Veba Trust For Union Employees Of Keyspan Corporation
VEBA Trust maintains substantial assets and consistent benefit payouts with zero executive compensation.
EIN: 133914183 · Pittsburgh, PA · NTEE: Y43 · Updated: 2026-03-28
Is Veba Trust For Union Employees Of Keyspan Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Veba Trust For Union Employees Of Keyspan Corporation directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Veba Trust For Union Employees Of Keyspan Corporation
Veba Trust For Union Employees Of Keyspan Corporation (EIN: 133914183) is a nonprofit organization based in Pittsburgh, PA, classified under NTEE code Y43. The organization reported total revenue of $180.4M and total assets of $2.7B according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Veba Trust For Union Employees Of Keyspan Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Veba Trust For Union Employees Of Keyspan Corporation is a major nonprofit that has been operating for 27 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of -13.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $10.9M |
| Total Expenses | $49.3M |
| Surplus / Deficit | $-38,449,329 |
| Total Assets | $1.1B |
| Total Liabilities | $1.3M |
| Net Assets | $1.1B |
| Operating Margin | -353.3% |
| Debt-to-Asset Ratio | 0.1% |
| Months of Reserves | 262.0 months |
Financial Health Grade: B
In 2023, Veba Trust For Union Employees Of Keyspan Corporation reported a deficit of $38.4M with expenses exceeding revenue, holds 262.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.1% (very low leverage).
Financial Trends
Over 14 years of filings (2010–2023), Veba Trust For Union Employees Of Keyspan Corporation's revenue has declined at a compound annual growth rate (CAGR) of -13.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -90.2% | +-0.0% | -3.5% |
| 2022 | -64.2% | +2.7% | +4.3% |
| 2021 | +538.1% | +1.0% | +35.3% |
| 2020 | +41.5% | +8.5% | +0.3% |
| 2019 | -44.3% | -6.4% | -1.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1999 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Veba Trust For Union Employees Of Keyspan Corporation with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, Veba Trust For Union Employees Of Keyspan Corporation allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $38.4M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.1%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers receive salaries from the trust, which is highly favorable for a large organization with over $2.6 billion in assets.
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 Veba Trust For Union Employees Of Keyspan Corporation's IRS 990 filings:
- Significant revenue volatility, though common for investment trusts, could indicate reliance on market performance for funding.
Strengths
The following positive indicators were identified for Veba Trust For Union Employees Of Keyspan Corporation:
- Substantial asset base of $2,671,457,238 provides strong financial security.
- Consistent reporting of 0% officer compensation demonstrates excellent financial stewardship and dedication to beneficiaries.
- Stable expense levels suggest predictable benefit distribution and operational efficiency.
- High program spending ratio (95%) indicates nearly all funds are directed towards the trust's core purpose.
Frequently Asked Questions about Veba Trust For Union Employees Of Keyspan Corporation
Is Veba Trust For Union Employees Of Keyspan Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Veba Trust For Union Employees Of Keyspan Corporation (EIN: 133914183) some concerns. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.
How does Veba Trust For Union Employees Of Keyspan Corporation spend its money?
Veba Trust For Union Employees Of Keyspan Corporation directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Veba Trust For Union Employees Of Keyspan Corporation tax-deductible?
Veba Trust For Union Employees Of Keyspan Corporation is registered as a tax-exempt nonprofit (EIN: 133914183). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Veba Trust For Union Employees Of Keyspan Corporation a good charity?
As a VEBA trust, its primary purpose is to provide benefits to union employees, not to operate as a traditional public charity. From a financial perspective, it appears well-managed for its purpose, with substantial assets and no executive compensation, indicating efficient use of funds for its beneficiaries.
How does the trust manage its significant asset base?
With assets of $2,671,457,238, the trust likely employs sophisticated investment strategies to ensure long-term sustainability and meet future benefit obligations. The fluctuating revenue figures suggest a reliance on investment income, which can vary significantly year to year.
Why are the annual expenses so consistent despite volatile revenue?
The consistent annual expenses, typically around $47 million, suggest a stable level of benefit payouts or administrative costs. This indicates a predictable operational budget for distributing benefits, regardless of the year's investment performance.
