I B E W Local 25 Health And Benefit Fund
- Assets
- $76.8m
- Revenue
- $48.2m
- Investments
- $6.3m
- Employees
- 0
- Location
- Hauppauge, NY
- Founding
- 09/1952
- Data as of
- 12/2023
- EIN
- 11-1630810
Organization Overview
I B E W Local 25 Health And Benefit Fund is located in Hauppauge, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. I B E W Local 25 Health And Benefit Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2023, I B E W Local 25 Health And Benefit Fund generated $48.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $45.6m during the year ending 12/2023. While expenses have increased by 5.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Kennedy Employer Trustee | Trustee | 0.5 | $0 |
Cynthia Lasala Employer Trustee - Thru 03/23 | Trustee | 0.5 | $0 |
Pat Santoro Employer Trustee - Thru 08/23 | Trustee | 0.5 | $0 |
Clifford Seaman Employer Trustee | Trustee | 0.5 | $0 |
William Miller Employer Trustee - Eff 03/23 | Trustee | 0.5 | $0 |
Kristian Ingebrigtsen Employer Trustee - Eff 08/23 | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Magnacare Administrative Services Llc Healthcare Provider | 12/30/23 | $461,534 |
Express Scripts Inc Healthcare Provider | 12/30/23 | $576,714 |
Cbiz Retirement Plan Services Actuary | 12/30/23 | $164,995 |
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 | $46,075,133 |
| Investment income | $1,973,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,684 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,156,941 |
| 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 | $44,272,551 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,040 |
| Fees for services: Accounting | $64,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $150,698 |
| Fees for services: Other | $40,000 |
| Advertising and promotion | $0 |
| Office expenses | $73,012 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,459 |
| Interest | $0 |
| Payments to affiliates | $956,154 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,140 |
| All other expenses | $0 |
| Total functional expenses | $45,638,879 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,352,345 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,141,096 |
| 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 | $61,010,774 |
| Investments—other securities | $6,271,809 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,000 |
| Total assets | $76,826,024 |
| Accounts payable and accrued expenses | $301,831 |
| 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 | $6,534,697 |
| Total liabilities | $6,836,528 |
| 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 | $69,989,496 |
| Total liabilities and net assets/fund balances | $76,826,024 |