $0
    Other
    $58,229
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,889
    Bonus
    $240,000
    Other
    $212
    Deferred
    $39,600
    Nontaxable benefits
    $18,629
    Filer's total
    $587,330

  • John Maimone Medwick

    INVESTMENT DIRECTOR

    Total calculated
    $721,216
    From this org
    $665,652
    From related orgs
    $0
    Other
    $55,564
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $335,395
    Bonus
    $330,000
    Other
    $257
    Deferred
    $39,600
    Nontaxable benefits
    $15,964
    Filer's total
    $721,216

  • Katherine Grant

    INVESTMENT DIRECTOR

    Total calculated
    $678,930
    From this org
    $639,407
    From related orgs
    $0
    Other
    $39,523
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $405,021
    Bonus
    $234,000
    Other
    $386
    Deferred
    $0
    Nontaxable benefits
    $39,523
    Filer's total
    $678,930

  • Mark Sinni

    DEPUTY CHIEF INVESTMENT OFFICER

    Total calculated
    $1,329,627
    From this org
    $1,251,901
    From related orgs
    $0
    Other
    $77,726
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $641,395
    Bonus
    $610,000
    Other
    $506
    Deferred
    $62,100
    Nontaxable benefits
    $15,626
    Filer's total
    $1,329,627

  • Suleyman Gokcan

    SENIOR MANAGING DIRECTOR OF RISK

    Total calculated
    $1,035,257
    From this org
    $928,290
    From related orgs
    $0
    Other
    $106,967
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $630,968
    Bonus
    $295,000
    Other
    $2,322
    Deferred
    $62,100
    Nontaxable benefits
    $44,867
    Filer's total
    $1,035,257

  • Denise Day

    BOARD OFFICER UNTIL 5/22

    Total calculated
    $333,973
    From this org
    $0
    From related orgs
    $294,861
    Other
    $39,112
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,821 related
    Bonus
    $0
    Other
    $0 + $8,040 related
    Deferred
    $0 + $35,267 related
    Nontaxable benefits
    $0 + $3,845 related
    Filer's total
    $0 + $333,973 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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Health or social club dues or initiation fees
HUNTER REISNER RECEIVES A TAXABLE FRINGE BENEFIT RELATED TO CLUB MEMBERSHIP DUES AND IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III).
Schedule J, Part I, Line 7 Non-fixed payments
THE YMCA RETIREMENT FUND ("FUND") PAYS BONUSES TO PERSONNEL INVOLVED IN THE FUND'S INVESTMENT ACTIVITIES. THESE BONUSES ARE PRIMARILY BASED UPON ACTUAL INVESTMENT RETURNS IN EXCESS OF BENCHMARK (INDEX) RETURNS. THERE IS A SUBJECTIVE COMPONENT THAT RANGES BETWEEN 25% - 50% OF THE TOTAL BONUS THAT IS BASED UPON VARIOUS QUALITATIVE FACTORS. EACH INDIVIDUAL HAS A PRE-DETERMINED CAP ON THE BONUS BASED UPON SALARY. THIS PRACTICE IS NORMAL AND CUSTOMARY FOR INVESTMENT PROFESSIONALS. THE FUND ALSO PAYS BONUSES TO OFFICERS AND KEY PERSONNEL BASED UPON MERIT RATINGS AND THREE YEAR INVESTMENT RETURNS. THE METHODOLOGY FOR CALCULATING BONUS PAYMENTS WAS DEVELOPED BY OUR INDEPENDENT COMPENSATION CONSULTANT, REVIEWED BY THE COMPENSATION COMMITTEE AND APPROVED BY THE BOARD OF TRUSTEES. THESE PAYMENTS ARE MADE ANNUALLY, INCLUDED IN THE COMPARABILITY ANALYSIS PERFORMED BY OUR INDEPENDENT COMPENSATION CONSULTANTS, REVIEWED BY THE COMPENSATION COMMITTEE, APPROVED BY THE BOARD OF TRUSTEES, AND DOCUMENTED IN THE MINUTES OF THESE MEETINGS. THE FUND'S COMPLETE COMPENSATION POLICY IS LOCATED ON SCHEDULE O.

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

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
13 November 2024
IRS schema version
2023v5.1
Source object
202403189349304075

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