Excavators Union-731 Welfare Fund
- Assets
- $855.2m
- Revenue
- $265.7m
- Investments
- $3.2m
- Employees
- 7
- Location
- Astoria, NY
- Founding
- 10/1951
- Data as of
- 12/2021
- 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 12/2021, Excavators Union-731 Welfare Fund employed 7 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 12/2021, Excavators Union-731 Welfare Fund generated $265.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $179.4m during the year ending 12/2021. While expenses have increased by 6.5% per year over the past 7 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
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 |
|---|---|---|---|
Paul D'abbraccio Fund Mngr | Officer | 20 | $0 |
Frank Biancaniello Union Truste | Trustee | 0 | $0 |
Joseph D'amato Union Truste | Trustee | 0 | $0 |
Mark Rosen Employer Tru | Trustee | 0 | $0 |
Robert Wessel Employer Tru | Trustee | 0 | $0 |
Giovanni Laucella Collections | 12 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Claims | 12/30/21 | $4,530,248 |
Atalanta Sosnoff Invest Mgr | 12/30/21 | $525,735 |
Bhms Invest Mgr | 12/30/21 | $365,330 |
Mel Feder Legal | 12/30/21 | $313,800 |
Atalanta Sosnoff Invest Mgr | 12/30/21 | $312,423 |
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 | $210,844,353 |
| Investment income | $47,573,316 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,933,842 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $265,733,082 |
| 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 | $173,339,009 |
| 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 | $1,190,105 |
| Pension plan accruals and contributions | $323,652 |
| Other employee benefits | $1,272,577 |
| Payroll taxes | $85,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $447,392 |
| Fees for services: Accounting | $222,914 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,532,047 |
| Fees for services: Other | $182,352 |
| Advertising and promotion | $0 |
| Office expenses | $176,276 |
| Information technology | $251,410 |
| Royalties | $0 |
| Occupancy | $258,134 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,405 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,792 |
| Insurance | $72,476 |
| All other expenses | $2,473 |
| Total functional expenses | $179,407,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,294,348 |
| Savings and temporary cash investments | $7,482,222 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,501,184 |
| 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 | $81,096 |
| Net Land, buildings, and equipment | $209,646 |
| Investments—publicly traded securities | $801,998,218 |
| Investments—other securities | $3,164,812 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,466,029 |
| Total assets | $855,197,555 |
| Accounts payable and accrued expenses | $310,062 |
| 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 | $5,423,813 |
| Total liabilities | $5,733,875 |
| 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 | $849,463,680 |
| Total liabilities and net assets/fund balances | $855,197,555 |