I B E W-910 Welfare Fund
- Assets
- $9.4m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Watertown, NY
- Founding
- 03/1962
- Data as of
- 06/2023
- EIN
- 16-6053626
Organization Overview
I B E W-910 Welfare Fund is located in Watertown, NY. The organization was established in 1962. 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. I B E W-910 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 06/2023, I B E W-910 Welfare Fund generated $6.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $6.6m during the year ending 06/2023. While expenses have increased by 3.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HEALTH & WELFARE BENEFITS FOR ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HEALTH & WELFARE BENEFITS FOR ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel Bovee Trustee | Trustee | 0 | $0 |
Curtis M Hammond President | Trustee | 0 | $0 |
John O'driscoll Former Trustee | Trustee | 0 | $0 |
Andrew Van Tassel Secretary | Trustee | 0 | $0 |
Leo Villeneuve Former Trustee | Trustee | 0 | $0 |
Steven Young Trustee | Trustee | 0 | $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 | $6,206,929 |
| Investment income | $323,803 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$235,145 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,337,204 |
| 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 | $5,825,219 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,116 |
| Fees for services: Accounting | $31,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $40,625 |
| Fees for services: Other | $26,700 |
| Advertising and promotion | $0 |
| Office expenses | $9,428 |
| Information technology | $7,285 |
| Royalties | $0 |
| Occupancy | $7,500 |
| Travel | $244 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,628 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $858 |
| Insurance | $156,759 |
| All other expenses | $2,140 |
| Total functional expenses | $6,597,821 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $493,407 |
| Savings and temporary cash investments | $397,022 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $646,781 |
| 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 | $17,925 |
| Investments—publicly traded securities | $7,766,069 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,816 |
| Total assets | $9,351,020 |
| Accounts payable and accrued expenses | $149,297 |
| 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 | $33,280 |
| Total liabilities | $182,577 |
| Net assets without donor restrictions | $9,168,443 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $9,351,020 |