Electrical Industry Supplemental Unemployment Benefit Fund

Organization Overview

Electrical Industry Supplemental Unemployment Benefit Fund is located in Madison Heights, MI. The organization was established in 1963. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical Industry Supplemental Unemployment Benefit Fund is a 501(c)(17) and as such, is described as a "Supplemental Unemployment Benefit Trust" by the IRS.

For the year ending 12/2023, Electrical Industry Supplemental Unemployment Benefit Fund generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.4%) each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

THE PURPOSE OF THE FUND IS TO PROVIDE SOME MEASURE OF INCOME SECURITY DURING PERIODS OF LAY-OFF TO ELECTRICIANS OF IBEW LOCAL 58.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE PURPOSE OF THE FUND IS TO PROVIDE SOME MEASURE OF INCOME SECURITY DURING PERIODS OF LAY-OFF TO ELECTRICIANS OF IBEW LOCAL 58. THE FUND PAID OUT OVER 1.990 MILLION TO PARTICIPANTS WHO WERE OFF WORK DURING THE YEAR.


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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$826,481
Investment income $1,646,257
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$769,491
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,703,618

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