Teamster Local 641-Welfare Fund
- Assets
- $36.5m
- Revenue
- $13.9m
- Investments
- $0.0
- Employees
- 6
- Location
- Union, NJ
- Founding
- 12/1974
- Data as of
- 02/2022
- EIN
- 22-6220289
Organization Overview
Teamster Local 641-Welfare Fund is located in Union, NJ. The organization was established in 1974. 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 02/2022, Teamster Local 641-Welfare Fund employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamster Local 641-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 02/2022, Teamster Local 641-Welfare Fund generated $13.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $13.8m during the year ending 02/2022. While expenses have increased by 6.8% 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 TO PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED HEALTH AND WELFARE BENEFITS TO PARTICIPANTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Florian Plan Manager | Officer | 35 | $38,537 |
James Kilkenny Trustee | Trustee | 1 | $0 |
William Cunningham Trustee | Trustee | 1 | $0 |
David Mazzella Trustee | Trustee | 1 | $0 |
Michael Marchello Trustee | Trustee | 1 | $0 |
Gary Mills 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 | $9,307,588 |
| Investment income | $600,413 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,847,758 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,921,254 |
| 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 | $12,550,362 |
| Compensation of current officers, directors, key employees. | $38,537 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $157,529 |
| Pension plan accruals and contributions | $63,748 |
| Other employee benefits | $53,823 |
| Payroll taxes | $18,504 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $60,000 |
| Fees for services: Accounting | $46,228 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,112 |
| Fees for services: Other | $32,000 |
| Advertising and promotion | $0 |
| Office expenses | $28,623 |
| Information technology | $52,958 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,505 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,552 |
| Insurance | $30,062 |
| All other expenses | $0 |
| Total functional expenses | $13,764,071 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $8,019,339 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $671,908 |
| 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 | $11,670 |
| Net Land, buildings, and equipment | $1,057,182 |
| Investments—publicly traded securities | $26,385,167 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $317,425 |
| Total assets | $36,462,891 |
| Accounts payable and accrued expenses | $232,586 |
| 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 | $29,123 |
| Total liabilities | $261,709 |
| 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 | $36,201,182 |
| Total liabilities and net assets/fund balances | $36,462,891 |
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|---|---|---|
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Dist Council Iron Workers Welfare Fund Of Northern New Jersey Springfield, NJ | $71,862,811 | $39,989,422 |
Veba Trust For Union Employees Of Keyspan Corporation Pittsburgh, PA | $1,069,869,045 | $310,728,868 |
Health Reimbursement Account Fund Of The Electrical Industry Flushing, NY | $132,750,726 | $42,957,769 |
Ufcw Local 1776ks Wd And Employers Health Fund Canonsburg, PA | $57,492,418 | $45,036,946 |
Gte Bargained Retired Group Insurance Plan Pittsburgh, PA | $581,895,835 | $94,164,252 |
The Alliance Of Western New York Benefit Fund Niagara Falls, NY | $6,976,289 | $46,952,966 |
Engineers Union Welfare Fund-68 W Caldwell, NJ | $91,129,642 | $51,382,573 |
Njbls Welfare Fund Jersey City, NJ | $110,871,064 | $43,109,332 |
Noitu Insurance Trust Fund Jamaica, NY | $148,755,855 | $71,536,431 |
Service Employees 32bj North Health Fund New York, NY | $54,056,871 | $50,215,103 |
Northeast Pennsylvania Sch Dist Tr Edwardsville, PA | $25,318,463 | $48,080,528 |