United Transportation Union Insurance Association
- Assets
- $221.7m
- Revenue
- $17.7m
- Investments
- $0.0
- Employees
- 20
- Location
- Independence, OH
- Founding
- 02/1993
- Data as of
- 12/2023
- EIN
- 23-7131460
Organization Overview
United Transportation Union Insurance Association is located in Independence, OH. The organization was established in 1993. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, United Transportation Union Insurance Association employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United Transportation Union Insurance Association is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2023, United Transportation Union Insurance Association generated $17.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $15.3m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.4%) per year over the past 9 years. 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
FRATERNAL BENEFIT SOCIETY SERVING OUR MEMBERS WITH VARIOUS INSURANCE PRODUCTS AND FRATERNAL BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LIFE, ACCIDENTAL DEATH AND DISABILITY AND ANNUITY PRODUCTS TO MEMBERS OF THE UNITED TRANSPORTATION UNION INSURANCE ASSOCIATION AND WORKERS IN THE TRANSPORTATION INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Laugel President | Officer | 40 | $288,253 |
Jeffery Becker Secretary/treasurer | Officer | 40 | $210,928 |
David Liddle Regional Insurance Manager | 40 | $150,788 | |
Ronald Steiger It Director | 40 | $150,644 | |
Nicholas Dicicco Jr Director | Trustee | 1 | $45,000 |
Stephen J Vamos III Director | Trustee | 1.5 | $45,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Healthcare Employee Medical Insurance | 12/30/23 | $1,011,327 |
Miller & Newberg Inc Actuarial | 12/30/23 | $251,706 |
Vorys Sater Seymour & Pease Llp Corporate Legal Services | 12/30/23 | $184,039 |
Rga Reinsurance Company Reinsurance | 12/30/23 | $199,950 |
Optimum Re Insurance Co Reinsurer | 12/30/23 | $167,641 |
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 | $8,480,539 |
| Investment income | $8,211,232 |
| Tax Exempt Bond Proceeds | $901,999 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,700,217 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $285,036 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,149,181 |
| Compensation of current officers, directors, key employees. | $772,125 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $1,712,487 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $202,275 |
| Other employee benefits | $1,104,554 |
| Payroll taxes | $130,042 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $152,664 |
| Fees for services: Accounting | $81,998 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $341,505 |
| Fees for services: Other | $399,766 |
| Advertising and promotion | $39,375 |
| Office expenses | $87,995 |
| Information technology | $276,150 |
| Royalties | $0 |
| Occupancy | $181,144 |
| Travel | $147,651 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100,988 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,656 |
| Insurance | $108,527 |
| All other expenses | $0 |
| Total functional expenses | $15,348,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$117,164 |
| Savings and temporary cash investments | $1,803,715 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $71,827 |
| 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 | $0 |
| Investments—publicly traded securities | $213,935,672 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,979,900 |
| Total assets | $221,673,950 |
| Accounts payable and accrued expenses | $1,984,263 |
| 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 | $150,452,943 |
| Total liabilities | $152,437,206 |
| 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 | $69,236,744 |
| Total liabilities and net assets/fund balances | $221,673,950 |