Local 342 Insurance Trust C O Galvin Murphy
- Assets
- $2.8m
- Revenue
- $1.2m
- Investments
- $2.2m
- Employees
- 5
- Location
- Shirley, NY
- Founding
- 03/1977
- Data as of
- 12/2022
- EIN
- 23-7428792
Organization Overview
Local 342 Insurance Trust C O Galvin Murphy is located in Shirley, NY. The organization was established in 1977. 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 12/2022, Local 342 Insurance Trust C O Galvin Murphy employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 342 Insurance Trust C O Galvin Murphy is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2022, Local 342 Insurance Trust C O Galvin Murphy generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 0.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONTRIBUTIONS PROVIDE DENTAL, VISION, WELLNESS, ST DISABILITY, LEGAL SERVICES & LIFE INSURANCE BENEFITS FOR THEIR EMPLOYEES WHO ARE PARTICIPANTS IN THE FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTRIBUTIONS PROVIDE DENTAL, VISION, WELLNESS, ST DISABILITY, LEGAL SERVICES & LIFE INSURANCE BENEFITS FOR THEIR EMPLOYEES WHO ARE PARTICIPANTS IN THE FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Hennessey Trustee | Trustee | 1 | $0 |
James Mazzarella Fund Administrator | Officer | 39 | $199,897 |
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 | $1,034,412 |
| Investment income | $47,148 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $68,062 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,155,339 |
| 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 | $471,318 |
| Compensation of current officers, directors, key employees. | $199,897 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $165,017 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $60,154 |
| Payroll taxes | $28,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,000 |
| Fees for services: Accounting | $30,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,808 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,100 |
| Information technology | $49,097 |
| Royalties | $0 |
| Occupancy | $25,200 |
| Travel | $5,338 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $421 |
| Interest | $721 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,401 |
| Insurance | $9,136 |
| All other expenses | $0 |
| Total functional expenses | $1,129,415 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $361,857 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $27,139 |
| Net Land, buildings, and equipment | $82,616 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,182,859 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $149,312 |
| Total assets | $2,803,783 |
| Accounts payable and accrued expenses | $41,661 |
| 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 | $38,921 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $148,652 |
| Total liabilities | $229,234 |
| 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 | $2,574,549 |
| Total liabilities and net assets/fund balances | $2,803,783 |