What is the significance of 0% officer compensation?
Zero officer compensation is a significant positive indicator, meaning that the trust's leadership is not drawing salaries from the organization. This suggests that all operational funds are directed towards the trust's mission of providing benefits and managing its assets.
Filing History
IRS 990 filing history for Veba Trust For Union Employees Of Keyspan Corporation showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2010–2023), Veba Trust For Union Employees Of Keyspan Corporation's revenue has declined by 84.3%, moving from $69.3M to $10.9M. Total assets increased by 187.1% over the same period, from $375.2M to $1.1B. Total functional expenses rose by 14.5%, from $43.1M to $49.3M. In its most recent filing year (2023), Veba Trust For Union Employees Of Keyspan Corporation reported a deficit of $38.4M, with expenses exceeding revenue. The organization holds $1.3M in liabilities against $1.1B in assets (debt-to-asset ratio: 0.1%), resulting in net assets of $1.1B.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $10.9M | $49.3M | $1.1B | $1.3M | — | — |
| 2022 | $111.3M | $49.3M | $1.1B | $2.0M | — | View 990 |
| 2021 | $310.7M | $48.0M | $1.1B | $17.5M | — | View 990 |
| 2020 | $48.7M | $47.5M | $790.9M | $1.2M | — | View 990 |
| 2019 | $34.4M | $43.8M | $788.5M | $0 | — | View 990 |
| 2018 | $61.8M | $46.8M | $799.9M | $1.9M | — | View 990 |
| 2017 | $81.8M | $47.1M | $782.9M | $16K | — | View 990 |
| 2016 | $237.2M | $46.7M | $750.8M | $2.6M | — | View 990 |
| 2015 | $51.1M | $47.4M | $558.1M | $292K | — | View 990 |
| 2014 | $75.9M | $45.9M | $556.5M | $2.4M | — | View 990 |
| 2013 | $129.5M | $47.8M | $525.3M | $1.2M | — | View 990 |
| 2012 | $92.1M | $52.0M | $453.3M | $10.8M | — | View 990 |
| 2011 | $69.4M | $39.9M | $414.6M | $12.3M | — | View 990 |
| 2010 | $69.3M | $43.1M | $375.2M | $2.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $10.9M, expenses of $49.3M, and assets of $1.1B (revenue -90.2% year-over-year).
- 2022: Revenue of $111.3M, expenses of $49.3M, and assets of $1.1B (revenue -64.2% year-over-year).
- 2021: Revenue of $310.7M, expenses of $48.0M, and assets of $1.1B (revenue +538.1% year-over-year).
- 2020: Revenue of $48.7M, expenses of $47.5M, and assets of $790.9M (revenue +41.5% year-over-year).
- 2019: Revenue of $34.4M, expenses of $43.8M, and assets of $788.5M (revenue -44.3% year-over-year).
- 2018: Revenue of $61.8M, expenses of $46.8M, and assets of $799.9M (revenue -24.4% year-over-year).
- 2017: Revenue of $81.8M, expenses of $47.1M, and assets of $782.9M (revenue -65.5% year-over-year).
- 2016: Revenue of $237.2M, expenses of $46.7M, and assets of $750.8M (revenue +364.4% year-over-year).
- 2015: Revenue of $51.1M, expenses of $47.4M, and assets of $558.1M (revenue -32.7% year-over-year).
- 2014: Revenue of $75.9M, expenses of $45.9M, and assets of $556.5M (revenue -41.4% year-over-year).
- 2013: Revenue of $129.5M, expenses of $47.8M, and assets of $525.3M (revenue +40.6% year-over-year).
- 2012: Revenue of $92.1M, expenses of $52.0M, and assets of $453.3M (revenue +32.7% year-over-year).
- 2011: Revenue of $69.4M, expenses of $39.9M, and assets of $414.6M (revenue +0.1% year-over-year).
- 2010: Revenue of $69.3M, expenses of $43.1M, and assets of $375.2M.
Data Sources and Methodology
This transparency report for Veba Trust For Union Employees Of Keyspan Corporation 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.