Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund
- Assets
- $39.4m
- Revenue
- $33.5m
- Investments
- $15.0m
- Employees
- 8
- Location
- Hempstead, NY
- Founding
- 10/1951
- Data as of
- 06/2022
- EIN
- 11-1628171
Organization Overview
Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund is located in Hempstead, NY. The organization was established in 1951. 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, Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laborers Union-1298 Of Nassau And Suffolk Counties 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 06/2022, Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund generated $33.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $35.0m during the year ending 06/2022. While expenses have increased by 9.2% per year over the past 5 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
THE PURPOSE OF THE PLAN IS TO PROVIDE MEDICAL, VACATION, DENTAL, VISION, UNEMPLOYMENT, DISABILITY, AND DEATH BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PLAN IS TO PROVIDE MEDICAL, VACATION, DENTAL, VISION, UNEMPLOYMENT, DISABILITY, AND DEATH BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George F Truicko Jr Union Trustee | Trustee | 1 | $0 |
George S Truicko III Union Trustee | Trustee | 1 | $0 |
Frank Damiano Jr Union Trustee | Trustee | 1 | $0 |
James Winship Union Trustee | Trustee | 1 | $0 |
Marc Herbst Employer Trustee | Trustee | 0 | $0 |
Jason Golden Employer Trustee | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Barnes Iaccarino & Shepherd Llp Legal | 6/29/21 | $133,660 |
Wagner & Zwerman Llp Accounting | 6/29/21 | $129,808 |
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 | $32,672,372 |
| Investment income | $731,446 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $57,059 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,460,877 |
| 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 | $32,351,927 |
| Compensation of current officers, directors, key employees. | $526,408 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $198,666 |
| Pension plan accruals and contributions | $208,006 |
| Other employee benefits | $113,619 |
| Payroll taxes | $46,143 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $106,164 |
| Fees for services: Accounting | $97,265 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $103,813 |
| Fees for services: Other | $1,020,808 |
| Advertising and promotion | $0 |
| Office expenses | $84,603 |
| Information technology | $37,612 |
| Royalties | $0 |
| Occupancy | $68,209 |
| Travel | $2,177 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,976 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,203 |
| Insurance | $3,210 |
| All other expenses | $7,689 |
| Total functional expenses | $34,985,498 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,737,195 |
| Savings and temporary cash investments | $1,941,379 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,821,004 |
| 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 | $14,751 |
| Investments—publicly traded securities | $9,331,101 |
| Investments—other securities | $14,952,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $642,350 |
| Total assets | $39,440,180 |
| Accounts payable and accrued expenses | $157,681 |
| 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 | $119,198 |
| Total liabilities | $276,879 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $39,440,180 |