Sheet Metal Workers Welfare Fund-22
- Assets
- $19.4m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Cranford, NJ
- Founding
- 05/1952
- Data as of
- 05/2023
- EIN
- 22-1505211
Organization Overview
Sheet Metal Workers Welfare Fund-22 is located in Cranford, NJ. The organization was established in 1952. 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. Sheet Metal Workers Welfare Fund-22 is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 05/2023, Sheet Metal Workers Welfare Fund-22 generated $6.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $6.2m during the year ending 05/2023. While expenses have increased by 11.1% 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
TO PROVIDE HEALTH BENEFITS TO PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SHEET METAL WORKERS LOCAL NO. 22 WELFARE FUND PROVIDES HEALTH BENEFITS TO PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Gallagher Administrator | Trustee | 40 | $88,655 |
Andrew Novak Employer Trustee | Trustee | 1 | $0 |
Gregg Wheatley Employer Trustee | Trustee | 1 | $0 |
James O'reilly Union Trustee | Trustee | 1 | $0 |
David Castner Union Trustee | Trustee | 1 | $0 |
Jason Rooney Union 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 | $6,267,248 |
| Investment income | $537,230 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,364 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,842,475 |
| 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 | $5,711,108 |
| 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 | $1,607 |
| Fees for services: Accounting | $16,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $77,895 |
| Fees for services: Other | $182,927 |
| Advertising and promotion | $0 |
| Office expenses | $9,744 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,000 |
| Travel | $0 |
| 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 | $1,059 |
| Insurance | $6,577 |
| All other expenses | $0 |
| Total functional expenses | $6,162,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $873,818 |
| Savings and temporary cash investments | $1,060,114 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,614,192 |
| 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 | $136 |
| Investments—publicly traded securities | $15,844,183 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,361 |
| Total assets | $19,436,804 |
| Accounts payable and accrued expenses | $248,313 |
| 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 | $11,967 |
| Total liabilities | $260,280 |
| 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 | $19,176,524 |
| Total liabilities and net assets/fund balances | $19,436,804 |