Local 272 Welfare Fund
- Assets
- $22.8m
- Revenue
- $32.2m
- Investments
- $0.0
- Employees
- 10
- Location
- New York, NY
- Founding
- 02/1951
- Data as of
- 11/2021
- EIN
- 13-5555808
Organization Overview
Local 272 Welfare Fund is located in New York, 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 11/2021, Local 272 Welfare Fund employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 272 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 11/2021, Local 272 Welfare Fund generated $32.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $27.4m during the year ending 11/2021. While expenses have increased by 2.1% per year over the past 6 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 HEALTH AND RELATED BENEFITS TO ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH AND RELATED BENEFITS TO ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
TO PROVIDE HEALTH AND RELATED BENEFITS TO ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc A Goodman Fund Manager | Officer | 42 | $367,025 |
Maria Banchs Assist. Fund Manager | 25 | $186,746 | |
Carolyn Echols Claim Examiner | 40 | $114,456 | |
Fred Alston Trustee | Trustee | 5 | $0 |
Joseph Mattesi Trustee | Trustee | 5 | $0 |
Matthew Bruccoleri Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Viveka Health Claim Processing | 11/29/21 | $261,782 |
Empirx Health Prescription Drug Admin Fees. | 11/29/21 | $106,767 |
Viveka Health Claim Processing Software | 11/29/21 | $327,132 |
Magnacare Network Access | 11/29/21 | $971,895 |
Alicare Medical Management Claim Utilization And Review | 11/29/21 | $164,861 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $218,384 |
| 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 | $218,384 |
| Total Program Service Revenue | $32,010,861 |
| Investment income | $161,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,171,982 |
| 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 | $25,183,019 |
| 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 | $920,251 |
| Pension plan accruals and contributions | $75,686 |
| Other employee benefits | $42,366 |
| Payroll taxes | $56,733 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100,217 |
| Fees for services: Accounting | $135,076 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,717 |
| Fees for services: Other | $104,134 |
| Advertising and promotion | $0 |
| Office expenses | $53,831 |
| Information technology | $382,776 |
| Royalties | $0 |
| Occupancy | $244,183 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,938 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $39,900 |
| All other expenses | $0 |
| Total functional expenses | $27,363,827 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,744,045 |
| Savings and temporary cash investments | $307,893 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,663,749 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,121,210 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,603 |
| Total assets | $22,843,500 |
| Accounts payable and accrued expenses | $180,414 |
| 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 | $5,321,469 |
| Total liabilities | $5,501,883 |
| 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 | $17,341,617 |
| Total liabilities and net assets/fund balances | $22,843,500 |