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Nonprofiteer
← NEW YORK STATE UNITED TEACHERS MEMBER BENEFITS CATASTROPHE MAJOR

Form 990 for tax year 2024

Filed by NEW YORK STATE UNITED TEACHERS MEMBER BENEFITS CATASTROPHE MAJOR.

Totals

Total revenue
$51,255,298
Total expenses
$29,226,113
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$37,445,143
Investment income
$13,810,155
Other revenue
$0
Total assets, end of year
$212,113,236
Total liabilities, end of year
$2,372,198
Net assets or fund balances, end of year
$209,741,038
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: PARTICIPANT CONTRIBUTIONS

    total $37,445,143 · related or exempt $37,445,143

  • 3 · Investment income

    total $4,941,247 · excluded $4,941,247

  • 7a · Gross sales of assets other than inventory

    securities $38,057,519

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

    securities $29,188,611

  • 7c · Gain or loss

    securities $8,868,908

  • 7d · Net gain or loss

    total $8,868,908 · excluded $8,868,908

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $22,673,769

  • 11b · Fees: legal

    total $28,646

  • 11c · Fees: accounting

    total $37,411

  • 11f · Fees: investment management

    total $729,797

  • 11g · Fees: other

    total $4,537,467

  • 12 · Advertising and promotion

    total $95,689

  • 23 · Insurance

    total $44,429

  • 24a · Other expenses: ADMINISTRATIVE SERVICE

    total $766,893

  • 24b · Other expenses: PCORI FEE

    total $312,012

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,218 · end of year $99,494

  • 2 · Savings and temporary cash investments

    beginning of year $10,528,933 · end of year $24,381,512

  • 4 · Accounts receivable

    beginning of year $5,368,924 · end of year $5,480,128

  • 9 · Prepaid expenses and deferred charges

    end of year $29,619

  • 11 · Investments: publicly traded securities

    beginning of year $168,945,973 · end of year $182,122,483

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,420,290 · end of year $794,185

  • 19 · Deferred revenue

    beginning of year $1,547,701 · end of year $1,578,013

  • 25 · Other liabilities

    beginning of year $334,502 · end of year $0

  • 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 $181,559,555 · end of year $209,741,038

Mission and programs · 2024

Mission

THE CATASTROPHE MAJOR MEDICAL PLAN ("CMM PLAN") WAS FORMED UNDER TRUST TO PROVIDE SUPPLEMENTAL (EXCESS MAJOR MEDICAL BENEFITS) HEALTH INSURANCE TO THE NYSUT MEMBERSHIP WHO VOLUNTARILY PARTICIPATE.

  • SUPPLEMENTED BASIC HOSPITALIZATION AND MAJOR MEDICAL INSURANCE AND LONG TERM CARE. FOR THE YEAR ENDING 12/31/24, THERE WERE, ON AVERAGE, 90,478 COVERED LIVES, AND 54,250 POLICIES.

As filed on the 2024 return.

Listed in Part VII

  • Abraham J Philippe

    CHAIRPERSON/TRUSTEE

    Total calculated
    $265,154
    From this org
    $0
    From related orgs
    $165,584
    Other
    $99,570
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $145,044 related
    Bonus
    $0
    Other
    $0 + $20,540 related
    Deferred
    $0 + $43,306 related
    Nontaxable benefits
    $0 + $56,264 related
    Filer's total
    $0 + $265,154 related

  • Bushey Michele

    TRUSTEE

    Total calculated
    $16,747
    From this org
    $0
    From related orgs
    $16,747
    Other
    $0
    Hours/week
    1

  • Franz Laura

    TRUSTEE

    Total calculated
    $32,274
    From this org
    $0
    From related orgs
    $32,274
    Other
    $0
    Hours/week
    1

  • Carner-Shafran Sandra

    TRUSTEE

    Total calculated
    $3,195
    From this org
    $0
    From related orgs
    $3,195
    Other
    $0
    Hours/week
    1

  • Sherman Roderick

    TRUSTEE

    Total calculated
    $2,875
    From this org
    $0
    From related orgs
    $2,875
    Other
    $0
    Hours/week
    1

  • Sill Michael

    TRUSTEE

    Total calculated
    $16,747
    From this org
    $0
    From related orgs
    $16,747
    Other
    $0
    Hours/week
    1

  • McCrea Gregory J

    SECRETARY

    Total calculated
    $295,997
    From this org
    $0
    From related orgs
    $189,026
    Other
    $106,971
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $188,809 related
    Bonus
    $0
    Other
    $0 + $217 related
    Deferred
    $0 + $45,495 related
    Nontaxable benefits
    $0 + $61,476 related
    Filer's total
    $0 + $295,997 related

  • Clement Derek S

    ASST IN MEMBER BENEFITS

    Total calculated
    $273,625
    From this org
    $0
    From related orgs
    $168,311
    Other
    $105,314
    Hours/week
    3

    Schedule J breakdown matched by us

    Base
    $0 + $168,311 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $41,198 related
    Nontaxable benefits
    $0 + $64,116 related
    Filer's total
    $0 + $273,625 related

  • Ferrucci Jaclyn L

    DEPUTY DIRECTOR FINANCE

    Total calculated
    $309,517
    From this org
    $0
    From related orgs
    $196,064
    Other
    $113,453
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $196,064 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $49,957 related
    Nontaxable benefits
    $0 + $63,496 related
    Filer's total
    $0 + $309,517 related

  • Lockwood Jeffrey J

    CFO, DIRECTOR OF FINANCE

    Total calculated
    $345,374
    From this org
    $0
    From related orgs
    $222,424
    Other
    $122,950
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $222,424 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $58,678 related
    Nontaxable benefits
    $0 + $64,272 related
    Filer's total
    $0 + $345,374 related

  • Jacobsen Margaret

    DIRECTOR OF MEMBER BENEFIT

    Total calculated
    $201,700
    From this org
    $0
    From related orgs
    $144,297
    Other
    $57,403
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $0 + $144,297 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $34,397 related
    Nontaxable benefits
    $0 + $23,006 related
    Filer's total
    $0 + $201,700 related

  • Kennedy Michelle

    MEMBER BENEFIT SPECIALIST

    Total calculated
    $206,699
    From this org
    $0
    From related orgs
    $123,355
    Other
    $83,344
    Hours/week
    3

    Schedule J breakdown matched by us

    Base
    $0 + $123,355 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $29,469 related
    Nontaxable benefits
    $0 + $53,875 related
    Filer's total
    $0 + $206,699 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

None.

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)

990 SCHEDULE J, PART II, J. PHILIPPE ABRAHAM
THIS OFFICER WAS UNDER A COMPENSATION ARRANGEMENT FOR 2024 WHERE A RELATED ORGANIZATION TO THE FILING ORGANIZATION PAYS SOME OF THIS OFFICER'S COMPENSATION AND AN UNRELATED ORGANIZATION (UNITED UNIVERSITY PROFESSIONS) PAYS THE REMAINDER OF THE COMPENSATION. FOR 2024, THE AMOUNT PAID TO J. PHILIPPE ABRAHAM BY UNITED UNIVERSITY PROFESSIONS TOTALED $180,696, WHICH INCLUDES WAGES, RETIREMENT AND NONTAXABLE BENEFITS.

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.

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.

  • NYSUT MEMBER BENEFITS CORPORATION

    C · MEMBER PROGRAM DISCOUNTS · NY

Provenance

Return type
form_990
Tax year
2024
Filed
13 August 2025
IRS schema version
2024v5.2
Source object
202522259349302002

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