Local 734 Welfare Fund
- Assets
- $15.4m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 8
- Location
- Chicago, IL
- Founding
- 01/1958
- Data as of
- 12/2022
- EIN
- 36-2272414
Organization Overview
Local 734 Welfare Fund is located in Chicago, IL. The organization was established in 1958. 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 12/2022, Local 734 Welfare Fund employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 734 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 12/2022, Local 734 Welfare Fund generated $8.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $7.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.9%) per year over the past 8 years. 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 CARE, DENTAL, VISION, DEATH AND DISABILITY BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Meidel Former Trustee | Trustee | 2 | $0 |
Scott Kunz Trustee | Trustee | 1 | $0 |
Robert Cruice Trustee | Trustee | 2 | $0 |
John Engler Trustee | Trustee | 1 | $0 |
Steve Waltz Trustee | Trustee | 1 | $0 |
Joseph Lanski Trustee | Trustee | 2 | $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 | $8,716,465 |
| Investment income | $190,913 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$181,240 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,774,765 |
| 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 | $7,043,230 |
| Compensation of current officers, directors, key employees. | $28,827 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $134,622 |
| Pension plan accruals and contributions | $19,541 |
| Other employee benefits | $31,068 |
| Payroll taxes | $13,210 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,053 |
| Fees for services: Accounting | $91,660 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,988 |
| Fees for services: Other | $57,075 |
| Advertising and promotion | $0 |
| Office expenses | $62,706 |
| Information technology | $145,956 |
| Royalties | $0 |
| Occupancy | $80,476 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,657 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,295 |
| Insurance | $7,566 |
| All other expenses | $0 |
| Total functional expenses | $7,815,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,592,831 |
| Savings and temporary cash investments | $75,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,649,142 |
| 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 | $3,659 |
| Net Land, buildings, and equipment | $21,696 |
| Investments—publicly traded securities | $11,397,277 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $624,906 |
| Total assets | $15,365,096 |
| Accounts payable and accrued expenses | $10,070 |
| 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 | $640,934 |
| Total liabilities | $651,004 |
| 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 | $14,714,092 |
| Total liabilities and net assets/fund balances | $15,365,096 |