Local 1205 Welfare Plan is located in Farmingdale, NY. The organization was established in 1953. 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. Local 1205 Welfare 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, Local 1205 Welfare Plan generated $18.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $17.0m during the year ending 06/2022. 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
TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Diana Puglisi Fund Manager | Officer | 28 | $0 |
Edward L Williams Trustee | Trustee | 2 | $0 |
Thomas Carberry Trustee | Trustee | 2 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Empire Bluecross Blueshield Claims Processing | 6/29/20 | $306,543 |
Magnacare Administrative Services Claims Processing | 6/29/20 | $229,126 |
Empire Bluecross Blueshield Claims Processing | 6/29/20 | $306,543 |
Magnacare Administrative Services Claims Processing | 6/29/20 | $229,126 |
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 | $17,439,899 |
Investment income | $563,080 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $145,918 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $18,148,897 |
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 | $16,198,119 |
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 | $261,082 |
Pension plan accruals and contributions | $38,664 |
Other employee benefits | $67,662 |
Payroll taxes | $21,411 |
Fees for services: Management | $0 |
Fees for services: Legal | $58,145 |
Fees for services: Accounting | $28,767 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $46,087 |
Fees for services: Other | $61,819 |
Advertising and promotion | $0 |
Office expenses | $71,062 |
Information technology | $82,603 |
Royalties | $0 |
Occupancy | $51,762 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $411 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $4,063 |
Insurance | $24,482 |
All other expenses | $0 |
Total functional expenses | $17,016,139 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,334,757 |
Savings and temporary cash investments | $1,391 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,644,145 |
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 | $50,527 |
Net Land, buildings, and equipment | $35,678 |
Investments—publicly traded securities | $13,772,111 |
Investments—other securities | $15,800,715 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $33,639,324 |
Accounts payable and accrued expenses | $56,543 |
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 | $4,012,880 |
Total liabilities | $4,069,423 |
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 | $29,569,901 |
Total liabilities and net assets/fund balances | $33,639,324 |