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Nonprofiteer
← UNITED STATES LETTER CARRIERS MUTUAL BENEFIT ASSOCIATION

Form 990 for tax year 2023

Filed by UNITED STATES LETTER CARRIERS MUTUAL BENEFIT ASSOCIATION.

Totals

Total revenue
$26,976,258
Total expenses
$24,036,281
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,979,888
Investment income
$12,996,370
Other revenue
$0
Total assets, end of year
$259,578,677
Total liabilities, end of year
$216,613,321
Net assets or fund balances, end of year
$42,965,356
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

    total $10,105,483 · related or exempt $10,105,483

  • 2b · Program service revenue: SUPPLEMENTARY CONTRACTS

    total $3,698,316 · related or exempt $3,698,316

  • 2c · Program service revenue: INTEREST INCOME ON POLICY LOANS

    total $176,089 · related or exempt $176,089

  • 3 · Investment income

    total $9,520,519 · excluded $9,520,519

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $9,601,016

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

    securities $6,125,165

  • 7c · Gain or loss

    securities $3,475,851

  • 7d · Net gain or loss

    total $3,475,851 · excluded $3,475,851

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · unrelated business $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $19,710,292

  • 5 · Compensation of officers, directors and key employees

    total $288,770

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,024,669

  • 8 · Pension plan contributions

    total $213,082

  • 9 · Other employee benefits

    total $433,309

  • 10 · Payroll taxes

    total $95,757

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $114,306

  • 11c · Fees: accounting

    total $85,500

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $251,265

  • 11g · Fees: other

    total $436,487

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $848,185

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $410,026

  • 17 · Travel

    total $471

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $7,938

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $11,516

  • 23 · Insurance

    total $67,321

  • 24a · Other expenses: BANK SERVICE CHARGES

    total $16,061

  • 24b · Other expenses: TAXES, LICENSES, FEES

    total $13,558

  • 24c · Other expenses: EXPENSE ALLOWANCES - BRANCH

    total $7,768

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $250,196 · end of year $181,860

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $505,574

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 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

  • 7 · Other notes and loans receivable

    beginning of year $2,293,011 · end of year $2,169,710

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $422,012

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

    $422,012

  • 10c · Land, buildings and equipment, net

    beginning of year $11,516 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $260,067,693 · end of year $254,285,480

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $2,518,043 · end of year $2,436,053

  • 17 · Accounts payable and accrued expenses

    beginning of year $313,920 · end of year $414,047

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $177,355 · end of year $171,631

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $225,416,522 · end of year $216,027,643

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $39,232,662 · end of year $42,965,356

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

THE ASSOCIATION IS A FRATERNAL ORGANIZATION THAT PROVIDES LIFE, ANNUITY, AND DISABILITY INSURANCE FOR ITS MEMBERS.

  • PROVIDED LIFE, ANNUITY, AND DISABILITY INSURANCE PRODUCTS TO MEMBERS OF THE MUTUAL BENEFIT ASSOCIATION AND THEIR DEPENDENTS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRIAN RENFROE

    PRESIDENT NALC

    Total calculated
    $322,362
    From this org
    $0
    From related orgs
    $272,001
    Other
    $50,361
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,450 related
    Bonus
    $0
    Other
    $0 + $26,551 related
    Deferred
    $0 + $37,871 related
    Nontaxable benefits
    $0 + $12,490 related
    Filer's total
    $0 + $322,362 related

  • JIM YATES

    DIRECTOR OF LIFE INSURANCE

    Total calculated
    $316,607
    From this org
    $219,733
    From related orgs
    $0
    Other
    $96,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,036
    Bonus
    $0
    Other
    $13,697
    Deferred
    $73,997
    Nontaxable benefits
    $22,877
    Filer's total
    $316,607

  • LAWRENCE WINFIELD

    SENIOR STAFF

    Total calculated
    $188,664
    From this org
    $118,030
    From related orgs
    $0
    Other
    $70,634
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,842
    Bonus
    $1,000
    Other
    $1,188
    Deferred
    $44,689
    Nontaxable benefits
    $25,945
    Filer's total
    $188,664

  • DANIEL GORELIK

    SENIOR STAFF

    Total calculated
    $185,546
    From this org
    $130,841
    From related orgs
    $0
    Other
    $54,705
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,370
    Bonus
    $1,100
    Other
    $371
    Deferred
    $30,172
    Nontaxable benefits
    $24,533
    Filer's total
    $185,546

  • SANDRA LAEMMEL

    TRUSTEE

    Total calculated
    $121,233
    From this org
    $0
    From related orgs
    $43,268
    Other
    $77,965
    Hours/week
    1 + 39 related

  • CHARLES HEEGE

    TRUSTEE

    Total calculated
    $103,781
    From this org
    $0
    From related orgs
    $42,312
    Other
    $61,469
    Hours/week
    1 + 39 related

  • LAWRENCE D BROWN JR

    CHAIRMAN/TRUSTEE

    Total calculated
    $52,989
    From this org
    $0
    From related orgs
    $44,236
    Other
    $8,753
    Hours/week
    40

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 · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A - TAX GROSS UP PAYMENT:
THE TAX GROSS-UP PAYMENT CONSISTS OF PAYROLL TAXES ON TAXABLE BENEFITS INCLUDED IN JIM YATES' COMPENSATION.
PART II, COLUMN C - DEFERRED COMPENSATION:
REPRESENTS THE ANNUAL INCREASE IN ACTUARIAL VALUE OF A QUALIFIED DEFINED BENEFIT PLAN, AS CALCULATED BY THE PLAN ACTUARY.

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
14 November 2024
IRS schema version
2023v5.1
Source object
202423209349321912

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