Ibew-363 Labor Welfare Fund
- Assets
- $49.6m
- Revenue
- $27.9m
- Investments
- $0.0
- Employees
- 13
- Location
- Harriman, NY
- Founding
- 05/1955
- Data as of
- 12/2022
- EIN
- 13-6132502
Organization Overview
Ibew-363 Labor Welfare Fund is located in Harriman, NY. The organization was established in 1955. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 12/2022, Ibew-363 Labor Welfare Fund employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ibew-363 Labor 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, Ibew-363 Labor Welfare Fund generated $27.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $26.3m during the year ending 12/2022. While expenses have increased by 11.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE WELFARE BENEFITS TO ELIGIBLE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ACCIDENT,HOSPITAL,MEDICAL,SURGICAL,DISABILITY,OPTICAL VACATION BENEFITS FOR ELIGIBLE PARTICIPANTS & DEPENDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samuel Fratto Union Trustee | Trustee | 1 | $0 |
Steve Neugebauer Union Trustee | Trustee | 1 | $0 |
John Dickson Union Trustee | Trustee | 1 | $0 |
John A Maraia Union Trustee | Trustee | 1 | $0 |
Joseph Deleonardis Employer Trustee | Trustee | 1 | $0 |
Robert Kaehler Employer Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Maloney Associates Inc Claims Processing | 12/30/22 | $121,676 |
Aetna Claims Processing | 12/30/22 | $202,359 |
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 | $26,586,979 |
| Investment income | $635,046 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $112,982 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,935,804 |
| 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 | $24,848,118 |
| Compensation of current officers, directors, key employees. | $160,980 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $288,916 |
| Pension plan accruals and contributions | $112,155 |
| Other employee benefits | $165,542 |
| Payroll taxes | $36,321 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,071 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $136,959 |
| Fees for services: Other | $391,280 |
| Advertising and promotion | $0 |
| Office expenses | $51,126 |
| Information technology | $40,267 |
| Royalties | $0 |
| Occupancy | $17,115 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $656 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41 |
| Insurance | $11,789 |
| All other expenses | $6,050 |
| Total functional expenses | $26,301,986 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,421,725 |
| Savings and temporary cash investments | $611,438 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,061,985 |
| 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 | $0 |
| Net Land, buildings, and equipment | $19,692 |
| Investments—publicly traded securities | $29,290,847 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $205,847 |
| Total assets | $49,611,534 |
| Accounts payable and accrued expenses | $10,576 |
| 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 | $10,081,106 |
| Total liabilities | $10,091,682 |
| 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 | $39,519,852 |
| Total liabilities and net assets/fund balances | $49,611,534 |