Excavators Union-731 Welfare Fund
- Assets
- $763.6m
- Revenue
- $148.2m
- Investments
- $3.0m
- Employees
- 6
- Location
- Astoria, NY
- Founding
- 10/1951
- Data as of
- 12/2022
- EIN
- 13-1615440
Organization Overview
Excavators Union-731 Welfare Fund is located in Astoria, 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 12/2022, Excavators Union-731 Welfare Fund employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Excavators Union-731 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 12/2022, Excavators Union-731 Welfare Fund generated $148.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $194.2m during the year ending 12/2022. While expenses have increased by 6.7% 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
COLLECTIVELY BARGAINED MULTI-EMPLOYER WELFARE FUND CREATED TO PROVIDE HEALTH & WELFARE BENEFITS TO PARTICIPANTS AND THEIR DEPENDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH & WELFARE BENEFITS TO PARTICIPANTS AND THEIR DEPENDENTS
TO PROVIDE HEALTH & WELFARE BENEFIT TO PARTICIPANTS AND THEIR DEPENDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph D'amato Union Truste | Trustee | 0 | $0 |
Dominic Valdner Union Truste | Trustee | $0 | |
Frank Biancaniello Past Union T | Trustee | 0 | $0 |
Paul D'abbraccio Fund Mngr | Officer | 20 | $0 |
Mark Key Asst Fund Ad | 25 | $0 | |
Michelle Reid Pension Supe | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Claims | 12/30/22 | $4,509,600 |
Mel Feder Legal | 12/30/22 | $319,575 |
Atalanta Sosnoff Invest Mgr | 12/30/22 | $362,684 |
Alliance Bernstein | 12/30/22 | $291,973 |
Bhms Invest Mgr | 12/30/22 | $366,074 |
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 | $227,119,147 |
| Investment income | -$49,964,827 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$29,247,104 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $148,230,036 |
| 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 | $189,069,831 |
| 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 | $1,181,402 |
| Pension plan accruals and contributions | $467,692 |
| Other employee benefits | $584,133 |
| Payroll taxes | $86,063 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $348,641 |
| Fees for services: Accounting | $230,111 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,295,058 |
| Fees for services: Other | $205,612 |
| Advertising and promotion | $0 |
| Office expenses | $179,882 |
| Information technology | $107,594 |
| Royalties | $0 |
| Occupancy | $293,904 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,409 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,146 |
| Insurance | $75,881 |
| All other expenses | $0 |
| Total functional expenses | $194,198,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,500,498 |
| Savings and temporary cash investments | $11,590,400 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,675,271 |
| 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 | $54,119 |
| Net Land, buildings, and equipment | $151,923 |
| Investments—publicly traded securities | $703,928,328 |
| Investments—other securities | $2,963,599 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,780,321 |
| Total assets | $763,644,459 |
| Accounts payable and accrued expenses | $448,282 |
| 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 | $5,228,809 |
| Total liabilities | $5,677,091 |
| 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 | $757,967,368 |
| Total liabilities and net assets/fund balances | $763,644,459 |