Workmens Benefit Fund Of The Usa is located in Farmingdale, NY. The organization was established in 1940. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Workmens Benefit Fund Of The USA employed 4 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Workmens Benefit Fund Of The USA is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2023, Workmens Benefit Fund Of The USA generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 9 years. 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 PRIMARY PURPOSE IS TO PROVIDE LIFE INSURANCE, ANNUITIES AND A&H BENEFITS TO ITS MEMBERS AS WELL AS PROVIDING EDUCATIONAL AND CULTURAL ACTIVITIES TO ITS MEMBERS AND LODGES
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A BENEFICIARY SOCIETY, THE ORGANIZATION PROVIDES LIFE,A&H BENEFITS TO ITS CERTIFICATE MEMBERS AND LODGES INCLUDING EDUCATIONAL CULTURAL ACTIVITIES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Charles J Borg National President | OfficerTrustee | 40 | $18,000 |
Richard Cecchi National Secretary/treasur | OfficerTrustee | 40 | $144,550 |
Joseph Arnold National Vice-President | OfficerTrustee | 1 | $5,196 |
Liz Karlsmark Director | Trustee | 1 | $2,000 |
Patricia Casey Director | Trustee | 1 | $2,000 |
Richard Hallex Director | Trustee | 1 | $2,000 |
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 | $607,957 |
Investment income | $1,181,716 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $2,130,546 |
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 | $2,173,395 |
Compensation of current officers, directors, key employees. | $188,146 |
Compensation of current officers, directors, key employees. | $188,146 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $111,815 |
Pension plan accruals and contributions | $49,738 |
Other employee benefits | $8,704 |
Payroll taxes | $20,383 |
Fees for services: Management | $0 |
Fees for services: Legal | $241 |
Fees for services: Accounting | $134,534 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $12 |
Fees for services: Other | $0 |
Advertising and promotion | $1,639 |
Office expenses | $19,268 |
Information technology | $45,035 |
Royalties | $0 |
Occupancy | $61,663 |
Travel | $1,498 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | -$30,000 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $13,309 |
Insurance | $25,733 |
All other expenses | -$791,797 |
Total functional expenses | $2,074,665 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $386,427 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $350 |
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 | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $27,814,262 |
Investments—other securities | $0 |
Investments—program-related | $1,568,327 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $29,769,366 |
Accounts payable and accrued expenses | $0 |
Grants payable | $0 |
Deferred revenue | $7,500 |
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 | $28,669,608 |
Total liabilities | $28,677,108 |
Net assets without donor restrictions | $1,092,258 |
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 | $0 |
Total liabilities and net assets/fund balances | $29,769,366 |