Canton Electrical Welfare Fund
- Assets
- $21.3m
- Revenue
- $10.8m
- Investments
- $0.0
- Employees
- 26
- Location
- Canfield, OH
- Founding
- 07/1966
- Data as of
- 10/2023
- EIN
- 34-6573626
Organization Overview
Canton Electrical Welfare Fund is located in Canfield, OH. The organization was established in 1966. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 10/2023, Canton Electrical Welfare Fund employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Canton Electrical 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 10/2023, Canton Electrical Welfare Fund generated $10.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $9.4m during the year ending 10/2023. While expenses have increased by 5.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEDICAL, VISION, DENTAL, DISABILITY, LIFE INSURANCE, AND ACCIDENTAL DEATH AND DISMEMBERMENT BENEFITS TO ELIGIBLE MEMBERS OF IBEW 540 AND THEIR FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES MEDICAL, VISION, DENTAL, LIFE INSURANCE, AND ACCIDENTAL DEATH AND DISMEMBERMENT BENEFITS TO ELIGIBLE MEMBERS OF THE IBEW LOCAL UNION 540 AND THEIR FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erik Hann Trustee | Trustee | 1 | $0 |
Brent Fatzinger Trustee | Trustee | 1 | $0 |
Curt Moore Trustee | Trustee | 1 | $0 |
Jason Walden Trustee | Trustee | 1 | $0 |
Matthew Leslie Trustee | Trustee | 1 | $575 |
John Scott 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 | $10,281,625 |
| Investment income | $519,080 |
| 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 | $10,800,735 |
| 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 | $7,708,964 |
| Compensation of current officers, directors, key employees. | $575 |
| 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 | $7,348 |
| Fees for services: Management | $106,263 |
| Fees for services: Legal | $21,315 |
| Fees for services: Accounting | $20,885 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,500 |
| Fees for services: Other | $781,260 |
| Advertising and promotion | $0 |
| Office expenses | $8,518 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $665,458 |
| All other expenses | $0 |
| Total functional expenses | $9,351,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,137,269 |
| Savings and temporary cash investments | $80,974 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,299,366 |
| 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 | $19,988 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $16,759,828 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,297,425 |
| Accounts payable and accrued expenses | $159,889 |
| 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 | $129,973 |
| Total liabilities | $289,862 |
| Net assets without donor restrictions | $21,007,563 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $21,297,425 |