Middletown Works Hourly & Salaried Union Retirees Health Care Fund
- Assets
- $645.7m
- Revenue
- $31.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Middletown, OH
- Founding
- 04/2009
- Data as of
- 12/2023
- EIN
- 36-7485085
Organization Overview
Middletown Works Hourly & Salaried Union Retirees Health Care Fund is located in Middletown, OH. The organization was established in 2009. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Middletown Works Hourly & Salaried Union Retirees Health Care 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, Middletown Works Hourly & Salaried Union Retirees Health Care Fund generated $31.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $34.6m during the year ending 12/2023. 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 AND WELFARE BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEDICAL, PRESCRIPTION DRUG, DENTAL, VISION, AND/OR LIFE INSURANCE BENEFITS FOR ELIGIBLE RETIREES AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger Mcclow Trustee | Trustee | 10 | $39,250 |
Francis J Martorana Co-Chairman | Trustee | 12 | $38,750 |
Michael Bailey Chairman | Trustee | 12 | $25,140 |
Brian Daley Trustee | Trustee | 10 | $21,515 |
Michael Stephenson Trustee | Trustee | 10 | $21,515 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Benefits Management Group Inc Third Party Administrator | 12/30/23 | $695,150 |
Rhumbline Investment Manager | 12/30/23 | $138,211 |
Umr Medical Claims Administrator | 12/30/23 | $137,736 |
Amalgamated Bank Bank And Custodial Services | 12/30/23 | $100,982 |
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 | $2,818,957 |
| Investment income | $16,724,929 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,529,985 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,093,978 |
| 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 | $32,633,396 |
| Compensation of current officers, directors, key employees. | $155,520 |
| 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 | $865,312 |
| Fees for services: Legal | $54,024 |
| Fees for services: Accounting | $24,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $397,770 |
| Fees for services: Other | $195,740 |
| Advertising and promotion | $0 |
| Office expenses | $199,039 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $21,576 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,408 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $66,830 |
| All other expenses | $8,336 |
| Total functional expenses | $34,635,901 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,039,976 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $270,137 |
| 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 | $142,537 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $636,493,834 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $783,154 |
| Total assets | $645,729,638 |
| Accounts payable and accrued expenses | $262,236 |
| 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 | $1,481,546 |
| Total liabilities | $1,743,782 |
| 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 | $643,985,856 |
| Total liabilities and net assets/fund balances | $645,729,638 |