Ibew-363 Labor Welfare Fund
- Assets
- $52.3m
- Revenue
- $28.0m
- Investments
- $0.0
- Employees
- 20
- Location
- Harriman, NY
- Founding
- 05/1955
- Data as of
- 12/2021
- 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 12/2021, Ibew-363 Labor Welfare Fund employed 20 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 12/2021, Ibew-363 Labor Welfare Fund generated $28.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $26.8m during the year ending 12/2021. While expenses have increased by 10.7% 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 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 |
|---|---|---|---|
Pamela Brown Plan Administrator | Officer | 12 | $149,330 |
Samuel Fratto Union Trustee | Trustee | 1 | $0 |
Gil Heim Union Trustee | Trustee | 1 | $0 |
John Dickson Union Trustee | Trustee | 1 | $0 |
Steve Neugebauer Union Trustee | Trustee | 1 | $0 |
John A Maraia Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aetna Claims Processing | 12/30/21 | $182,056 |
Maloney Associates Inc Claims Processing | 12/30/21 | $120,133 |
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 | $25,599,668 |
| Investment income | $569,945 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,270,679 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,025,970 |
| 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 | $25,366,304 |
| Compensation of current officers, directors, key employees. | $149,330 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $331,321 |
| Pension plan accruals and contributions | $105,518 |
| Other employee benefits | $166,381 |
| Payroll taxes | $42,554 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,606 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $147,085 |
| Fees for services: Other | $353,162 |
| Advertising and promotion | $0 |
| Office expenses | $43,824 |
| Information technology | $25,606 |
| Royalties | $0 |
| Occupancy | $18,066 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,484 |
| All other expenses | $5,803 |
| Total functional expenses | $26,812,744 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,965,355 |
| Savings and temporary cash investments | $683,025 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,746,174 |
| 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 | $10,500 |
| Investments—publicly traded securities | $33,739,980 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,605 |
| Total assets | $52,283,639 |
| Accounts payable and accrued expenses | $12,982 |
| 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 | $9,300,293 |
| Total liabilities | $9,313,275 |
| 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 | $42,970,364 |
| Total liabilities and net assets/fund balances | $52,283,639 |