Deseret Healthcare Employee Benefits Trust

The Deseret Healthcare Employee Benefits Trust is a nonprofit organization classified as a 501(c)(9) Voluntary Employees Beneficiary Association (VEBA). Established in 1990, this trust provides various benefits to eligible employees and their dependents.

Overview

As a VEBA, the Deseret Healthcare Employee Benefits Trust is designed to provide benefits such as life, sickness, accident, or other forms of benefits to its members. It is not affiliated with any larger national or regional group of organizations and operates independently.

Financials

In the fiscal year ending December 2023, the trust generated $540.6 million in total revenue, reflecting a relatively stable growth pattern with an average annual increase of 2.4% over the past six years. The total expenses for the same period were $548.6 million, showing an increase of 3.1% per year over the past six years. The trust's financial activities are detailed in its annual Form 990 filings.

Revenue Sources

The majority of the trust's revenue comes from program services, which accounted for 98.3% of total revenue in the fiscal year ending December 2022. Other sources of income include investment income and sales of assets, contributing smaller percentages to the overall revenue.

Mission and Activities

The mission of the Deseret Healthcare Employee Benefits Trust is to receive contributions and distribute benefits to eligible employees, dependents, and beneficiaries according to plans adopted by plan sponsors. The trust focuses on providing these benefits by receiving premium contributions and paying out benefits to eligible members.

Tax Status

Donations to the Deseret Healthcare Employee Benefits Trust are not tax-deductible, reflecting its status as a 501(c)(9) organization.

Relationship with DMBA

The trust is associated with the insurance and benefits administration company DMBA, which provides various benefit plans, including retirement and health benefits. DMBA manages plans such as the Master Retirement Plan and the Deseret 401(k) Plan, alongside other supplemental benefits.

Conclusion

The Deseret Healthcare Employee Benefits Trust plays a crucial role in providing comprehensive benefits to its members, aligning with its mission to support the well-being of eligible employees and their dependents.