Building Services Local 2 Welfare Fund
- Assets
- $19.6m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Ozone Park, NY
- Founding
- 10/1958
- Data as of
- 12/2021
- EIN
- 11-1831226
Organization Overview
Building Services Local 2 Welfare Fund is located in Ozone Park, NY. The organization was established in 1958. 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 12/2021, Building Services Local 2 Welfare Fund employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Building Services Local 2 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 12/2021, Building Services Local 2 Welfare Fund generated $7.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $4.4m during the year ending 12/2021. 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
TO PROVIDE MEDICAL, DENTAL AND PRESCRIPTION BENEFITS TO ELIGIBLE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEDICAL, DENTAL AND PRESCRIPTION BENEFITS TO ELIGIBLE MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Clanton Vice President | Officer | 40 | $133,845 |
Lydia Stuart Secretary-Treasurer | Officer | 1 | $0 |
Carlos Stuart Union Trustee/president | Trustee | 1 | $0 |
Robert Palmer Employer Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Barnes Iaccarino & Shepherd Llp Legal Services | 12/30/21 | $122,443 |
Leading Edge Administrators Administrators | 12/30/21 | $145,515 |
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 | $5,445,773 |
| Investment income | $366,955 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,477,957 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,504,280 |
| 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 | $3,879,886 |
| Compensation of current officers, directors, key employees. | $144,844 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,512 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,047 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $122,443 |
| Fees for services: Accounting | $28,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,511 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,563 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,718 |
| Travel | $0 |
| 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 | $5,318 |
| Insurance | $16,047 |
| All other expenses | $0 |
| Total functional expenses | $4,350,781 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,466,934 |
| Savings and temporary cash investments | $2,571,306 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $504,575 |
| 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 | $10,446 |
| Investments—publicly traded securities | $15,050,581 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,520 |
| Total assets | $19,605,362 |
| Accounts payable and accrued expenses | $19,268 |
| 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 | $0 |
| Total liabilities | $19,268 |
| 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 | $19,586,094 |
| Total liabilities and net assets/fund balances | $19,605,362 |