Local 817 I B T Scholarship Training Fund
- Assets
- $44.0m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 103
- Location
- Great Neck, NY
- Founding
- 08/1980
- Data as of
- 12/2022
- EIN
- 11-2602554
Organization Overview
Local 817 I B T Scholarship Training Fund is located in Great Neck, NY. The organization was established in 1980. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, Local 817 I B T Scholarship Training Fund employed 103 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 817 I B T Scholarship Training Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2022, Local 817 I B T Scholarship Training Fund generated $9.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. While expenses have increased by 5.2% per year over the past 8 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
TO PROVIDE SCHOLARSHIP BENEFITS TO ELIGIBLE DEPENDENTS AND MEMBERS OF INTERNATIONAL BROTHERHOOD OF TEAMSTERS LOCAL 817.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOLARSHIP FUND PROVIDES SCHOLARSHIP BENEFITS TO ELIGIBLE MEMBERS AND THEIR DEPENDENTS. THERE WERE 1,081 PARTICIPANTS AT DECEMBER 31, 2022. TOTAL SCHOLARSHIP PAYMENTS FOR 2021 WERE $2,860,819.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J O'donnell Trustee | Trustee | 1 | $0 |
Allan Krahieh Trustee | Trustee | 1 | $0 |
Gregg Carlesimo Trustee | Trustee | 1 | $0 |
Francis J Connolly Jr Trustee | Trustee | 1 | $0 |
Brian Salomone Trustee | Trustee | 1 | $0 |
Kathleen Kreinbihl Fund Administrator | Officer | 2 | $23,193 |
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 | $7,383,627 |
| Investment income | $215,598 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,380,819 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,981,637 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,860,819 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $27,068 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,760 |
| Pension plan accruals and contributions | $3,248 |
| Other employee benefits | $11,803 |
| Payroll taxes | $221,462 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,089 |
| Fees for services: Accounting | $17,258 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $124,729 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,282 |
| Information technology | $3,348 |
| Royalties | $0 |
| Occupancy | $19,857 |
| Travel | $242 |
| 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 | $1,904 |
| Insurance | $18,703 |
| All other expenses | $0 |
| Total functional expenses | $3,327,747 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,408,946 |
| Savings and temporary cash investments | $5,181,603 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $380,783 |
| 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 | $1,646 |
| Net Land, buildings, and equipment | $4,028 |
| Investments—publicly traded securities | $36,982,083 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,995 |
| Total assets | $43,972,084 |
| Accounts payable and accrued expenses | $24,475 |
| 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 | $14,056 |
| Total liabilities | $38,531 |
| 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 | $43,933,553 |
| Total liabilities and net assets/fund balances | $43,972,084 |