IBEW LOCAL 317 SUPPLEMENTAL HEALTH BENEFIT & TRUST FUND: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization: IBEW LOCAL 317 SUPPLEMENTAL HEALTH BENEFIT & TRUST FUND (EIN 55-0751125)
Tax period: 2024-09-01 to 2025-08-31
Filed: 2026-05-06
IRS object ID: 202641269349300749
Schema version: 2024v5.5
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2026-05-06T08:57:08-05:00	ReturnTs
Tax Period End	2025-08-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	550621482	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	GRAY GRIFFITH & MAYS AC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	707 VIRGINIA STREETEASTSUITE 400	AddressLine1Txt
City	CHARLESTON	CityNm
State Abbreviation	WV	StateAbbreviationCd
ZIP	253012711	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2024-09-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	550751125	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	IBEW LOCAL 317 SUPPLEMENTAL HEALTH	BusinessNameLine1Txt
Business Name Line2	BENEFIT & TRUST FUND	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	IBEW	BusinessNameControlTxt
Phone	3045250331	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	9200 US ROUTE 60	AddressLine1Txt
City	ONA	CityNm
State Abbreviation	WV	StateAbbreviationCd
ZIP	25545	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	KIM WOOD	PersonNm
Person Title	AMERICAN BENEFIT CORPORATION	PersonTitleTxt
Phone	3045250331	PhoneNum
Signature	2026-04-24	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (1)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	J RYAN LINDSAY	PreparerPersonNm
PTIN	P01835061	PTIN
Phone	3043459400	PhoneNum

Field	Value	IRS element (for citing)
Tax	2024	TaxYr
Build TS	2025-03-06 01:10:19Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	RALPH DAWSON	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	9200 US ROUTE 60	AddressLine1Txt
City	ONA	CityNm
State Abbreviation	WV	StateAbbreviationCd
ZIP	25545	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$6,411,145	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	N/A	WebsiteAddressTxt
Type Of Organization Other	Yes (X)	TypeOfOrganizationOtherInd
Other Organization Dsc	HEALTH FUND	OtherOrganizationDsc
Formation	1996	FormationYr
Legal Domicile State	WV	LegalDomicileStateCd
Activity Or Mission	TO HELP DEFRAY AND LESSEN THE COST OF HEALTH INSURANCE COVERAGE TO RETIRED OR DIABLED PARTICIPANTS.	ActivityOrMissionDesc
Voting Members Governing Body	6	VotingMembersGoverningBodyCnt
Voting Members Independent	6	VotingMembersIndependentCnt
Total Employee	0	TotalEmployeeCnt
Total Volunteers	8	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$1,613,924	PYProgramServiceRevenueAmt
CY Program Service Revenue	$2,826,055	CYProgramServiceRevenueAmt
PY Investment Income	$299,642	PYInvestmentIncomeAmt
CY Investment Income	$340,983	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$1,913,566	PYTotalRevenueAmt
CY Total Revenue	$3,167,038	CYTotalRevenueAmt
PY Grants And Similar Paid	$0	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$1,754,730	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$1,851,459	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$0	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$0	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$101,520	PYOtherExpensesAmt
CY Other Expenses	$106,860	CYOtherExpensesAmt
PY Total Expenses	$1,856,250	PYTotalExpensesAmt
CY Total Expenses	$1,958,319	CYTotalExpensesAmt
PY Revenues Less Expenses	$57,316	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$1,208,719	CYRevenuesLessExpensesAmt
Total Assets BOY	$9,215,017	TotalAssetsBOYAmt
Total Assets EOY	$10,595,149	TotalAssetsEOYAmt
Total Liabilities BOY	$0	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$9,215,017	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$10,595,149	NetAssetsOrFundBalancesEOYAmt
Mission	TO HELP DEFRAY AND LESSEN THE COST OF HEALTH INSURANCE COVERAGE TO RETIRED OR DISABLED PARTICIPANTS.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$1,851,459	ExpenseAmt
Revenue	$2,826,055	RevenueAmt
Desc	TO HELP DEFRAY AND LESSEN THE COST OF HEALTH INSURANCE COVERAGE TO RETIRED OR DISABLED PARTICIPANTS.	Desc
Total Program Service Expenses	$1,851,459	TotalProgramServiceExpensesAmt
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	0	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	0	ReportOtherLiabilitiesInd
Include FIN48 Footnote	0	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	0	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	0	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	0	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	3	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Employee	0	EmployeeCnt
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	0	QuidProQuoContributionsInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	6	GoverningBodyVotingMembersCnt
Independent Voting Member	6	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	0	CompensationProcessCEOInd
Compensation Process Other	0	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	AMERICAN BENEFIT CORPORATION - KIM WOOD	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	3045250331	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	3150 US ROUTE 60	AddressLine1Txt
City	ONA	CityNm
State Abbreviation	WV	StateAbbreviationCd
ZIP	25545	ZIPCd

