Teamsters Local 653 Welfare Fund is located in South Easton, MA. The organization was established in 1954. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Teamsters Local 653 Welfare Fund employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local 653 Welfare Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Teamsters Local 653 Welfare Fund generated $32.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $30.4m during the year ending 12/2021. While expenses have increased by 6.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HEALTH BENEFITS TO MEMBERS OF SPONSORING ORGANIZATION UNDER CBA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE WELFARE BENEFITS TO EMPLOYEES UNDER COLLECTIVE BARGAINING AGREEMENT
Name (title) | Role | Hours | Compensation |
---|---|---|---|
William Burke Trustee | Trustee | 10 | $0 |
Michael Epstein Trustee | Trustee | 10 | $0 |
William Trask Trustee | Trustee | 10 | $0 |
George Wiesendanger Trustee | Trustee | 10 | $0 |
Michael Clark Trustee | Trustee | 10 | $0 |
Ronald Dawber Trustee | Trustee | 10 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Blue Cross Blue Shield Claims Admin | 12/30/21 | $898,015 |
Regan Associates Legalclaims Fees | 12/30/21 | $395,936 |
Morgan Stanley Smith Barney Investment Fees | 12/30/21 | $407,152 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $29,632,583 |
Investment income | $1,470,409 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $1,488,408 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $32,591,665 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $28,335,795 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $187,578 |
Pension plan accruals and contributions | $73,636 |
Other employee benefits | $61,978 |
Payroll taxes | $12,366 |
Fees for services: Management | $0 |
Fees for services: Legal | $41,763 |
Fees for services: Accounting | $58,977 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $407,152 |
Fees for services: Other | $181,763 |
Advertising and promotion | $0 |
Office expenses | $14,182 |
Information technology | $9,526 |
Royalties | $0 |
Occupancy | $15,169 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $2,065 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $34,603 |
Insurance | $23,712 |
All other expenses | $12,243 |
Total functional expenses | $30,444,465 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,938,135 |
Savings and temporary cash investments | $1,405,852 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $3,083,515 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $13,377 |
Net Land, buildings, and equipment | $606,646 |
Investments—publicly traded securities | $46,118,770 |
Investments—other securities | $13,702,885 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $3,483,992 |
Total assets | $71,353,172 |
Accounts payable and accrued expenses | $43,739 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $71,515 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $2,328,869 |
Total liabilities | $2,444,123 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $68,909,049 |
Total liabilities and net assets/fund balances | $71,353,172 |