William Penn Association
- Assets
- $524.9m
- Revenue
- $50.6m
- Investments
- $0.0
- Employees
- 32
- Location
- Pittsburgh, PA
- Founding
- 05/1950
- Data as of
- 12/2023
- EIN
- 25-0856580
Organization Overview
William Penn Association is located in Pittsburgh, PA. The organization was established in 1950. 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, William Penn Association employed 32 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. William Penn 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, William Penn Association generated $50.6m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $45.6m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.8%) 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
TO PROVIDE LIFE INSURANCE, ANNUITIES AND OTHER FRATERNAL BENEFITS TO MEMBERS OF THE WILLIAM PENN ASSOCIATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIFE INSURANCE, ANNUITIES, AND OTHER FRATERNAL BENEFITS (24,666 CERTIFICATES IN FORCE; $330,719,536 OF LIFE INSURANCE POLICIES IN FORCE).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George S Charles Jr President/ceo | OfficerTrustee | 40 | $222,506 |
Michael J Chobody National Director | Trustee | 10 | $22,557 |
David M Kozak-Retired 1023 National Director/vcob | Trustee | 10 | $17,769 |
Debra A Lewis-As Of 1023 National Director/vcob | Trustee | 10 | $31,704 |
Joyce E Nicholson National Director/vcob-As Of 10/23 | Trustee | 10 | $25,661 |
Katherine E Novak National Director/cob | Trustee | 10 | $29,183 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bruce And Bruce Provide Actuarial And Consulting Service | 12/30/23 | $217,439 |
Noreen Fritz Insurance Sales Agent | 12/30/23 | $175,283 |
Optimum Life Reinsurance Provide Actuarial And Consulting Service | 12/30/23 | $142,965 |
Fissunguard Software And Technology Services | 12/30/23 | $159,355 |
Qladmin Solutions Wealth Management Services | 12/30/23 | $144,046 |
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 | $23,754,068 |
| Investment income | $25,977,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $712,029 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,578,085 |
| 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 | $90,544,219 |
| Compensation of current officers, directors, key employees. | $1,005,718 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,224,029 |
| Pension plan accruals and contributions | $2,701 |
| Other employee benefits | $244,029 |
| Payroll taxes | $164,820 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $60,015 |
| Fees for services: Accounting | $76,721 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,762 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $141,179 |
| Travel | $81,207 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $687 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,419 |
| Insurance | $68,745 |
| All other expenses | -$49,682,539 |
| Total functional expenses | $45,612,220 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $980,359 |
| Savings and temporary cash investments | $321,974 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,094 |
| 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 | $798,686 |
| Investments—publicly traded securities | $514,272,711 |
| Investments—other securities | $0 |
| Investments—program-related | $2,098,120 |
| Intangible assets | $0 |
| Other assets | $6,431,617 |
| Total assets | $524,904,561 |
| Accounts payable and accrued expenses | $581,901 |
| 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 | $474,690,420 |
| Total liabilities | $475,272,321 |
| 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 | $49,632,240 |
| Total liabilities and net assets/fund balances | $524,904,561 |