Asbetos Workers Philadelphia Welfare Fund
- Assets
- $29.6m
- Revenue
- $15.8m
- Investments
- $0.0
- Employees
- 4
- Location
- Philadelphia, PA
- Founding
- 09/1960
- Data as of
- 06/2023
- EIN
- 23-7097998
Organization Overview
Asbetos Workers Philadelphia Welfare Fund is located in Philadelphia, PA. The organization was established in 1960. 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 06/2023, Asbetos Workers Philadelphia Welfare Fund employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbetos Workers Philadelphia 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, Asbetos Workers Philadelphia Welfare Fund generated $15.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $16.8m during the year ending 06/2023. While expenses have increased by 2.5% 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
THE PLAN IS A MULTIEMPLOYER HEALTH AND WELFARE PLAN COVERING MEMBERS OF INSULATORS AND ASBESTOS WORKERS LOCAL UNION NOS. 14 AND 89 AND ALL EMPLOYEES WHOSE EMPLOYMENT IS IN A CAPACITY WHICH PROVIDES FOR CONTRIBUTIONS TO THE TRUST OF THE PLAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEDICAL, HOSPITAL, DENTAL, VISION, PRESCRIPTION, WEEKLY DISABILITY INCOME, AND DEATH BENEFITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Mccaffrey Management Trustee Co-Chai | Trustee | 1 | $0 |
Stephen Pettit Labor Trustee Co-Chairman | Trustee | 1 | $0 |
Michael Formica Management Trustee | Trustee | 1 | $0 |
Robert Cellucci Labor Trustee | Trustee | 1 | $0 |
Arthur Sweeney Management Trustee | Trustee | 1 | $0 |
Stephen Roberts Jr Labor 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 | $15,197,601 |
| Investment income | $764,494 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$171,460 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,790,635 |
| 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 | $15,897,959 |
| Compensation of current officers, directors, key employees. | $28,547 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $170,150 |
| Pension plan accruals and contributions | $101,514 |
| Other employee benefits | $57,232 |
| Payroll taxes | $12,140 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,000 |
| Fees for services: Accounting | $76,213 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $68,669 |
| Fees for services: Other | $148,417 |
| Advertising and promotion | $0 |
| Office expenses | $51,730 |
| Information technology | $54,329 |
| Royalties | $0 |
| Occupancy | $42,497 |
| Travel | $1,505 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,715 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,005 |
| Insurance | $22,199 |
| All other expenses | $3,847 |
| Total functional expenses | $16,800,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $982,607 |
| Savings and temporary cash investments | $5,266,273 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,402,122 |
| 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 | $38,182 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $19,816,641 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $589,402 |
| Other assets | $1,514,778 |
| Total assets | $29,610,005 |
| Accounts payable and accrued expenses | $63,128 |
| 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 | $618,486 |
| Total liabilities | $681,614 |
| 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 | $28,928,391 |
| Total liabilities and net assets/fund balances | $29,610,005 |