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← NATIONAL TELECOMMUNICATIONS COOP ASSOC RGNL RETRE MED FNDNG TRUST I

Form 990 for tax year 2022

Filed by NATIONAL TELECOMMUNICATIONS COOP ASSOC RGNL RETRE MED FNDNG TRUST I.

Totals

Total revenue
$5,174,450
Total expenses
$4,694,837
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$610,206
Investment income
$4,564,244
Other revenue
$0
Total assets, end of year
$113,913,781
Total liabilities, end of year
$17,213
Net assets or fund balances, end of year
$113,896,568
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: RETIREMENT FUNDING

    total $610,206 · related or exempt $610,206

  • 3 · Investment income

    total $3,130,055 · excluded $3,130,055

  • 7a · Gross sales of assets other than inventory

    securities $4,739,758

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

    securities $3,305,569

  • 7c · Gain or loss

    securities $1,434,189

  • 7d · Net gain or loss

    total $1,434,189 · excluded $1,434,189

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,644,651

  • 11a · Fees: management

    total $26,775

  • 11b · Fees: legal

    total $325

  • 11c · Fees: accounting

    total $11,302

  • 11f · Fees: investment management

    total $6,883

  • 23 · Insurance

    total $4,901

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,366,859 · end of year $288,257

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,504 · end of year $5,431

  • 11 · Investments: publicly traded securities

    beginning of year $117,966,661 · end of year $95,607,817

  • 12 · Investments: other securities

    beginning of year $21,554,217 · end of year $18,012,276

  • 17 · Accounts payable and accrued expenses

    end of year $708

  • 25 · Other liabilities

    beginning of year $0 · end of year $16,505

  • 29 · Capital stock, trust principal or current funds

    beginning of year $140,891,241 · end of year $113,896,568

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

TO PROVIDE NTCA MEMBER COMPANIES DOMICILED IN NORTH CAROLINA, SOUTH CAROLINA, AND TENNESSEE WITH A FUNDING VEHICLE TO HELP MEET THEIR LIABILITIES FOR SICKNESS, ACCIDENT AND OTHER WELFARE BENEFITS FOR ELIGIBLE CURRENT AND FORER EMPLOYEES UPON RETIREMENT.

Activities or mission (Part I)

TO ACT AS AN ADEQUATE FUNDING VEHICLE FOR ASSISTING ITS MEMBERS IN PROVIDING BENEFITS.

  • PROVIDED CERTAIN NTCA MEMBER SYSTEMS DOMICILED IN THE STATES OF NORTH CAROLINA, SOUTH CAROLINA AND TENNESSEE WITH A FUNDING VEHICLE TO HELP MEET THEIR LIABILITIES FOR SICKNESS, ACCIDENT, AND OTHER WELFARE BENEFITS PROVIDED FOR ELIGIBLE CURRENT AND FORMER EMPLOYEES UPON RETIREMENT.

As filed on the 2022 return.

Listed in Part VII

  • Thomas E Preston

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jimmy Todd

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dustin Durden

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jennifer L Prather

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Holly Utke

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Candace Wright

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kevin Beyer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Crystal Morley

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Shirley Bloomfield

    CHEIF EXECUTIVE OFFICER

    Total calculated
    $1,262,479
    From this org
    $0
    From related orgs
    $989,833
    Other
    $272,646
    Hours/week
    1 + 42.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $826,600 related
    Bonus
    $0 + $161,851 related
    Other
    $0 + $1,382 related
    Deferred
    $0 + $246,324 related
    Nontaxable benefits
    $0 + $26,322 related
    Filer's total
    $0 + $1,262,479 related

