Electrical Workers Insurance Fund
- Assets
- $149.9m
- Revenue
- $72.6m
- Investments
- $5.2m
- Employees
- 14
- Location
- Madison Heights, MI
- Founding
- 06/1954
- Data as of
- 09/2021
- EIN
- 38-1393235
Organization Overview
Electrical Workers Insurance Fund is located in Madison Heights, MI. The organization was established in 1954. 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 09/2021, Electrical Workers Insurance Fund employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical Workers Insurance Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 09/2021, Electrical Workers Insurance Fund generated $72.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $74.1m during the year ending 09/2021. While expenses have increased by 4.4% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FUND WAS ESTABLISHED BY COLLECTIVE-BARGAINING BETWEEN IBEW LOCAL 58 AND SMC NECA TO PROVIDE HEALTH INSURANCE TO MEMBER ELECTRICIANS AND THEIR FAMILIES. OVER 5,400 PARTICIPANTS AND 7,000 BENEFICIARIES & DEPENDENTS BENEFIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND PROVIDES HEALTH BENEFITS TO OVER 12,000 PARTICIPANTS, DEPENDENTS AND BENEFICIARIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
E Craig Young Benefits Dir | Officer | 40 | $270,565 |
Michele Davis Asst Benefit | 40 | $116,200 | |
James Peltier Trustee | Trustee | 1 | $0 |
Thomas Mittelbrun III Trustee/secr | Trustee | 1 | $0 |
Kimberly L'heureux Trustee | Trustee | 1 | $0 |
William Darish Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Delta Dental Of Michigan Claim Processin | 9/29/21 | $208,675 |
Pnc Bank Institutional Investments Investment Mgt | 9/29/21 | $144,605 |
Professional Benefits Services Inc Claims Processo | 9/29/21 | $4,465,885 |
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 | $64,724,471 |
| Investment income | $3,084,126 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,983,569 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $72,595,227 |
| 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 | $71,940,656 |
| Compensation of current officers, directors, key employees. | $270,565 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $950,088 |
| Pension plan accruals and contributions | $167,286 |
| Other employee benefits | $78,915 |
| Payroll taxes | $29,327 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,145 |
| Fees for services: Accounting | $77,715 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $341,095 |
| Fees for services: Other | $16,050 |
| Advertising and promotion | $21,272 |
| Office expenses | $50,105 |
| Information technology | $62,983 |
| Royalties | $0 |
| Occupancy | $29,450 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,176 |
| Insurance | $12,975 |
| All other expenses | $0 |
| Total functional expenses | $74,072,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $350 |
| Savings and temporary cash investments | $4,861,540 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,914,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,806 |
| Investments—publicly traded securities | $137,201,595 |
| Investments—other securities | $5,186,562 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $744,921 |
| Total assets | $149,911,774 |
| Accounts payable and accrued expenses | $489,009 |
| 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 | $1,541,248 |
| Total liabilities | $2,030,257 |
| 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 | $147,881,517 |
| Total liabilities and net assets/fund balances | $149,911,774 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cook Group Health Plan Trust Bloomington, IN | $8,118,336 | $121,299,897 |
Gordon Food Service Inc Employees Benefit Trust Grand Rapids, MI | $0 | $113,377,707 |
Wisconsin Laborers Health Fund Deforest, WI | $353,332,580 | $101,359,419 |
Mid Central Operating Engineers Health & Welfare Fund Terre Haute, IN | $164,227,966 | $120,915,120 |
Indiana Laborers Welfare Fund Terre Haute, IN | $297,651,155 | $117,994,109 |
Procter & Gamble Benefit Plan Trust Cincinnati, OH | $69,184,153 | $97,679,425 |
Battelle Voluntary Employees Beneficiary Association Columbus, OH | $17,991,692 | $94,016,707 |
Dte Energy Company Veba Tr Detroit, MI | $1,684,046,247 | $124,695,539 |
Michigan Regional Council Of Carpenters Employee Benes Veba Fd Troy, MI | $71,378,696 | $86,420,144 |
Macys Inc Welfare Benefits Trust Springdale, OH | $7,295,266 | $85,356,698 |
North Central States Regional Council Of Carpenters Health Fund Eau Claire, WI | $165,171,349 | $79,291,900 |
Ufcw Unions & Employers Health & Welfare Plan Of Central Ohio Dayton, OH | $12,895,877 | $72,813,101 |