The University holds two Trusts for the purpose of funding two Other Post-employment Benefits Other than Pension (OPEB) plans. They are the Ball State University Health Care Plan Trust, a Voluntary Employee Benefits (VEBA) Trust, created in 1988, which is intended to fund post-employment health care plans, and the Ball State University OPEB 115 Trust, an IRS Section 115 Trust, created in 2014 as a replacement for the Ball State University Life Insurance Continuance Fund (LICF) that was established in fiscal year 1979-1980 and was intended to fund post-employment life insurance.

Ball State Board of Trustees is trustee of these post-employment Trusts. In addition, U.S. Bank National Association is named as custodian and directed trustee of both Trusts. An Investment Committee oversees the investments in the Trusts, with the assistance of an investment consultant. The Investment Committee is structured to include two members of the University Board of Trustees.

For a number of years, annual financial statements were prepared for the Retiree Health and Life Insurance plans, according to GASB 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.  New reporting standards were adopted for the fiscal years ended June 30, 2017 and 2018 for the GASB Statement No. 74 Financial Reporting for Postemployment Benefit Plans Other than Pension Plans, and GASB Standard No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions respectively. Audited financial statements for years ended June 30, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, and 2019 have been reviewed and approved by the University Board of Trustees and are available (see related links).

Beginning with the fiscal year ended June 30, 2021, and in accordance with GASB Statement No. 84, Fiduciary Activities, the University included the financial statements of the fiduciary funds that hold the assets for the University’s OPEB plans in the University’s Annual Financial Report. The inclusion of the trust financial statements along with the extensive disclosures of the OPEB plans in the University’s Annual Financial Report has rendered the separate financial statements for the Retiree Health and Life Insurance Plans (OPEB plans), redundant and were therefore discontinued. Please refer to the University’s Annual Report for information related to the OPEB plans and trusts.

Financial Statements