Ibew Local 150 Welfare Fund
- Assets
- $42.5m
- Revenue
- $20.3m
- Investments
- $5.3m
- Employees
- 40
- Location
- Lansing, MI
- Founding
- 02/1959
- Data as of
- 06/2023
- EIN
- 36-2327771
Organization Overview
Ibew Local 150 Welfare Fund is located in Lansing, MI. The organization was established in 1959. 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 06/2023, Ibew Local 150 Welfare Fund employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ibew Local 150 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 06/2023, Ibew Local 150 Welfare Fund generated $20.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $18.7m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (0.2%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH BENEFITS FOR PARTICIPATING MEMBERS AND THEIR FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND WELFARE BENEFITS TO MEMBERS AND DEPENDENTS OF IBEW LOCAL 150.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Arnone Trustee | Trustee | 3 | $0 |
Christopher Schulz Trustee | Trustee | 3 | $0 |
Jeffrey Harger Trustee | Trustee | 3 | $0 |
Jeffrey Schwingbeck Trustee | Trustee | 3 | $0 |
Lizabeth Karson Trustee | Trustee | 3 | $0 |
Robert Bodeman Former Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Crossblue Shield Il Claims Payor And Ppo | 6/29/23 | $290,282 |
Tic International Corp Admin And Claims Services | 6/29/23 | $125,898 |
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 | $19,164,149 |
| Investment income | $890,822 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,823 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,316,780 |
| 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 | $17,756,831 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $32,390 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,384 |
| Payroll taxes | $48,855 |
| Fees for services: Management | $125,898 |
| Fees for services: Legal | $68,238 |
| Fees for services: Accounting | $24,796 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,993 |
| Fees for services: Other | $480,621 |
| Advertising and promotion | $0 |
| Office expenses | $25,791 |
| Information technology | $1,272 |
| 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 | $3,472 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,634 |
| All other expenses | $0 |
| Total functional expenses | $18,664,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,125,804 |
| Savings and temporary cash investments | $1,609 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,718,982 |
| 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 | $137,146 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $34,208,701 |
| Investments—other securities | $5,311,474 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,503,716 |
| Accounts payable and accrued expenses | $74,333 |
| 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 | $2,984,010 |
| Total liabilities | $3,058,343 |
| 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 | $39,445,373 |
| Total liabilities and net assets/fund balances | $42,503,716 |