General Building Laborers-66 Welfare Fund
- Assets
- $49.5m
- Revenue
- $16.4m
- Investments
- $0.0
- Employees
- 13
- Location
- Melville, NY
- Founding
- 11/1952
- Data as of
- 06/2024
- EIN
- 11-1627279
Organization Overview
General Building Laborers-66 Welfare Fund is located in Melville, NY. 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. As of 06/2024, General Building Laborers-66 Welfare Fund employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. General Building Laborers-66 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 06/2024, General Building Laborers-66 Welfare Fund generated $16.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $14.2m during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 8 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BENEFITS INCLUDING, BUT NOT LIMITED TO, VACATION, MEDICAL, HOSPITAL, SUPPLEMENTAL UNEMPLOYMENT, PRESCRIPTION DRUGS, DENTAL, OPTICAL, HEARING, MEDICARE SUPPLEMENT, DISABILITY, LIFE INS & ACCIDENTAL DEATH & DISMEMBERMENT BENEFITS TO ELIGIBLE PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE BENEFITS INCLUDING, BUT NOT LIMITED TO, VACATION, MEDICAL, HOSPITAL, SUPPLEMENTAL UNEMPLOYMENT, PRESCRIPTION DRUGS, DENTAL, OPTICAL, HEARING, MEDICARE SUPPLEMENT, DISABILITY, LIFE INS & ACCIDENTAL DEATH & DISMEMBERMENT BENEFITS TO ELIGIBLE PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Flanagan - Thru 624 Union Trustee | Trustee | 1 | $0 |
Joseph Montalbano - Thru 224 Union Trustee | Trustee | 1 | $0 |
Joseph Cavalieri - Thru 624 Union Trustee | Trustee | 1 | $0 |
Vincent Alu Union Trustee | Trustee | 1 | $0 |
Mike Hellstrom - Eff 624 Union Trustee | Trustee | 1 | $0 |
Anthony Speziale - Eff 624 Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Magnacare Claims Processor | 6/29/24 | $299,000 |
Bridgeway Benefit Technologies Computer Consultant | 6/29/24 | $171,001 |
High Level Technologies Inc Computer Consultant | 6/29/24 | $183,418 |
Schultheis & Panettieri Llp Accountant | 6/29/24 | $247,245 |
The Segal Company Inc Actuary | 6/29/24 | $105,500 |
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 | $15,393,210 |
| Investment income | $1,048,453 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$75,062 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,366,601 |
| 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 | $12,689,246 |
| Compensation of current officers, directors, key employees. | $205,450 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $693,698 |
| Pension plan accruals and contributions | $302,751 |
| Other employee benefits | $276,011 |
| Payroll taxes | $68,461 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $151,146 |
| Fees for services: Accounting | $173,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,814 |
| Fees for services: Other | $116,786 |
| Advertising and promotion | $0 |
| Office expenses | $33,159 |
| Information technology | $192,778 |
| Royalties | $0 |
| Occupancy | $80,047 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,682 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,304 |
| Insurance | $16,244 |
| All other expenses | $0 |
| Total functional expenses | $14,245,638 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $596,326 |
| Savings and temporary cash investments | $2,566,839 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,201,306 |
| 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 | $3,029 |
| Investments—publicly traded securities | $43,002,525 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $89,032 |
| Total assets | $49,459,057 |
| Accounts payable and accrued expenses | $936,525 |
| 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 | $13,353,155 |
| Total liabilities | $14,289,680 |
| 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 | $35,169,377 |
| Total liabilities and net assets/fund balances | $49,459,057 |