Canton Electrical Welfare Fund
- Assets
- $20.3m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 25
- Location
- Canfield, OH
- Founding
- 07/1966
- Data as of
- 10/2021
- 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 10/2021, Canton Electrical Welfare Fund employed 25 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 10/2021, Canton Electrical Welfare Fund generated $9.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $8.6m during the year ending 10/2021. While expenses have increased by 5.4% per year over the past 6 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 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 |
|---|---|---|---|
Matthew Leslie Trustee | Trustee | 1 | $827 |
Erik Hann Trustee | Trustee | 1 | $0 |
Ted Foster Trustee | Trustee | 1 | $0 |
Brent Fatzinger Trustee | Trustee | 1 | $0 |
Philip Williams Trustee | Trustee | 1 | $0 |
Jason Walden 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 | $8,397,979 |
| Investment income | $503,909 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $255,913 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,164,122 |
| 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 | $6,961,700 |
| Compensation of current officers, directors, key employees. | $827 |
| 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 | $3,312 |
| Fees for services: Management | $99,370 |
| Fees for services: Legal | $26,386 |
| Fees for services: Accounting | $38,390 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,500 |
| Fees for services: Other | $774,583 |
| Advertising and promotion | $0 |
| Office expenses | $7,009 |
| 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 | $682,807 |
| All other expenses | $0 |
| Total functional expenses | $8,626,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,519,766 |
| Savings and temporary cash investments | $95,718 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,119,494 |
| 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 | $60,176 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $17,522,171 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,317,325 |
| Accounts payable and accrued expenses | $45,517 |
| 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 | $134,601 |
| Total liabilities | $180,118 |
| Net assets without donor restrictions | $20,137,207 |
| 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 | $20,317,325 |
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|---|---|---|
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Tri-County Building Trades Welfare Fund Ona, WV | $25,786,876 | $22,983,725 |
Ua Local 190 Health And Welfare Plan And Tr Bingham Farms, MI | $31,731,480 | $19,592,093 |
Ohio League Trust For Employee Benefits Columbus, OH | $19,645,020 | $20,892,498 |
Iue-Cwa Gm Bankruptcy Claim Tr Beavercreek, OH | $165,232,708 | $19,898,043 |
Stewart Employee Benefit Trust York, PA | $728,219 | $17,071,502 |
Redners Voluntary Employees Benefit Plan And Trust Reading, PA | $695,082 | $16,941,479 |
Mrm Property And Liability Tr Inc Sewickley, PA | $33,998,884 | $14,896,339 |
Giorgio Health & Welfare Plan Temple, PA | $32,283 | $14,373,210 |
Roofers Local 149 Security Benefit Trust Fund Troy, MI | $18,107,523 | $12,731,786 |