Health & Welfare Fund
- Assets
- $90.6m
- Revenue
- $38.4m
- Investments
- $23.9m
- Employees
- 6
- Location
- Worcester, MA
- Founding
- 10/1959
- Data as of
- 12/2023
- EIN
- 04-2219623
Organization Overview
Health & Welfare Fund is located in Worcester, MA. The organization was established in 1959. 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 12/2023, Health & Welfare Fund employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Health & 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 12/2023, Health & Welfare Fund generated $38.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $32.9m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEDICAL, DENTAL, VISION, LIFE, ACCIDENT & SICKNESS BENEFITS TO ELIGIBLE PARTICIPANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE WELFARE BENEFITS TO EMPLOYEES UNDER COLLECTIVE BARGAINING AGREEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon George Trustee/co-Chair | Trustee | 10 | $0 |
Paul E Dauphinais Trustee | Trustee | 10 | $0 |
Robert Robinson Trustee | Trustee | 10 | $0 |
Ronald J Bevens Trustee | Trustee | 10 | $0 |
Elias Gillen Trustee | Trustee | 10 | $0 |
Monica J Chester Trustee | Trustee | 10 | $0 |
Financial Statements
| 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 | $36,642,590 |
| Investment income | $1,495,766 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $210,689 |
| Net Gain/Loss on Asset Sales | $38,989 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,388,034 |
| 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 | $30,466,457 |
| Compensation of current officers, directors, key employees. | $177,994 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $382,407 |
| Pension plan accruals and contributions | $144,706 |
| Other employee benefits | $168,012 |
| Payroll taxes | $47,474 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,400 |
| Fees for services: Accounting | $62,572 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $121,879 |
| Fees for services: Other | $98,440 |
| Advertising and promotion | $0 |
| Office expenses | $116,663 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $380,342 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,483 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $287,948 |
| Insurance | $56,725 |
| All other expenses | $0 |
| Total functional expenses | $32,907,755 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,688,598 |
| Savings and temporary cash investments | $16,031,594 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,749,716 |
| 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 | $59,913 |
| Net Land, buildings, and equipment | $2,273,486 |
| Investments—publicly traded securities | $36,592,934 |
| Investments—other securities | $23,930,282 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $254,385 |
| Total assets | $90,580,908 |
| Accounts payable and accrued expenses | $139,923 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,597,032 |
| Total liabilities | $9,736,955 |
| 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 | $80,843,953 |
| Total liabilities and net assets/fund balances | $90,580,908 |