Mid-Jersey Trucking Industry Local 701 Welfare Fund Plan A & B
- Assets
- $10.3m
- Revenue
- $7.8m
- Investments
- $0.0
- Employees
- 7
- Location
- North Brunswick, NJ
- Founding
- 05/1958
- Data as of
- 05/2022
- EIN
- 22-1594458
Organization Overview
Mid-Jersey Trucking Industry Local 701 Welfare Fund Plan A & B is located in North Brunswick, NJ. The organization was established in 1958. 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 05/2022, Mid-Jersey Trucking Industry Local 701 Welfare Fund Plan A & B employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mid-Jersey Trucking Industry Local 701 Welfare Fund Plan A & B is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 05/2022, Mid-Jersey Trucking Industry Local 701 Welfare Fund Plan A & B generated $7.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $8.2m during the year ending 05/2022. While expenses have increased by 7.0% 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 HEALTH AND WELFARE BENEFITS FOR PARTICIPANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED HEALTH AND WELFARE BENEFITS TO PARTICIPANTS AND THEIR ELIGIBLE DEPENDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Giancarlo Prezioso Fund Manager | Officer | 40 | $67,144 |
Anthony Sidoti Trustee | Trustee | 1 | $11,442 |
Ernest Soehl Trustee | Trustee | 1 | $5,000 |
Lamar Beinhower Trustee | Trustee | 1 | $5,000 |
Rocco Morongello Trustee | Trustee | 1 | $2,317 |
Ronald Lake 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 | $7,379,185 |
| Investment income | $394,988 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,984 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,768,982 |
| 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 | $7,543,888 |
| Compensation of current officers, directors, key employees. | $90,903 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $123,585 |
| Pension plan accruals and contributions | $43,128 |
| Other employee benefits | $56,371 |
| Payroll taxes | $14,910 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $101,791 |
| Fees for services: Accounting | $17,266 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,061 |
| Fees for services: Other | $40,567 |
| Advertising and promotion | $0 |
| Office expenses | $2,377 |
| Information technology | $23,120 |
| Royalties | $0 |
| Occupancy | $31,926 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,502 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,697 |
| Insurance | $17,085 |
| All other expenses | $1,782 |
| Total functional expenses | $8,171,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $691,201 |
| Savings and temporary cash investments | $697 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $587,487 |
| 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 | $5,663 |
| Net Land, buildings, and equipment | $2,164 |
| Investments—publicly traded securities | $8,923,334 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $97,872 |
| Total assets | $10,308,418 |
| Accounts payable and accrued expenses | $162,205 |
| 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 | $0 |
| Total liabilities | $162,205 |
| 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 | $10,146,213 |
| Total liabilities and net assets/fund balances | $10,308,418 |