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← SOUTH DAKOTA BANKERS BENEFIT PLAN TRUST

Form 990 for tax year 2023

Filed by SOUTH DAKOTA BANKERS BENEFIT PLAN TRUST.

Totals

Total revenue
$21,098,820
Total expenses
$19,530,395
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$20,558,423
Investment income
$290,283
Other revenue
$250,114
Total assets, end of year
$13,140,277
Total liabilities, end of year
$3,714,162
Net assets or fund balances, end of year
$9,426,115
Program services expenses (Part IX)
$19,530,395
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$19,530,395

Program services were 100.0% 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.

  • 2a · Program service revenue: PREMIUM CONTRIBUTIONS

    total $20,558,423 · related or exempt $20,558,423

  • 3 · Investment income

    total $290,283 · unrelated business $290,283

  • 11a · Other revenue: OTHER INCOME

    total $250,114 · related or exempt $250,114

  • 11e · Other revenue, total

    $250,114

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $17,952,401 · program services $17,952,401

  • 11b · Fees: legal

    total $9,668 · program services $9,668

  • 11c · Fees: accounting

    total $73,653 · program services $73,653

  • 11f · Fees: investment management

    total $18,541 · program services $18,541

  • 11g · Fees: other

    total $835,629 · program services $835,629

  • 24a · Other expenses: ADMINISTRATIVE FEES

    total $395,570 · program services $395,570

  • 24b · Other expenses: UBIT EXPENSES

    total $242,416 · program services $242,416

  • 24c · Other expenses: ACTUARIAL FEES

    total $2,200 · program services $2,200

  • 24d · Other expenses: TRUSTEE/CUSTODIAL FEES

    total $317 · program services $317

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,840,762 · end of year $3,871,036

  • 2 · Savings and temporary cash investments

    beginning of year $6,954,024 · end of year $5,157,511

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,749 · end of year $1,300,761

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $2,810,969

  • 25 · Other liabilities

    beginning of year $2,267,613 · end of year $3,714,162

  • 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 $7,530,922 · end of year $9,426,115

Mission and programs · 2023

Mission

THE SDBBP TRUST WAS ESTABLISHED TO PROVIDE GROUP HEALTH INSURANCE COVERAGE TO SUBSTANTIALLY ALL EMPLOYEES OF PARTICIPATING EMPLOYERS.

Activities or mission (Part I)

THE PRIMARY PURPOSE OF THIS TAX-EXEMPT IRC SECTION 501(C)(9) VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION ("VEBA") IS TO PROVIDE FOR THE PAYMENT OF HEALTH BENEFITS TO ITS MEMBERS.

  • THE SDBBP TRUST WAS ESTABLISHED TO PROVIDE GROUP HEALTH INSURANCE COVERAGE TO SUBSTANTIALLY ALL EMPLOYEES OF PARTICIPATING EMPLOYERS.

    Expenses $19,530,395 · Revenue $20,808,537

As filed on the 2023 return.

Listed in Part VII

  • David King

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • George Kenzy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Dean Dreessen

    CO-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Mark Law

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Joseph Anglin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

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.

  • SOUTH DAKOTA BANKERS INSURANCE & SERVICES INC

    C · SALES-INS & MTG · SD · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433199349300018

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