Teamsters Local 677 Health Services & Insurance Plan
- Assets
- $95.8m
- Revenue
- $45.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Cheshire, CT
- Founding
- 07/1958
- Data as of
- 06/2022
- EIN
- 06-0691862
Organization Overview
Teamsters Local 677 Health Services & Insurance Plan is located in Cheshire, 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 06/2022, Teamsters Local 677 Health Services & Insurance Plan employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local 677 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 06/2022, Teamsters Local 677 Health Services & Insurance Plan generated $45.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $51.1m during the year ending 06/2022. While expenses have increased by 8.2% 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
2022
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 2,953 MEMBERS PLUS THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Ayoub Employer Trustee | Trustee | 2 | $0 |
Helga Schmidt Employer Trustee | Trustee | 2 | $3,500 |
John Capobianco (former) Union Trustee | Trustee | 2 | $0 |
Michael Rinaldi Union Trustee | Trustee | 4 | $4,200 |
John Murphy Union Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anthem Blue Cross Blue Shield Repricing & Admin Fees | 6/29/22 | $702,591 |
Med Care Management Corp Benefits Consulting | 6/29/22 | $126,575 |
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 | $41,390,428 |
| Investment income | $1,865,530 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,901,662 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,159,765 |
| 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 | $48,184,601 |
| Compensation of current officers, directors, key employees. | $18,900 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $427,132 |
| Pension plan accruals and contributions | $147,436 |
| Other employee benefits | $160,748 |
| Payroll taxes | $35,200 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,984 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $128,700 |
| Fees for services: Other | $1,872,307 |
| Advertising and promotion | $0 |
| Office expenses | $63,377 |
| Information technology | $702 |
| Royalties | $0 |
| Occupancy | $46,108 |
| Travel | $26,837 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,021 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,266 |
| Insurance | $24,548 |
| All other expenses | $0 |
| Total functional expenses | $51,147,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $368,680 |
| Savings and temporary cash investments | $4,552,663 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,636,259 |
| 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 | $2,918 |
| Net Land, buildings, and equipment | $24,900 |
| Investments—publicly traded securities | $86,931,028 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $253,839 |
| Total assets | $95,770,287 |
| Accounts payable and accrued expenses | $89,337 |
| 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 | $8,568,595 |
| Total liabilities | $8,657,932 |
| 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 | $87,112,355 |
| Total liabilities and net assets/fund balances | $95,770,287 |