Local 342 Health Care Fund
- Assets
- $3.3m
- Revenue
- $24.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Bohemia, NY
- Founding
- 02/1961
- Data as of
- 12/2022
- EIN
- 13-5626340
Organization Overview
Local 342 Health Care Fund is located in Bohemia, NY. The organization was established in 1961. 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. Local 342 Health Care 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, Local 342 Health Care Fund generated $24.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $23.1m during the year ending 12/2022. While expenses have increased by 2.7% 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 AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tenisha Williamson Union Trustee | Trustee | 2 | $0 |
Debra Dunn Union Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Magnacare Benefit Administration | 12/30/22 | $1,359,864 |
Healthplex Inc Benefit Administration | 12/30/22 | $100,293 |
Empirx Health Llc Claims Processing | 12/30/22 | $469,411 |
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 | $24,047,811 |
| Investment income | $9,873 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,597 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,051,087 |
| 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 | $21,067,393 |
| 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 | $1,148,467 |
| Pension plan accruals and contributions | $118,968 |
| Other employee benefits | $173,544 |
| Payroll taxes | $98,436 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,630 |
| Fees for services: Accounting | $37,467 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,500 |
| Fees for services: Other | $36,000 |
| Advertising and promotion | $0 |
| Office expenses | $130,359 |
| Information technology | $21,828 |
| Royalties | $0 |
| Occupancy | $176,989 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,529 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $19,117 |
| All other expenses | $12,398 |
| Total functional expenses | $23,068,625 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,331 |
| Savings and temporary cash investments | $2,434,622 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $298,911 |
| 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 | $3,680 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $400,767 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $135,562 |
| Total assets | $3,307,873 |
| Accounts payable and accrued expenses | $280,671 |
| 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 | $17,938 |
| Total liabilities | $298,609 |
| 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 | $3,009,264 |
| Total liabilities and net assets/fund balances | $3,307,873 |