Painting Industry Insurance Fund
- Assets
- $10.1m
- Revenue
- $13.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Strongsville, OH
- Founding
- 11/1950
- Data as of
- 12/2021
- EIN
- 34-0695505
Organization Overview
Painting Industry Insurance Fund is located in Strongsville, OH. The organization was established in 1950. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Painting Industry Insurance Fund employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Painting Industry Insurance Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Painting Industry Insurance Fund generated $13.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $13.9m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
WELFARE BENEFIT PLAN
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISBURSEMENTS TO OR FOR MEMBERS FOR HOSPITALIZATION AND OTHER MEDICAL EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shawn Kroeger Administrator | Officer | 40 | $0 |
Guy Reph Trustee | Trustee | 1 | $0 |
Donald Hansen Trustee | Trustee | 1 | $0 |
James Sherwood Trustee | Trustee | 1 | $0 |
Linda Vasquez Trustee | Trustee | 1 | $0 |
Tony Watroba 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 | $12,807,812 |
| Investment income | $148,471 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $38,043 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,147,287 |
| 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 | $12,831,442 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,578 |
| Fees for services: Accounting | $29,406 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,946 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $16,264 |
| Information technology | $62,073 |
| Royalties | $0 |
| Occupancy | $30,627 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $884 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,518 |
| Insurance | $441,346 |
| All other expenses | $0 |
| Total functional expenses | $13,906,310 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,672,506 |
| Savings and temporary cash investments | $187,042 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $877,578 |
| 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 | $16,757 |
| Net Land, buildings, and equipment | $2,963 |
| Investments—publicly traded securities | $6,294,928 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,051,774 |
| Accounts payable and accrued expenses | $1,850,013 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,301,596 |
| 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 | $0 |
| Total liabilities | $3,151,609 |
| 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 | $6,900,165 |
| Total liabilities and net assets/fund balances | $10,051,774 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Plymouth, MI | $1,253,139,306 | $61,092,324 |
Painting Industry Insurance Fund Strongsville, OH | $10,051,774 | $13,147,287 |
The American Ceramic Society Inc Westerville, OH | $14,880,081 | $7,163,335 |
Museum Of Contemporary Art Cleveland Cleveland, OH | $27,997,238 | $2,174,653 |
Glass City Academy Toledo, OH | $3,212,958 | $2,938,051 |
Conservation Center For Art And Historic Artifacts Philadelphia, PA | $4,515,696 | $3,186,711 |
Clay Studio Philadelphia, PA | $16,944,971 | $9,873,164 |
Manchester Craftsmens Guild Pittsburgh, PA | $15,522,345 | $4,460,670 |
Unite Local 10 & Textile Maint Ind Philadelphia & Vicinity Welfare Philadelphia, PA | $3,000,579 | $1,742,913 |
Pewabic Society Inc Detroit, MI | $5,130,048 | $2,328,763 |
Artprize Grand Rapids Grand Rapids, MI | $1,087,754 | $2,849,118 |
Pittsburgh Glass Center Inc Pittsburgh, PA | $6,794,843 | $3,874,545 |