Ibew Local Union 375 Electricians Welfare Fund
- Assets
- $11.3m
- Revenue
- $13.1m
- Investments
- $0.0
- Employees
- 10
- Location
- Allentown, PA
- Founding
- 06/1964
- Data as of
- 12/2021
- EIN
- 23-6424575
Organization Overview
Ibew Local Union 375 Electricians Welfare Fund is located in Allentown, PA. The organization was established in 1964. 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 12/2021, Ibew Local Union 375 Electricians Welfare Fund employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ibew Local Union 375 Electricians 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 12/2021, Ibew Local Union 375 Electricians Welfare Fund generated $13.1m 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 $11.6m during the year ending 12/2021. While expenses have increased by 3.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HEALTH BENEFITS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PLAN PROVIDES LIFE, VISION, ACCIDENTAL DEATH, DISABILITY, DENTAL, HOSPITALIZATION, MEDICAL AND OTHER RELATED MEMBER BENEFITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Rex Union Trustee | Trustee | 2 | $0 |
Paul Anthony Union Trustee | Trustee | 5 | $0 |
Michael Alabovitz Employer Trustee | Trustee | 2 | $0 |
Meagan Cunningham Employer Trustee | Trustee | 2 | $0 |
Alex Maggitti Employer Trustee | Trustee | 2 | $0 |
Patrick Falenwolfe Union Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capital Blue Cross Claims Processing | 12/30/21 | $266,626 |
The Segal Company Consulting | 12/30/21 | $141,990 |
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 | $12,916,271 |
| Investment income | $103,823 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,733 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,102,827 |
| 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 | $10,997,313 |
| 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 | $32,400 |
| Fees for services: Accounting | $65,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,485 |
| Fees for services: Other | $500,323 |
| Advertising and promotion | $0 |
| Office expenses | $3,994 |
| Information technology | $9,685 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,115 |
| All other expenses | $5,501 |
| Total functional expenses | $11,638,176 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,040,527 |
| Savings and temporary cash investments | $3,074,592 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,712,761 |
| 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 | $47,334 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,380,333 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,255,547 |
| Accounts payable and accrued expenses | $22,451 |
| 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 | $129,867 |
| Total liabilities | $152,318 |
| 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 | $11,103,229 |
| Total liabilities and net assets/fund balances | $11,255,547 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Electric Company Postretirement Benefit Trust For Pittsburgh, PA | $1,127,925,500 | $332,837,993 |
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 |
International Union Of Operating Columbia, MD | $421,537,439 | $63,563,737 |
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 |