Afl-Cio Mutual Benefit Plan
- Assets
- $42.6m
- Revenue
- $1.9m
- Investments
- $37.4m
- Employees
- 0
- Location
- Washington, DC
- Founding
- 09/2010
- Data as of
- 12/2023
- EIN
- 13-4237843
Organization Overview
Afl-Cio Mutual Benefit Plan is located in Washington, DC. The organization was established in 2010. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Afl-Cio Mutual Benefit Plan is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2023, Afl-Cio Mutual Benefit Plan generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HARDSHIP GRANTS, INTEREST FREE MORTGAGE LOANS AND INSURANCE COVERAGE TO MEMBERS OF UNIONS AND ORGANIZATIONS AFFILIATED WITH THE AFL-CIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED GROUP AND OTHER INSURANCE BENEFITS; PROVIDED INTEREST FREE MORTGAGE LOAN ASSISTANCE TO ELIGIBLE PARTICIPANTS; PROVIDED HARDSHIP ASSISTANCE TO ELIGIBLE PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lorretta Johnson Trustee | Trustee | 1 | $0 |
Paul Whitehead Trustee | Trustee | 1 | $0 |
Gregory Hamblet Trustee | Trustee | 1 | $0 |
Kevin Stringer Trustee | Trustee | 1 | $0 |
Steven Fantauzzo Trustee | Trustee | 1 | $0 |
Ken Rigmaiden Trustee (resigned 10/2023) | Trustee | 1 | $0 |
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 | $224,100 |
| Investment income | $1,213,626 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $396,202 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,886,408 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,719,934 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $240,131 |
| Fees for services: Legal | $16,910 |
| Fees for services: Accounting | $37,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $135,521 |
| Fees for services: Other | $0 |
| Advertising and promotion | $65,091 |
| Office expenses | $5,212 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $48,943 |
| All other expenses | $0 |
| Total functional expenses | $2,429,187 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $917,958 |
| Savings and temporary cash investments | $3,399,535 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $95,605 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $769,280 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $37,435,398 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,617,776 |
| Accounts payable and accrued expenses | $29,000 |
| 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 | $803,867 |
| Total liabilities | $832,867 |
| Net assets without donor restrictions | $41,784,909 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $42,617,776 |