Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund
- Assets
- $42.8m
- Revenue
- $34.1m
- Investments
- $14.5m
- Employees
- 10
- Location
- Hempstead, NY
- Founding
- 10/1951
- Data as of
- 06/2021
- 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 06/2021, Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund employed 10 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 06/2021, Laborers Union-1298 Of Nassau And Suffolk Counties Welfare Fund generated $34.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $34.0m during the year ending 06/2021. While expenses have increased by 7.7% per year over the past 6 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Annalisa Defalco Fund Administrator | Officer | 13 | $325,734 |
James Cornell Fund Officer | Officer | 23.5 | $215,597 |
Robin Sherman Fund Officer | Officer | 23 | $203,224 |
Samantha Layton Fund Officer | Officer | 40 | $146,587 |
Guy Truicko Key Employee | Officer | 1 | $0 |
George S Truicko III Union Trustee | Trustee | 1 | $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 | $30,355,139 |
| Investment income | $692,447 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,027,270 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,074,856 |
| 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 | $31,454,526 |
| Compensation of current officers, directors, key employees. | $497,167 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $218,576 |
| Pension plan accruals and contributions | $218,228 |
| Other employee benefits | $118,457 |
| Payroll taxes | $45,819 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $104,478 |
| Fees for services: Accounting | $91,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $85,988 |
| Fees for services: Other | $994,048 |
| Advertising and promotion | $0 |
| Office expenses | $79,205 |
| Information technology | $35,704 |
| Royalties | $0 |
| Occupancy | $68,209 |
| Travel | $1,724 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,438 |
| Insurance | $3,569 |
| All other expenses | $7,132 |
| Total functional expenses | $34,031,806 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,866,207 |
| Savings and temporary cash investments | $1,907,347 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,635,477 |
| 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 | $21,954 |
| Investments—publicly traded securities | $10,172,672 |
| Investments—other securities | $14,466,962 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,765,791 |
| Total assets | $42,836,410 |
| Accounts payable and accrued expenses | $103,741 |
| 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 | $159,425 |
| Total liabilities | $263,166 |
| 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 | $42,573,244 |
| Total liabilities and net assets/fund balances | $42,836,410 |