Field	Value	IRS element (for citing)
No Listed Persons Compensated	Yes (X)	NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (8 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd
SHANE WOLFE
CHAIRMAN	5.00	Yes (X)	Yes (X)	$0	$0	$0
MATT SIMMS
TRUSTEE	5.00	Yes (X)		$0	$0	$0
JOSH BILLS
TRUSTEE	5.00	Yes (X)		$0	$0	$0
TOM BRALEY
SECRETARY	5.00	Yes (X)	Yes (X)	$0	$0	$0
CLAY MITCHELL
TRUSTEE	5.00	Yes (X)		$0	$0	$0
STEPHEN STACKS
TRUSTEE	5.00	Yes (X)		$0	$0	$0
RALPH DAWSON
CHAIRMAN THRU 8/21/2025	5.00			$263	$0	$0	Yes (X)
CHESTER HUDSON
TRUSTEE THRU 7/25/2025	5.00			$0	$0	$0	Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$263	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$0	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	0	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	0	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K	0	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp

Field	Value	IRS element (for citing)
Desc	EMPLOYER CONTRIBUTIONS	Desc
Business	525100	BusinessCd
Total Revenue Column	$2,826,055	TotalRevenueColumnAmt
Related Or Exempt Func Income	$2,826,055	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$2,826,055	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$358,308	TotalRevenueColumnAmt
Exclusion	$358,308	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$3,226,782	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$3,244,107	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	-$17,325	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	-$17,325	TotalRevenueColumnAmt
Exclusion	-$17,325	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$3,167,038	TotalRevenueColumnAmt
Related Or Exempt Func Income	$2,826,055	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$340,983	ExclusionAmt

Benefits To Members BenefitsToMembersGrp

Field	Value	IRS element (for citing)
Total	$1,851,459	TotalAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$29,997	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$7,703	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$10,319	TotalAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$48,069	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$4,198	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$6,574	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$1,958,319	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$340,007	BOYAmt
EOY	$302,414	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$1,578,488	BOYAmt
EOY	$2,696,105	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$167,469	BOYAmt
EOY	$204,866	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$7,129,053	BOYAmt
EOY	$7,391,764	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$9,215,017	BOYAmt
EOY	$10,595,149	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$9,215,017	BOYAmt
EOY	$10,595,149	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$9,215,017	BOYAmt
EOY	$10,595,149	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$9,215,017	BOYAmt
EOY	$10,595,149	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$1,208,719	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$171,413	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$0	TotalBookValueLandBuildingsAmt
Total Rev Etc Audited Fincl Stmt	$3,290,382	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$171,413	NetUnrealizedGainsInvstAmt
Revenue Not Reported	$171,413	RevenueNotReportedAmt
Revenue Subtotal	$3,118,969	RevenueSubtotalAmt
Investment Expenses Not Incld	$48,069	InvestmentExpensesNotIncldAmt
Revenue Not Reported Fincl Stmt	$48,069	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$3,167,038	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$1,910,250	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$1,910,250	ExpensesSubtotalAmt
Investment Expenses Not Incld2	$48,069	InvestmentExpensesNotIncld2Amt
Expenses Not Rpt Fincl Stmt	$48,069	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$1,958,319	TotalExpensesPerForm990Amt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 IS REVIEWED BY THE BOARD OF TRUSTEES' CHAIRMAN AND SECRETARY BEFORE THEY SIGN AND FILE THE FORM 990.
FORM 990, PART VI, SECTION B, LINE 12C	TRUSTEES ATTEND MEETINGS ON FIDUCIARY RESPONSIBILITIES. THE BOARD OF TRUSTEES FUNCTIONS AS A WHOLE; NO INDIVIDUAL TRUSTEE CAN ACT ALONE.
FORM 990, PART VI, SECTION C, LINE 18	THE PLAN MAKES AVAILABLE ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART VI, SECTION C, LINE 19	THE PLAN MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART XII, LINE 2C	TRUSTEES ATTEND MEETINGS ON FIDUCIARY RESPONSIBILITIES. THE BOARD OF TRUSTEES FUNCTIONS AS A WHILE; NO INDIVIDUAL TRUSTEE CAN ACT ALONE.