Teamsters Local Union 348 Health & Welfare Fund
- Assets
- $7.8m
- Revenue
- $8.9m
- Investments
- $0.0
- Employees
- 3
- Location
- Akron, OH
- Founding
- 02/1967
- Data as of
- 12/2021
- EIN
- 34-6564615
Organization Overview
Teamsters Local Union 348 Health & Welfare Fund is located in Akron, OH. The organization was established in 1967. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. As of 12/2021, Teamsters Local Union 348 Health & Welfare Fund employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local Union 348 Health & Welfare 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, Teamsters Local Union 348 Health & Welfare Fund generated $8.9m 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 $7.1m during the year ending 12/2021. While expenses have increased by 0.8% 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
TO PROVIDE HEALTH & INSURANCE BENEFITS FOR THE ACTIVE AND RETIRED MEMBERS OF LOCAL 348 AND THEIR FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HOSPITALIZATION, DENTAL, LIFE INSURANCE, ACCIDENTAL DEATH AND DISMEMBERMENT, SICK AND ACCIDENT BENEFITS FOR APPROXIMATELY 430 PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Darrow Union Truste | OfficerTrustee | 1 | $0 |
Mike Tramonte Employer Tru | Trustee | 1 | $0 |
Patrick Ziga Union Truste | Trustee | 1 | $0 |
Richard Brophy Employer Tru | 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 | $8,830,063 |
| Investment income | $10,973 |
| Tax Exempt Bond Proceeds | $0 |
| 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 | $8,867,898 |
| 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 | $6,900,125 |
| Compensation of current officers, directors, key employees. | $35,075 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,658 |
| Pension plan accruals and contributions | $5,200 |
| Other employee benefits | $50,537 |
| Payroll taxes | $7,329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,019 |
| Fees for services: Accounting | $8,616 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,000 |
| Advertising and promotion | $0 |
| Office expenses | $29,141 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,400 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $182 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,202 |
| All other expenses | $250 |
| Total functional expenses | $7,126,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,492,578 |
| Savings and temporary cash investments | $6,272,643 |
| 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 | $1,200 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,766,421 |
| Accounts payable and accrued expenses | $1,446 |
| 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 | $0 |
| Total liabilities | $1,446 |
| 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 | $7,764,975 |
| Total liabilities and net assets/fund balances | $7,766,421 |
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