Painting Industry Insurance Fund
- Assets
- $192.6m
- Revenue
- $129.6m
- Investments
- $109.1m
- Employees
- 30
- Location
- New York, NY
- Founding
- 05/1948
- Data as of
- 12/2023
- EIN
- 13-5600369
Organization Overview
Painting Industry Insurance Fund is located in New York, NY. The organization was established in 1948. 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 12/2023, Painting Industry Insurance Fund employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Painting Industry Insurance Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2023, Painting Industry Insurance Fund generated $129.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $120.8m during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MAJOR MEDICAL, HOSPITAL AND OTHER HEALTHCARE BENEFITS, AS WELL AS VACATION BENEFITS TO APPROXIMATELY 5,640 ELIGIBLE PARTICIPANTS WHO ARE MEMBERS OF IUPAT, AFL-CIO, DISTRICT COUNCIL NO. 9 AND ITS AFFILIATED LOCAL UNIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MAJOR MEDICAL, HOSPITAL AND OTHER HEALTHCARE BENEFITS, AS WELL AS VACATION BENEFITS TO APPROXIMATELY 5,640 ELIGIBLE PARTICIPANTS WHO ARE MEMBERS OF IUPAT, AFL-CIO, DISTRICT COUNCIL NO. 9 AND ITS AFFILIATED LOCAL UNIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Azzopardi Union Trustee | Trustee | 2 | $0 |
John Drew Union Trustee | Trustee | 2 | $0 |
Nicholas Milazzo Union Trustee | Trustee | 2 | $0 |
Anthony Speziale Union Trustee | Trustee | 2 | $0 |
Lee Eck Union Trustee | Trustee | 2 | $0 |
Matthew Gaeta Union Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Maganacare Claims Administration | 12/30/23 | $1,204,422 |
Barnes Iaccarino & Shepherd Pllc Legal Services | 12/30/23 | $327,820 |
Bridgeway Benefit Technologies Information Technology | 12/30/23 | $259,436 |
The Segal Company Consulting | 12/30/23 | $242,223 |
Marshall Moss Llp Payroll Compliance Ser Payroll Compliance Reviews | 12/30/23 | $684,170 |
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 | $120,569,236 |
| Investment income | $2,165,793 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,389,066 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $129,618,111 |
| 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 | $113,987,183 |
| 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 | $2,170,286 |
| Pension plan accruals and contributions | $711,922 |
| Other employee benefits | $669,361 |
| Payroll taxes | $198,556 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $206,437 |
| Fees for services: Accounting | $993,163 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $362,800 |
| Fees for services: Other | $332,648 |
| Advertising and promotion | $0 |
| Office expenses | $225,125 |
| Information technology | $272,474 |
| Royalties | $0 |
| Occupancy | $328,540 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,379 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,556 |
| Insurance | $151,112 |
| All other expenses | $0 |
| Total functional expenses | $120,761,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,514,427 |
| Savings and temporary cash investments | $36,692,643 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,981,917 |
| 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 | $239,087 |
| Net Land, buildings, and equipment | $31,384 |
| Investments—publicly traded securities | $28,945,947 |
| Investments—other securities | $109,074,034 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,167,238 |
| Total assets | $192,646,677 |
| Accounts payable and accrued expenses | $536,750 |
| 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 | $17,948,862 |
| Total liabilities | $18,485,612 |
| 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 | $174,161,065 |
| Total liabilities and net assets/fund balances | $192,646,677 |