  • Man Koilpillai

    NTCA CHIEF FINANCIAL OFFICER

    Total calculated
    $282,555
    From this org
    $0
    From related orgs
    $238,072
    Other
    $44,483
    Hours/week
    1 + 42.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,738 related
    Bonus
    $0 + $11,234 related
    Other
    $0 + $100 related
    Deferred
    $0 + $12,490 related
    Nontaxable benefits
    $0 + $31,993 related
    Filer's total
    $0 + $282,555 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'S TOP MANAGEMENT OFFICIALS ARE EMPLOYED AND COMPENSATED BY NATIONAL TELECOMMUNICATIONS COOPERATIVE ASSOCIATION (NTCA), A REATED ORGANIZATION, AND REGIONAL RETIREE MEDICAL FUNDING TRUST I RELIES ON NTCA TO ESTABLISH REASONABLE COMPENSATION. THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS REVIEWED BY AN INDEPENDENT COMPENSATION CONSULTANT THAT DOES A COMPARISON OF LIKE POSITIONS IN THE AREA AND PRESENTS THE STUDY TO THE NTCA BOARD FOR APPROVAL. THIS PROCESS IS DOCUMENTED IN THE BOARD MEETING MINUTES. THIS PROCESS WAS LAST CONDUCTED IN 2018. HOWEVER, THE ANNUAL SALARY INCREASE AND BONUS FOR THE CEO ARE APPROVED BY THE BOARD EVERY YEAR WHILE THE INDEPENDENT CONSULTANT STUDY IS BEING DONE ONCE EVERY FIVE YEARS. OTHER OFFICERS AND KEY EMPLOYEES' COMPENSATION IS REVIEWED BY A COMPENSATION CONSULTANT EVERY FIVE YEARS. CHANGES IN COMPENSATION ARE PRESENTED AND APPROVED BY THE CHIEF EXECUTIVE OFFICER. THIS PROCESS WAS LAST REVIEWED INTERNALLY BY THE ASSOCIATION IN 2020.
PART I, LINE 4B
SHIRLEY BLOOMFIELD - $178,674 - 457(F) PLAN CONTRIBUTION IN 2022.

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.

  • NATIONAL TELECOMMUNICATIONS COOPERATIVE ASSOCIATION (NTCA)

    501(C)(6) · TRADE ASSOCIATION · VA

  • NTCA MASTER TRUST FOR DEFERRED COMP PLANS

    501(C)(9) · DEFERRED COMPENSATION · VA

    Directly controlled by NTCA

  • NTCA RETIREMENT AND SECURITY PROGRAM

    501(C)(9) · DEFINED BENEFIT PLAN · VA

    Directly controlled by NTCA

  • NTCA SAVINGS PLAN

    501(C)(9) · DEFINED CONTRIBUTION PLAN · VA

    Directly controlled by NTCA

  • NTCA REGIONAL RETIREE MEDICAL FUNDING TRUST II

    501(C)(9) · POST RETIREMENT BENEFITS · DC

    Directly controlled by NTCA

  • NTCA GROUP HEALTH PROGRAM

    501(C)(9) · HEALTH BENEFITS · VA

    Directly controlled by NTCA

  • FOUNDATION FOR RURAL SERVICE

    501(C)(3) · PROMOTE, EDUCATE, AND ADVANCE RURAL COMMUNICATIONS · VA

    Directly controlled by NTCA

  • NATIONAL TELECOMMUNICATIONS COOPERATIVE ASSOCIATION RURAL BROADBAND PAC

    527 · VOLUNTARY, NON-PARTISAN POLITICAL ACTION COMMITTEE · VA

    Directly controlled by NTCA

  • BEN LOMAND RURAL TELEPHONE COOP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · TN

  • BLEDSOE TELEPHONE COOP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · TN

  • DEKALB TELEPHONE

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · TN

  • FARMERS TELE COOP INC

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · SC

  • NORTH CENTRAL TELEPHONE COOP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · TN

  • PIEDMONT RURAL TELEPHONE COOP INC

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · SC

  • SANDHILL TELEPHONE COOP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · SC

  • TWIN LAKES TELEPHONE COOP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · TN

  • RANDOLPH TELEPHONE MEMBERSHIP CORP

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · NC

  • SURRY TELEPHONE

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · NC

  • YADKIN VALLEY TELEPHONE

    501(C)(12) · POST RETIREMENT BENEFIT PLANS · NC

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.

  • SERVICES MANAGEMENT CORPORATION

    C · ADMINISTER BENEFIT PLANS · NC

Provenance

Return type
form_990
Tax year
2022
Filed
16 November 2023
IRS schema version
2022v5.0
Source object
202313209349302271

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