Laborers-157 Welfare Fund
- Assets
- $15.2m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 4
- Location
- Schenectady, NY
- Founding
- 01/1960
- Data as of
- 06/2021
- EIN
- 14-1437195
Organization Overview
Laborers-157 Welfare Fund is located in Schenectady, NY. The organization was established in 1960. 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 06/2021, Laborers-157 Welfare Fund employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laborers-157 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 06/2021, Laborers-157 Welfare Fund generated $4.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $3.7m during the year ending 06/2021. 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
HEALTH BENEFITS FOR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND PROVIDED MEMBERS WHO ARE ACTIVELY EMPLOYED IN THIS LOCAL'S JURISDICTION AND THEIR DEPENDENTS WITH THE FOLLOWING BENEFITS: LIFE INSURANCE; ACCIDENTAL DEATH & DISMEMBERMENT; LOSS OF TIME; HOSPITAL EXPENSES; SURGICAL EXPENSE; MEDICAL; LAB; X-RAY; HOME HEALTH CARE; MAJOR MEDICAL; PRESCRIPTIONS; DENTAL; VISION CARE; AND PHYSICAL EXAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael P Brady Fund Administrator | Officer | 40 | $103,683 |
Glenn Marek Union Trustee | Trustee | 1 | $0 |
Ian Shaul Union Trustee | Trustee | 1 | $0 |
Timothy Standhardt Union Trustee | Trustee | 1 | $0 |
Laura Regan Employer Trustee | Trustee | 1 | $0 |
Adam Hershberg Employer Trustee | Trustee | 1 | $0 |
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 | $4,037,288 |
| Investment income | $321,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $335,468 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,720,112 |
| 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 | $3,062,957 |
| Compensation of current officers, directors, key employees. | $64,892 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $57,541 |
| Pension plan accruals and contributions | $12,574 |
| Other employee benefits | $7,113 |
| Payroll taxes | $8,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,947 |
| Fees for services: Accounting | $41,741 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,477 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $11,619 |
| Information technology | $3,374 |
| Royalties | $0 |
| Occupancy | $8,928 |
| Travel | $819 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,154 |
| Insurance | $4,835 |
| All other expenses | $0 |
| Total functional expenses | $3,658,466 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,078,700 |
| Savings and temporary cash investments | $910,343 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,543,071 |
| 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 | $18,565 |
| Investments—publicly traded securities | $11,613,948 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,164,627 |
| Accounts payable and accrued expenses | $86,060 |
| 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 | $3,779,004 |
| Total liabilities | $3,865,064 |
| 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 | $11,299,563 |
| Total liabilities and net assets/fund balances | $15,164,627 |