FIRST COMMUNITY BANKSHARES INC WEL… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1999

Legal Domicile

Principal Officer

DAVID BROWN

Phone

2763269000

Tax Period

2023-01-01 to 2023-12-31

FIRST COMMUNITY BANKSHARES INC WELFARE BENEFITS TRUST, founded in 1999, is a community nonprofit in the Mutual Benefit sector that reported $6.8M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion.

Mission

TO PROVIDE PAYMENT OF MEDICAL, DENTAL, VISION, AND CANCER BENEFITS.

Program Service Accomplishments

Program 1

TO PROVIDE PAYMENT OF MEDICAL, DENTAL, VISION, AND CANCER BENEFITS FOR THE PARTICIPANTS, DEPENDENTS, OR DESIGNATED BENEFICIARIES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $6,742,168

Investment Income $18,415

Other Revenue $0

TOTAL REVENUE $6,760,583

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $1,245,981

TOTAL EXPENSES $6,632,081

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,760,583	$5,786,351	+0.2%
Expenses	$6,632,081	$5,928,520	+0.1%
Net Income	$128,502	$-142,169	-1.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	TRUSTEE	1.00		$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$6,760,583	$6,632,081	$690,972	$128,502
2022	$5,786,351	$5,928,520	$482,181	$-142,169
2021	$5,913,183	$5,628,045	$306,572	$285,138
2020	$6,691,886	$6,829,507	$21,434	$-137,621
2019	$5,698,192	$5,624,670	$159,055	$73,522

FIRST COMMUNITY BANKSHARES INC WELFARE BENEFITS TRUST