Ibt Local 191 Health Services & Insurance Plan
- Assets
- $108.6m
- Revenue
- $33.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Bridgeport, CT
- Founding
- 05/1958
- Data as of
- 06/2021
- EIN
- 06-0689974
Organization Overview
Ibt Local 191 Health Services & Insurance Plan is located in Bridgeport, CT. The organization was established in 1958. 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 06/2021, Ibt Local 191 Health Services & Insurance Plan employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ibt Local 191 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 06/2021, Ibt Local 191 Health Services & Insurance Plan generated $33.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $23.7m during the year ending 06/2021. While expenses have increased by 1.5% per year over the past 6 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
SELF-INSURED HEALTH BENEFIT PLAN
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES INSURED AND SELF-INSURED MEDICAL, DEATH & LIFEINSURANCE BENEFITS TO 2,330 MEMBERS PLUS THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Forrest Harvey Employer Trustee | Trustee | 2 | $0 |
Anthony Cappella Employer Trustee | Trustee | 2 | $0 |
Ed Rooney Union Trustee | Trustee | 4 | $0 |
Robert Digirolamo Union Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anthem Blue Cross Blue Sheild Repricing And Admin Fees | 6/29/21 | $484,992 |
Morgan Stanley Investment Consulting | 6/29/21 | $133,583 |
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 | $27,511,305 |
| Investment income | $874,702 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,342,695 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,733,363 |
| 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 | $21,645,877 |
| 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 | $228,286 |
| Pension plan accruals and contributions | $96,325 |
| Other employee benefits | $73,245 |
| Payroll taxes | $19,245 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $206,068 |
| Fees for services: Other | $1,217,029 |
| Advertising and promotion | $0 |
| Office expenses | $24,549 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $82,733 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,541 |
| Insurance | $41,281 |
| All other expenses | $32,338 |
| Total functional expenses | $23,717,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $136,919 |
| Savings and temporary cash investments | $17,767,648 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,523,406 |
| 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 | $32,486 |
| Net Land, buildings, and equipment | $231,090 |
| Investments—publicly traded securities | $87,300,034 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $568,038 |
| Total assets | $108,559,621 |
| Accounts payable and accrued expenses | $19,623 |
| 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 | $2,736,636 |
| Total liabilities | $2,756,259 |
| 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 | $105,803,362 |
| Total liabilities and net assets/fund balances | $108,559,621 |
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 |