Painting Industry Insurance Fund
- Assets
- $184.2m
- Revenue
- $117.3m
- Investments
- $110.5m
- Employees
- 27
- Location
- New York, NY
- Founding
- 05/1948
- Data as of
- 12/2021
- 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 12/2021, Painting Industry Insurance Fund employed 27 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 12/2021, Painting Industry Insurance Fund generated $117.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $119.9m during the year ending 12/2021. While expenses have increased by 5.3% 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 MAJOR MEDICAL, HOSPITAL AND OTHER HEALTHCARE BENEFITS, AS WELL AS VACATION BENEFITS TO APPROXIMATELY 6,090 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 6,090 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 |
|---|---|---|---|
Lloyd Goldenberg Co-Fund Administrator | 31 | $126,131 | |
Aurelia Ciocoi Fund Employee | 35 | $119,722 | |
Kevin Mcmenomy Controller | 21 | $86,837 | |
Salvatore Savarese Fund Employee | 16 | $60,735 | |
Jed Coldon Employer Trustee | Trustee | 2 | $0 |
Gordon Roth Employer Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Maganacare Claims Administration | 12/30/21 | $1,085,740 |
Marshall Moss Llp Payroll Compliance Ser Payroll Compliance Reviews | 12/30/21 | $640,028 |
Gallagher Benefit Servcies Inc Benefit Consulting | 12/30/21 | $250,000 |
Barnes Iaccarino & Shepherd Pllc Legal Services | 12/30/21 | $402,507 |
The Segal Company Actuarial Consulting | 12/30/21 | $210,369 |
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 | $104,543,944 |
| Investment income | $1,374,213 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,578,590 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $117,293,620 |
| 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 | $112,614,019 |
| 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 | $1,909,692 |
| Pension plan accruals and contributions | $545,418 |
| Other employee benefits | $547,234 |
| Payroll taxes | $167,457 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $266,708 |
| Fees for services: Accounting | $935,708 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $301,440 |
| Fees for services: Other | $210,369 |
| Advertising and promotion | $0 |
| Office expenses | $284,810 |
| Information technology | $174,155 |
| Royalties | $0 |
| Occupancy | $1,753,540 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,221 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,974 |
| Insurance | $120,304 |
| All other expenses | $0 |
| Total functional expenses | $119,942,319 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,168,018 |
| Savings and temporary cash investments | $33,191,777 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,516,451 |
| 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 | $302,384 |
| Net Land, buildings, and equipment | $48,466 |
| Investments—publicly traded securities | $26,701,789 |
| Investments—other securities | $110,454,344 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,794,683 |
| Total assets | $184,177,912 |
| Accounts payable and accrued expenses | $941,288 |
| Grants payable | $0 |
| Deferred revenue | $4,381 |
| 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 | $12,191,379 |
| Total liabilities | $13,137,048 |
| 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 | $171,040,864 |
| Total liabilities and net assets/fund balances | $184,177,912 |