Iron Works Tri-State Welfare Fund
- Assets
- $66.2m
- Revenue
- $27.8m
- Investments
- $8.3m
- Employees
- 23
- Location
- Schaumburg, IL
- Founding
- 03/1955
- Data as of
- 12/2023
- EIN
- 36-6599036
Organization Overview
Iron Works Tri-State Welfare Fund is located in Schaumburg, 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 12/2023, Iron Works Tri-State Welfare Fund employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Works Tri-State 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 12/2023, Iron Works Tri-State Welfare Fund generated $27.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $28.5m during the year ending 12/2023. While expenses have increased by 6.0% per year over the past 9 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 & WELFARE BENEFITS, INCLUDING MEDICAL, DENTAL, VISION, DISABILITY, PRESCRIPTION DRUG AND DEATH BENEFIT COVERAGE FOR ELIGIBLE PARTICIPANTS AND THEIR BENEFICIARIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Atkins Trustee - Past | Trustee | 2 | $0 |
Jason Emerick Trustee | Trustee | 2 | $0 |
Chuck Black Trustee | Trustee | 2 | $0 |
Paul Arambasich Trustee | Trustee | 2 | $0 |
Kevin Hray Trustee | Trustee | 2 | $0 |
Mark Richeson Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Blue Shield Claims Processor | 12/30/23 | $649,961 |
Group Administrators Ltd Third Party Administrator | 12/30/23 | $455,496 |
The Segal Co Fund Consultant | 12/30/23 | $252,611 |
Macnell Accounting & Consulting Payroll Compliance Auditor | 12/30/23 | $179,461 |
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 | $25,614,009 |
| Investment income | $2,011,191 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $141,035 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,766,746 |
| 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 | $27,021,626 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87,685 |
| Fees for services: Accounting | $244,461 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $171,491 |
| Fees for services: Other | $714,720 |
| Advertising and promotion | $0 |
| Office expenses | $12,760 |
| Information technology | $0 |
| 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 | $29,974 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $31,628 |
| All other expenses | $0 |
| Total functional expenses | $28,451,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $885,526 |
| Savings and temporary cash investments | $805,121 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,471,315 |
| 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 | $81,932 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $52,629,112 |
| Investments—other securities | $8,322,717 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $66,195,723 |
| Accounts payable and accrued expenses | $503,118 |
| Grants payable | $0 |
| Deferred revenue | $44,166 |
| 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 | $0 |
| Total liabilities | $547,284 |
| 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 | $65,648,439 |
| Total liabilities and net assets/fund balances | $66,195,723 |