Iuoe Local 30 Benefits Fund
- Assets
- $137.4m
- Revenue
- $75.8m
- Investments
- $73.8m
- Employees
- 19
- Location
- Whitestone, NY
- Founding
- 01/1956
- Data as of
- 12/2021
- EIN
- 13-2873303
Organization Overview
Iuoe Local 30 Benefits Fund is located in Whitestone, NY. The organization was established in 1956. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Iuoe Local 30 Benefits Fund employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iuoe Local 30 Benefits 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, Iuoe Local 30 Benefits Fund generated $75.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $73.0m during the year ending 12/2021. While expenses have increased by 8.0% 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
TO PROVIDE MEDICAL BENEFITS,SECOND OPINIONS,DENTAL,HYPERTENSION,ANNUAL PHYSICALS,OPTICAL BENEFITS,PRESCRIPTION DRUGS,ACCIDENTAL DEATH & DISMEMBERMENT,HOSPITAL & SURGICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEDICAL BENEFITS,SECOND OPINIONS,DENTAL,HYPERTENSION,ANNUAL PHYSICALS,OPTICAL BENEFITS,PRESCRIPTION DRUGS,ACCIDENTAL DEATH & DISMEMBERMENT,HOSPITAL & SURGICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donna Owens Benefits Fund Coordinator | 14 | $112,864 | |
Darren Turton Fund Administrator | Officer | 4 | $58,469 |
Michael Spillane Chief Funds Officer | Officer | 12 | $57,178 |
Brigid Ahern Benefits Employee | Officer | 12 | $31,721 |
William Lynn Union Trustee - Chairman | Trustee | 1 | $0 |
Howard Fox Employer Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Empire Healthchoice Assurance Inc Claims Administration | 12/30/21 | $1,598,228 |
Marshall & Moss Payroll Compliance Servi Accounting | 12/30/21 | $503,328 |
Metropolitan Management Services Inc Management | 12/30/21 | $202,465 |
Cigna Health Care Claims Administration | 12/30/21 | $133,169 |
Davis Vision Inc Claims Processing | 12/30/21 | $128,582 |
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 | $68,288,010 |
| Investment income | $672,306 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,242,707 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $75,805,086 |
| 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 | $70,894,192 |
| Compensation of current officers, directors, key employees. | $157,206 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $364,396 |
| Pension plan accruals and contributions | $150,539 |
| Other employee benefits | $54,992 |
| Payroll taxes | $42,522 |
| Fees for services: Management | $202,465 |
| Fees for services: Legal | $80,353 |
| Fees for services: Accounting | $299,306 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $81,328 |
| Fees for services: Other | $85,700 |
| Advertising and promotion | $0 |
| Office expenses | $90,879 |
| Information technology | $30,856 |
| Royalties | $0 |
| Occupancy | $288,520 |
| Travel | $22,844 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,192 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,584 |
| Insurance | $26,160 |
| All other expenses | $17,405 |
| Total functional expenses | $73,024,439 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $16,288,249 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,239,205 |
| 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 | $19,913 |
| Net Land, buildings, and equipment | $317,342 |
| Investments—publicly traded securities | $35,663,047 |
| Investments—other securities | $73,842,737 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $137,370,493 |
| Accounts payable and accrued expenses | $287,153 |
| 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 | $436,638 |
| Total liabilities | $723,791 |
| 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 | $136,646,702 |
| Total liabilities and net assets/fund balances | $137,370,493 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Berks County School Districts Health Tr Reading, PA | $37,307,686 | $92,475,879 |
New Jersey Property Liability Basking Ridge, NJ | $270,074,908 | $113,404,286 |
Iuoe Local 30 Benefits Fund Whitestone, NY | $137,370,493 | $75,805,086 |
American Institute For Chartered Property Casualty Underwriters Malvern, PA | $315,144,713 | $90,590,145 |
Northwestern Region Employee Norebt Erie, PA | $17,910,540 | $63,223,264 |
Bna Cash Basis Veba Trust Brooklyn, NY | $0 | $57,496,830 |
Nysa Ila Vacation & Holiday Fund Jersey City, NJ | $23,216,286 | $51,819,514 |
International Brotherhood Of Tmstrs Chauffers Wrhsmn & Helpers Of Amer Mountainside, NJ | $24,791,012 | $45,427,748 |
Golub Corporation Employees Benefit Trust Schenectady, NY | $0 | $47,368,126 |
Lycoming County Insurance Consortium Pooled Tr Canton, PA | $31,566,141 | $41,570,645 |
Highmark Voluntary Employees Beneficiary Assoc Pittsburgh, PA | $298,084,249 | $28,151,842 |
Local 8-86 Merck Employees Veba Trust Horsham, PA | $65,449,031 | $42,985,362 |