Board Of Trustees Of National Iam B Enefit Trust Fund
- Assets
- $101.6m
- Revenue
- $114.5m
- Investments
- $83.4m
- Employees
- 22
- Location
- Washington, DC
- Founding
- 02/1975
- Data as of
- 12/2022
- EIN
- 36-6562520
Organization Overview
Board Of Trustees Of National Iam B Enefit Trust Fund is located in Washington, DC. The organization was established in 1975. 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, Board Of Trustees Of National Iam B Enefit Trust Fund employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Board Of Trustees Of National Iam B Enefit Trust 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, Board Of Trustees Of National Iam B Enefit Trust Fund generated $114.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $112.2m during the year ending 12/2022. While expenses have increased by 8.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH, WELFARE, VISION AND DENTAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS ESTABLISHED UNDER A COLLECTIVE BARGAINING AGREEMENT BEWTEEEN VARIOUS EMPLOYERS AND THE INTERANTIONAL ASSOCIATION OF MACHINISTS AND AEROSPACE WORKERS, AFL-CIO AND AFFILIATED IAM LOCAL AND IAM DISTRICT LODGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH, WELFARE, VISION AND DENTAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dora Cervantes Union Trustee/co-Chair | OfficerTrustee | 1 | $0 |
Steven M Galloway Union Trustee | Trustee | 1 | $0 |
Amy Kehoe Employer Trustee | Trustee | 1 | $0 |
Thomas Mitchell Employer Trustee/co-Chair | Trustee | 1 | $0 |
Marie Underwood Employer Trustee | Trustee | 1 | $0 |
Rickey Wallace Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cigna Claims Processing | 12/30/22 | $4,064,048 |
Vitech Systems Group Benefit & Admin Software | 12/30/22 | $2,332,697 |
Rightpath Resources Inc Consulting | 12/30/22 | $386,545 |
Linea Solutions Consulting | 12/30/22 | $489,660 |
Delta Dental Claims Processing | 12/30/22 | $342,238 |
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 | $114,046,214 |
| Investment income | $483,214 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$69,254 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $114,488,739 |
| 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 | $102,950,895 |
| Compensation of current officers, directors, key employees. | $109,918 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,672,924 |
| Pension plan accruals and contributions | $184,218 |
| Other employee benefits | $366,257 |
| Payroll taxes | $142,543 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,378 |
| Fees for services: Accounting | $59,028 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $271,167 |
| Fees for services: Other | $5,399,900 |
| Advertising and promotion | $0 |
| Office expenses | $185,004 |
| Information technology | $464,415 |
| Royalties | $0 |
| Occupancy | $149,168 |
| Travel | $34,715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,252 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,879 |
| Insurance | $55,128 |
| All other expenses | $0 |
| Total functional expenses | $112,190,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,062,573 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,106,578 |
| 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 | $40,560 |
| Net Land, buildings, and equipment | $7,981,558 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $83,425,409 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $101,616,678 |
| Accounts payable and accrued expenses | $2,128,757 |
| Grants payable | $0 |
| Deferred revenue | $228,905 |
| 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 | $3,576,644 |
| Total liabilities | $5,934,306 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $95,682,372 |
| 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 | $101,616,678 |