International Union Of Operating Engineers Local 324 Health & Welfa
- Assets
- $8.4m
- Revenue
- $7.9m
- Investments
- $2.8m
- Employees
- 0
- Location
- Troy, MI
- Founding
- 08/1993
- Data as of
- 09/2023
- EIN
- 38-2243531
Organization Overview
International Union Of Operating Engineers Local 324 Health & Welfa is located in Troy, MI. The organization was established in 1993. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Union Of Operating Engineers Local 324 Health & Welfa is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 09/2023, International Union Of Operating Engineers Local 324 Health & Welfa generated $7.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $8.8m during the year ending 09/2023. While expenses have increased by 5.1% 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
HEALTH AND WELFARE TRUST FUND PROVIDING MEDICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLECTION OF CONTRIBUTIONS FROM PARTICIPATING EMPLOYERS AND REMITTANCE OF PREMIUMS AND CLAIMS TO INSURANCE COMPANIES AND CONTRACT BENEFIT ADMINISTRATORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Dombrow Trustee | Trustee | 1 | $0 |
Douglas Stockwell Secretary | OfficerTrustee | 1 | $0 |
Kevin Besonen Trustee | Trustee | 1 | $0 |
John Healy Chairman | OfficerTrustee | 1 | $0 |
Russell Mcfee Trustee | Trustee | 1 | $0 |
Joseph Marut Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Plante & Moran Pllc Accounting Firm | 9/29/23 | $107,780 |
Benesys Inc Administration Of Health Benefits | 9/29/23 | $247,231 |
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 | $7,782,464 |
| Investment income | $147,196 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$23,482 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,916,885 |
| 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 | $7,763,364 |
| 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 | $35,031 |
| Fees for services: Accounting | $107,780 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,836 |
| Fees for services: Other | $73,750 |
| Advertising and promotion | $0 |
| Office expenses | $4,653 |
| 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 | $721 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $20,869 |
| All other expenses | $558 |
| Total functional expenses | $8,826,965 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,116,537 |
| Savings and temporary cash investments | $2,296,897 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $135,445 |
| 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 | $516 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,990,086 |
| Investments—other securities | $2,828,235 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,367,716 |
| Accounts payable and accrued expenses | $1,214,145 |
| 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 | $3,128,354 |
| Total liabilities | $4,342,499 |
| 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 | $4,025,217 |
| Total liabilities and net assets/fund balances | $8,367,716 |