New York State Electric And Gas Co Veba Trust
New York State Electric And Gas Co Veba Trust faces significant asset depletion due to persistent operating deficits.
EIN: 142013396 · Orange, CT · NTEE: Y43 · Updated: 2026-03-28
Is New York State Electric And Gas Co Veba Trust Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
New York State Electric And Gas Co Veba Trust directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About New York State Electric And Gas Co Veba Trust
New York State Electric And Gas Co Veba Trust (EIN: 142013396) is a nonprofit organization based in Orange, CT, classified under NTEE code Y43. The organization reported total revenue of $23.1M and total assets of $9.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of New York State Electric And Gas Co Veba Trust's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates New York State Electric And Gas Co Veba Trust with a Mission Score of 40 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, New York State Electric And Gas Co Veba Trust allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, suggesting that officers are either uncompensated, compensated by a related entity, or that the trust's structure does not involve direct officer salaries reported on the 990.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of New York State Electric And Gas Co Veba Trust's IRS 990 filings:
- Consistent and significant net losses over multiple years (e.g., $11.25M loss in 2023, $11.76M loss in 2022).
- Rapid depletion of assets (from $73.5M in 2020 to $17.3M in 2023).
- Expenses consistently far exceeding revenue without clear explanation in the provided data.
Strengths
The following positive indicators were identified for New York State Electric And Gas Co Veba Trust:
- No reported liabilities across all filings, indicating a debt-free status.
- No reported officer compensation, suggesting low administrative overhead in this specific area.
Frequently Asked Questions about New York State Electric And Gas Co Veba Trust
Is New York State Electric And Gas Co Veba Trust a legitimate charity?
Based on AI analysis of IRS 990 filings, New York State Electric And Gas Co Veba Trust (EIN: 142013396) significant concerns. Mission Score: 40/100. 3 red flags identified, 2 strengths noted.
How does New York State Electric And Gas Co Veba Trust spend its money?
New York State Electric And Gas Co Veba Trust directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to New York State Electric And Gas Co Veba Trust tax-deductible?
New York State Electric And Gas Co Veba Trust is registered as a tax-exempt nonprofit (EIN: 142013396). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why are expenses consistently much higher than revenue, leading to significant asset depletion?
The filings show a consistent pattern where expenses, such as $13,921,900 in 2023 and $13,066,238 in 2022, far exceed revenues of $2,668,790 and $1,305,320 respectively. This suggests the trust is drawing down its principal to cover benefit payouts or operational costs, which is unsustainable long-term without new funding.
What is the long-term strategy for managing the trust's assets given the rapid decline?
Assets have decreased dramatically from $73,577,189 in 2020 to $17,386,520 in 2023. This rapid decline indicates a significant draw on the trust's principal, raising concerns about its ability to meet future obligations if this trend continues.
Are there any plans to increase revenue or reduce expenses to achieve financial stability?
The current financial trajectory, with consistent net losses, suggests a need for strategic intervention to either boost revenue streams or significantly cut expenses to prevent further asset erosion and ensure the trust's solvency.
Filing History
IRS 990 filing history for New York State Electric And Gas Co Veba Trust showing financial trends over 13 years of public records:
Total assets decreased by 77.2% over the same period, from $76.3M to $17.4M. Total functional expenses fell by 62.1%, from $36.7M to $13.9M. In its most recent filing year (2023), New York State Electric And Gas Co Veba Trust reported a deficit of $11.3M, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $2.7M | $13.9M | $17.4M | $0 | — | — |
| 2022 | $1.3M | $13.1M | $28.6M | $0 | — | View 990 |
| 2021 | $7.9M | $41.1M | $40.4M | $0 | — | View 990 |
| 2020 | $8.5M | $6.4M | $73.6M | $0 | — | View 990 |
| 2019 | $4.1M | $7.8M | $69.0M | $0 | — | View 990 |
| 2018 | $3.2M | $8.4M | $72.7M | $0 | — | View 990 |
| 2017 | $5.9M | $8.9M | $77.9M | $0 | — | View 990 |
| 2016 | $2.7M | $7.9M | $81.1M | $0 | — | View 990 |
| 2015 | $5.4M | $1.6M | $86.2M | $0 | — | View 990 |
| 2014 | $4.2M | $1.3M | $82.4M | $0 | — | View 990 |
| 2013 | $5.8M | $1.8M | $79.5M | $0 | — | View 990 |
| 2012 | $7.6M | $8.5M | $75.3M | $0 | — | View 990 |
| 2011 | $-1,145,493 | $36.7M | $76.3M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.7M, expenses of $13.9M, and assets of $17.4M (revenue +104.5% year-over-year).
- 2022: Revenue of $1.3M, expenses of $13.1M, and assets of $28.6M (revenue -83.5% year-over-year).
- 2021: Revenue of $7.9M, expenses of $41.1M, and assets of $40.4M (revenue -6.5% year-over-year).
- 2020: Revenue of $8.5M, expenses of $6.4M, and assets of $73.6M (revenue +105.0% year-over-year).
- 2019: Revenue of $4.1M, expenses of $7.8M, and assets of $69.0M (revenue +29.4% year-over-year).
- 2018: Revenue of $3.2M, expenses of $8.4M, and assets of $72.7M (revenue -45.4% year-over-year).
- 2017: Revenue of $5.9M, expenses of $8.9M, and assets of $77.9M (revenue +113.4% year-over-year).
- 2016: Revenue of $2.7M, expenses of $7.9M, and assets of $81.1M (revenue -49.5% year-over-year).
- 2015: Revenue of $5.4M, expenses of $1.6M, and assets of $86.2M (revenue +28.5% year-over-year).
- 2014: Revenue of $4.2M, expenses of $1.3M, and assets of $82.4M (revenue -27.0% year-over-year).
- 2013: Revenue of $5.8M, expenses of $1.8M, and assets of $79.5M (revenue -23.4% year-over-year).
- 2012: Revenue of $7.6M, expenses of $8.5M, and assets of $75.3M.
- 2011: Revenue of $-1,145,493, expenses of $36.7M, and assets of $76.3M.
Data Sources and Methodology
This transparency report for New York State Electric And Gas Co Veba Trust is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.