Ibew 82 Health And Welfare Fund

The information for Ibew 82 Health And Welfare Fund is as of the organization's most recent filing in June 2019. This organization is located in Chesapeake, OH. It has been in existence for 51 years, following its founding in 1968.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Ibew 82 Health and Welfare Fund's NTEE code is Y43. The "Y" tells us that the organization is classified along with Voluntary Employees Beneficiary Associations (Non-Government). The "43" tells us that the organization is a Mutual & Membership Benefit. The NTEE describes Mutual & Membership Benefit organizations as non-governmental organizations that provide for the payment of life, sick, accident, or other benefits to voluntary members of associations or their dependents or designated beneficiaries.

Every organization is also governed by a specific section of the Internal Revenue Code. This organization happens to be a 501(c)(9) organization. The IRS describes these organizations as Voluntary Employee Beneficiary Associations.

The mission of the Ibew 82 Health and Welfare Fund is to provide health, prescription and death benefits to covered members, retirees and dependents.

Program Areas

International Brotherhood of Electrical Workers Local 82 provides self-funded health insurance benefits, as well as fully insured life and disability benefits and supplemental Medicare coverage to eligible participants, dependents, and retirees.

Board Governance

The Ibew 82 Health And Welfare Fund is an exemplary example of good governance. With eight voting members, all of whom are independent, potential conflicts of interest are eliminated. Furthermore, the organization has not delegated management to an outside firm, and all board and committee meetings are documented. The organization also has a conflict of interest policy and requires disclosure of any conflicts of interest. Additionally, the organization has a written whistleblower policy and a document retention policy, and provides copies of the 990 to the board prior to filing. Although the organization does not substantiate and review leadership or officer salaries, the other measures taken to ensure good governance make up for this.

Organization Growth

The Ibew 82 Health And Welfare Fund has grown substantially over the past four years. Program Service Revenue increased from $8.5M in 2014 to $14.8M in 2018. Investment Income also rose dramatically, from $413.7K in 2014 to $833.1K in 2018. Total Revenue increased from $8.9M in 2014 to $15.6M in 2018, and Benefits Paid to Members increased from $7.9M in 2014 to $13.8M in 2018. Total Expenses rose from $8.6M in 2014 to $15.0M in 2018. Overall, these figures demonstrate that the organization has grown significantly over the past four years.