Iron Workers Locals 40 361 & 417 Welfare Fund
- Assets
- $207.4m
- Revenue
- $120.0m
- Investments
- $161.5m
- Employees
- 20
- Location
- New York, NY
- Founding
- 12/1949
- Data as of
- 12/2022
- EIN
- 13-5622663
Organization Overview
Iron Workers Locals 40 361 & 417 Welfare Fund is located in New York, NY. The organization was established in 1949. 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 12/2022, Iron Workers Locals 40 361 & 417 Welfare Fund employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Workers Locals 40 361 & 417 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 12/2022, Iron Workers Locals 40 361 & 417 Welfare Fund generated $120.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $119.3m during the year ending 12/2022. While expenses have increased by 2.4% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH, VACATION AND OTHER BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOSPITALIZATION, COMPREHENSIVE MEDICAL, PRESCRIPTION, DENTAL, OPTICAL, SUPPLEMENTARY MEDICARE, AND VACATION BENEFITS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jake Bidosky Employers Trustee | Trustee | 0.5 | $0 |
Steve Isaacson Employers Trustee | Trustee | 0.5 | $0 |
Robert Samela Employers Trustee | Trustee | 0.5 | $0 |
Richard Lucas Employers Trustee | Trustee | 0.5 | $0 |
A Alan Seidman Employers Trustee | Trustee | 0.5 | $0 |
Daniel Teutul Employers Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Joint Multi Service Associates Ltd Accounting | 12/30/22 | $312,000 |
Segal Consultants Actuarial | 12/30/22 | $224,974 |
Colleran O'hara & Mills Llp Legal | 12/30/22 | $192,850 |
Western Asset Management Co Investment Advisory | 12/30/22 | $152,076 |
Ziegler Capital Management Investment Advisory | 12/30/22 | $114,781 |
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 | $117,613,900 |
| Investment income | $5,391,210 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,057,991 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $119,986,476 |
| 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 | $114,311,353 |
| 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 | $1,268,897 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $928,336 |
| Payroll taxes | $107,587 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $210,830 |
| Fees for services: Accounting | $254,851 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $413,373 |
| Advertising and promotion | $0 |
| Office expenses | $65,145 |
| Information technology | $196,194 |
| Royalties | $0 |
| Occupancy | $562,717 |
| Travel | $8,392 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,680 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,353 |
| Insurance | $236,987 |
| All other expenses | $55,396 |
| Total functional expenses | $119,286,258 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,576,169 |
| Savings and temporary cash investments | $11,265,570 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,965,672 |
| 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 | $154,452 |
| Net Land, buildings, and equipment | $118,587 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $161,516,015 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,808,199 |
| Total assets | $207,404,664 |
| Accounts payable and accrued expenses | $26,716,582 |
| 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 | $7,799,995 |
| Total liabilities | $34,516,577 |
| 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 | $172,888,087 |
| Total liabilities and net assets/fund balances | $207,404,664 |