Sheet Metal Workers 73 Welfare Fund
- Assets
- $98.2m
- Revenue
- $58.0m
- Investments
- $21.3m
- Employees
- 111
- Location
- Hillside, IL
- Founding
- 11/1951
- Data as of
- 06/2022
- EIN
- 36-2145881
Organization Overview
Sheet Metal Workers 73 Welfare Fund is located in Hillside, IL. The organization was established in 1951. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2022, Sheet Metal Workers 73 Welfare Fund employed 111 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sheet Metal Workers 73 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 06/2022, Sheet Metal Workers 73 Welfare Fund generated $58.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $61.5m during the year ending 06/2022. While expenses have increased by 2.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HEALTH BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH, DENTAL AND LIFE BENEFITS TO ELIGIBLE PARTICIPANTS AND BENEFICIARIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Ludvigsen Administrator | Officer | 30 | $178,921 |
Donna Parzynski Director Of Operations | 26 | $123,489 | |
Diana Maslanka Welfare Department Manager | 40 | $106,694 | |
James Feinberg Assistant Administrator | 35 | $101,736 | |
Raymond Suggs Trustee | Trustee | 3 | $0 |
Mike Vittorio Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Blue Shield Ppo Provider | 6/29/22 | $1,318,641 |
Bridgeway Benefit Technology Computer Software | 6/29/22 | $232,263 |
Morgan Lewis & Bokius Llp Legal | 6/29/22 | $177,033 |
The Segal Company Actuarial | 6/29/22 | $139,108 |
Express Scripts Inc Rx Benefit Manager | 6/29/22 | $174,567 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $299,500 |
| 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 | $299,500 |
| Total Program Service Revenue | $55,086,060 |
| Investment income | $1,331,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,307,225 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,026,443 |
| 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 | $57,956,884 |
| Compensation of current officers, directors, key employees. | $279,670 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,003,290 |
| Pension plan accruals and contributions | $144,287 |
| Other employee benefits | $261,380 |
| Payroll taxes | $95,451 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $284,689 |
| Fees for services: Accounting | $125,066 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $228,081 |
| Fees for services: Other | $182,272 |
| Advertising and promotion | $0 |
| Office expenses | $208,609 |
| Information technology | $351,503 |
| Royalties | $0 |
| Occupancy | $189,580 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,851 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $98,436 |
| Insurance | $37,933 |
| All other expenses | $21,707 |
| Total functional expenses | $61,477,689 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,009,262 |
| Savings and temporary cash investments | $2,286,322 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,876,103 |
| 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 | $106,497 |
| Net Land, buildings, and equipment | $363,247 |
| Investments—publicly traded securities | $62,053,577 |
| Investments—other securities | $21,279,523 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,225,815 |
| Total assets | $98,200,346 |
| Accounts payable and accrued expenses | $140,437 |
| 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 | $1,939,491 |
| Total liabilities | $2,079,928 |
| 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 | $96,120,418 |
| Total liabilities and net assets/fund balances | $98,200,346 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Seiu Local 1 & Participating Employers Health Trust Chicago, IL | $156,543,336 | $132,715,763 |
Hyatt Corporation Welfare Benefit Trust Chicago, IL | $6,191,969 | $127,454,104 |
Cook Group Health Plan Trust Bloomington, IN | $8,118,336 | $121,299,897 |
Kindred Operating Inc Benefit Trust Louisville, KY | $0 | $114,052,809 |
Wisconsin Laborers Health Fund Deforest, WI | $353,332,580 | $101,359,419 |
Mid Central Operating Engineers Health & Welfare Fund Terre Haute, IN | $164,227,966 | $120,915,120 |
Olin Employees Benefit Association Trust Clayton, MO | $9,540,806 | $107,158,504 |
Seiu Healthcare Il Home Care & Child Care Fund Chicago, IL | $235,309,739 | $118,872,167 |
Kraft Foods Global Inc Retiree Health And Life Benefit Tr Chicago, IL | $1,155,325,144 | $69,120,518 |
Teamsters & Employers Welfare Trust Of Illinois Earth City, MO | $101,818,713 | $113,173,281 |
Indiana Laborers Welfare Fund Terre Haute, IN | $297,651,155 | $117,994,109 |
Automobile Mechanics-701 Union And Industry Welfare Fund-Trust Burr Ridge, IL | $251,648,514 | $107,015,909 |