Teamsters Union Local 25 Health Services & Insurance Plan
- Assets
- $354.8m
- Revenue
- $199.7m
- Investments
- $181.4m
- Employees
- 73
- Location
- Charlestown, MA
- Founding
- 04/1957
- Data as of
- 08/2023
- EIN
- 04-2226511
Organization Overview
Teamsters Union Local 25 Health Services & Insurance Plan is located in Charlestown, MA. The organization was established in 1957. 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 08/2023, Teamsters Union Local 25 Health Services & Insurance Plan employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Union Local 25 Health Services & Insurance Plan is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 08/2023, Teamsters Union Local 25 Health Services & Insurance Plan generated $199.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $163.8m during the year ending 08/2023. While expenses have increased by 2.6% per year over the past 8 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
THE PLAN PROVIDES MEDICAL, HOSPITALIZATION, DENTAL, VISION, HEARING, LIFE INSURANCE, COUNSELING, WEEKLY DISABILITY, AND PRESCRIPTION DRUG BENEFITS FOR ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS. THE PLAN ALSO PROVIDES A PROGRAM OF BENEFITS FOR ELIGIBLE RETIREES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PLAN PROVIDES MEDICAL, HOSPITAL, DENTAL, PRESCRIPTION, DISABILITY, MENTAL HEALTH, AUDIOLOGY, WELLNESS, AND LIFE AND ACCIDENTAL DEATH INSURANCE BENEFITS TO ELIGIBLE MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas G Mari Union Trustee, Co-Chairman | Trustee | 2 | $0 |
Michael Shaughnessy Employer Trustee, Co-Chair | Trustee | 2 | $0 |
Steven J South Union Trustee | Trustee | 2 | $0 |
Jason Lopes Union Trustee | Trustee | 2 | $0 |
Andrew P Walsh Union Trustee | Trustee | 2 | $0 |
Jason Paradis Employer Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bluecross Blueshield Of Massachusetts Claims Administration | 8/30/23 | $271,348 |
Express Scriptsmedco Claims Administration | 8/30/23 | $185,141 |
Feinberg Dumont & Brennan Attorneys | 8/30/23 | $156,276 |
Manzi & Associates Llc Payroll Auditors/accounting | 8/30/23 | $148,429 |
Bmo Harris Bank Custodial And Investment Mgt | 8/30/23 | $143,546 |
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 | $185,860,312 |
| Investment income | $5,655,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,300,949 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $199,686,592 |
| 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 | $152,108,206 |
| Compensation of current officers, directors, key employees. | $253,606 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,969,454 |
| Pension plan accruals and contributions | $1,423,029 |
| Other employee benefits | $1,696,704 |
| Payroll taxes | $461,109 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $156,276 |
| Fees for services: Accounting | $220,224 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $605,272 |
| Fees for services: Other | $11,997 |
| Advertising and promotion | $0 |
| Office expenses | $212,782 |
| Information technology | $271,715 |
| Royalties | $0 |
| Occupancy | $873,178 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,794 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $198,435 |
| Insurance | $285,368 |
| All other expenses | $43,080 |
| Total functional expenses | $163,801,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,335 |
| Savings and temporary cash investments | $31,635,659 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,418,781 |
| 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 | $246,905 |
| Net Land, buildings, and equipment | $1,091,467 |
| Investments—publicly traded securities | $118,159,996 |
| Investments—other securities | $181,425,218 |
| Investments—program-related | $0 |
| Intangible assets | $3,592,772 |
| Other assets | $1,241,528 |
| Total assets | $354,814,661 |
| Accounts payable and accrued expenses | $263,764 |
| 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 | $3,989,827 |
| Total liabilities | $4,253,591 |
| 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 | $350,561,070 |
| Total liabilities and net assets/fund balances | $354,814,661 |