Asbestos Workers-6 Health & Welfare Fund
- Assets
- $20.5m
- Revenue
- $14.7m
- Investments
- $7.8m
- Employees
- 0
- Location
- Quincy, MA
- Founding
- 11/1952
- Data as of
- 12/2021
- EIN
- 04-6040850
Organization Overview
Asbestos Workers-6 Health & Welfare Fund is located in Quincy, MA. The organization was established in 1952. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbestos Workers-6 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 12/2021, Asbestos Workers-6 Health & Welfare Fund generated $14.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 4.0% 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, WELFARE AND DEATH BENEFITS TO ELIGIBLE MEMBERS AND THEIR BENEFICIARIES OF ASBESTOS WORKERS LOCAL 6.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HEALTH, WELFARE AND DEATH BENEFITS TO ELIGIBLE MEMBERS AND THEIR BENEFICIARIES OF ASBESTOS WORKERS LOCAL 6.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Lister Union Trustee | Trustee | 3 | $0 |
Francis Boudrow Union Trustee | Trustee | 3 | $0 |
Steve Johnson Mgmt Trustee | Trustee | 3 | $0 |
Thomas Romano Mgmt Trustee | Trustee | 3 | $0 |
Jeffrey Saliba Union Trustee | Trustee | 3 | $0 |
Patrick Gallagher Mgmt Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Segal Consulting Consulting | 12/30/21 | $107,663 |
Benesys Inc Admin. Services | 12/30/21 | $171,864 |
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 | $14,102,397 |
| Investment income | $157,377 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $420,937 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,680,725 |
| 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 | $11,679,927 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $171,864 |
| Fees for services: Legal | $34,460 |
| Fees for services: Accounting | $18,017 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,806 |
| Fees for services: Other | $115,163 |
| Advertising and promotion | $0 |
| Office expenses | $9,008 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,870 |
| Interest | $0 |
| Payments to affiliates | $926 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,263 |
| All other expenses | $0 |
| Total functional expenses | $12,074,304 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,284,042 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,538,906 |
| 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 | $1,003,653 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,880,913 |
| Investments—other securities | $7,784,853 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,492,367 |
| Accounts payable and accrued expenses | $33,132 |
| 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 | $286,983 |
| Total liabilities | $320,115 |
| 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 | $20,172,252 |
| Total liabilities and net assets/fund balances | $20,492,367 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Health Reimbursement Account Fund Of The Electrical Industry Flushing, NY | $132,750,726 | $42,957,769 |
The Alliance Of Western New York Benefit Fund Niagara Falls, NY | $6,976,289 | $46,952,966 |
Permanente Medical Group Inc Medi Pl For Ret Emp By Coll Brg Agr Tr Boston, MA | $481,752,947 | $46,602,397 |
Noitu Insurance Trust Fund Jamaica, NY | $148,755,855 | $71,536,431 |
Service Employees 32bj North Health Fund New York, NY | $54,056,871 | $50,215,103 |
Local 338 Health And Welfare Fund Mineola, NY | $45,598,240 | $44,654,904 |
Board Of Trustees Equity League Health Trust Fund New York, NY | $86,412,309 | $64,158,536 |
United Teamster Fund Brooklyn, NY | $16,084,103 | $41,629,568 |
I B E W Local 25 Health And Benefit Fund Hauppauge, NY | $77,411,415 | $46,982,315 |
I B E W Local 1249 Insurance Fund Cicero, NY | $114,229,442 | $58,794,383 |
Ufcw And Participating Employers Interstate Health & Welfare Fund East Providence, RI | $0 | $50,747,634 |
Iron Workers Locals 40 & 361 Topping Out Fund New York, NY | $314,693,043 | $57,976,282 |