Midwest Operating Engineers Welfare Fund
- Assets
- $1.9b
- Revenue
- $656.8m
- Investments
- $595.0m
- Employees
- 133
- Location
- Countryside, IL
- Founding
- 03/1955
- Data as of
- 03/2023
- EIN
- 36-6109395
Organization Overview
Midwest Operating Engineers Welfare Fund is located in Countryside, IL. The organization was established in 1955. 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 03/2023, Midwest Operating Engineers Welfare Fund employed 133 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Operating Engineers 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 03/2023, Midwest Operating Engineers Welfare Fund generated $656.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $491.9m during the year ending 03/2023. While expenses have increased by 11.9% 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
PROVIDE HEALTH BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH CARE, VISION, DENTAL, PRESCRIPTION, DEATH AND DISABILITY BENEFITS FOR ELIGIBLE PARTICIPANTS AND THEIR COVERED DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James M Sweeney Chairman | Trustee | 1 | $0 |
David Snelten Sec-Treasurer | Trustee | 1 | $0 |
Marshall Douglas Trustee | Trustee | 1 | $0 |
David Fagan Trustee | Trustee | 1 | $0 |
Michael Piraino Trustee - Past | Trustee | 1 | $0 |
Steven Cisco Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bluecross Blueshield Of Il Ppo Provider | 3/30/23 | $6,126,875 |
Corporate Health Dimensions Medical Facility Services | 3/30/23 | $5,174,878 |
Everside Health Llc Medical Facility Services | 3/30/23 | $1,290,964 |
Midwest Operating Engineers Not-for-prof It Service Provider | 3/30/23 | $841,056 |
Ucs Holdings Inc Hospital Utilization Review | 3/30/23 | $933,840 |
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 | $628,051,537 |
| Investment income | $42,693,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$14,004,937 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $656,841,797 |
| 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 | $468,981,532 |
| Compensation of current officers, directors, key employees. | $382,982 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,405,534 |
| Pension plan accruals and contributions | $2,792,351 |
| Other employee benefits | $3,067,728 |
| Payroll taxes | $634,992 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $688,727 |
| Fees for services: Accounting | $327,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,565,855 |
| Fees for services: Other | $464,206 |
| Advertising and promotion | $0 |
| Office expenses | $928,473 |
| Information technology | $783,277 |
| Royalties | $0 |
| Occupancy | $1,084,338 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,099 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $532,582 |
| Insurance | $129,971 |
| All other expenses | $0 |
| Total functional expenses | $491,879,745 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,307,778 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $54,547,499 |
| 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 | $1,019,899 |
| Net Land, buildings, and equipment | $1,765,990 |
| Investments—publicly traded securities | $1,158,856,305 |
| Investments—other securities | $594,953,692 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $51,907,736 |
| Total assets | $1,865,358,899 |
| Accounts payable and accrued expenses | $17,636,059 |
| Grants payable | $0 |
| Deferred revenue | $5,378,697 |
| 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 | $51,907,736 |
| Total liabilities | $74,922,492 |
| 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 | $1,790,436,407 |
| Total liabilities and net assets/fund balances | $1,865,358,899 |