Seafarers Health And Benefits Plan
- Assets
- $361.3m
- Revenue
- $134.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Camp Springs, MD
- Founding
- 11/1951
- Data as of
- 12/2021
- EIN
- 13-5557534
Organization Overview
Seafarers Health And Benefits Plan is located in Camp Springs, MD. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seafarers Health And Benefits Plan 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, Seafarers Health And Benefits Plan generated $134.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $95.7m during the year ending 12/2021. While expenses have increased by 4.6% 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 PAY HEALTH AND WELFARE BENEFITS TO PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND PROVIDES HEALTH AND WELFARE BENEFITS TO APPROXIMATELY 7,100 UNION MEMBERS AND THEIR DEPENDENTS; AS WELL AS PROVIDING SIMILAR BENEFITS TO APPROXIMATELY 1,400 RETIRED UNION MEMBERS AND THEIR DEPENDENTS.
UNDER THE FUND'S MEDICAL EXAMINATION PROGRAM THE FUND PROVIDES FOR PHYSICAL EXAMINATIONS AND DRUG SCREENING TESTS NECESSARY TO ENABLE THE APPROXIMATELY 7,100 UNION MEMBERS TO WORK IN COVERED EMPLOYMENT.
THE FUND PROVIDES OTHER ANCILLARY BENEFITS INCLUDING RECREATIONAL BENEFITS AT APPROXIMATELY 20 LOCATIONS THROUGHOUT THE UNITED STATES AND US TERRITORIES AND SCHOLARSHIP BENEFITS TO DEPENDENTS OF THE UNION MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Bowen Administrator | Officer | 8 | $0 |
Thomas Orzechowski Trustee | Trustee | 1 | $0 |
Dean Corgey Trustee | Trustee | 1 | $0 |
Nicholas Marrone Trustee | Trustee | 1 | $0 |
Bryan Powell Alternate Trustee | Trustee | 1 | $0 |
Joseph Soresi Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Connecticut General Life Insurance Compa Claims Processor | 12/30/21 | $1,697,368 |
Asb Capital Management Investment Manager | 12/30/21 | $756,769 |
Out Of Network Savings Program Claims Processor | 12/30/21 | $729,838 |
Cigna Health & Life Insurance Claims Processor | 12/30/21 | $645,111 |
Dr Schaub Consultant | 12/30/21 | $305,009 |
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 | $118,835,240 |
| Investment income | $5,610,564 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,339,287 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $134,289,956 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $123,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $80,828,085 |
| 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 | $1,382,924 |
| Pension plan accruals and contributions | $560,302 |
| Other employee benefits | $561,736 |
| Payroll taxes | $119,361 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $135 |
| Fees for services: Accounting | $129,065 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $809,348 |
| Fees for services: Other | $3,409,966 |
| Advertising and promotion | $0 |
| Office expenses | $129,266 |
| Information technology | $117,477 |
| Royalties | $0 |
| Occupancy | $231,573 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,692 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,274 |
| Insurance | $179,307 |
| All other expenses | $79,919 |
| Total functional expenses | $95,725,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,797,314 |
| Savings and temporary cash investments | $1,498,905 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,350,050 |
| 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 | $267,983 |
| Net Land, buildings, and equipment | $307,770 |
| Investments—publicly traded securities | $340,107,626 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $361,329,648 |
| Accounts payable and accrued expenses | $5,903,718 |
| 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 | $1,692,428 |
| Total liabilities | $7,596,146 |
| 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 | $353,733,502 |
| Total liabilities and net assets/fund balances | $361,329,648 |