Iron Workers-8 Welfare Fund
- Assets
- $49.3m
- Revenue
- $20.4m
- Investments
- $9.6m
- Employees
- 30
- Location
- Milwaukee, WI
- Founding
- 09/1958
- Data as of
- 05/2022
- EIN
- 39-0855190
Organization Overview
Iron Workers-8 Welfare Fund is located in Milwaukee, WI. The organization was established in 1958. 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 05/2022, Iron Workers-8 Welfare Fund employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Workers-8 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 05/2022, Iron Workers-8 Welfare Fund generated $20.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $16.2m during the year ending 05/2022. While expenses have increased by 3.1% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BENEFITS TO ELIGIBLE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ACCIDENT, HEALTH, DENTAL, VISION, LOSS OF TIME, PRESCRIPTION DRUG, AND DEATH BENEFITS TO ELIGIBLE PARTICIPANTS, SPOUSES AND DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Mayrhofer Secretary/treasurer | OfficerTrustee | 1 | $0 |
Mike Henke Chairman | OfficerTrustee | 0.25 | $0 |
Brad Cyganek Trustee | Trustee | 0.25 | $0 |
Brian Mccambridge Trustee | Trustee | 1 | $0 |
Tim Roman Trustee | Trustee | 1 | $0 |
Pete Klosterman Trustee | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Reinhart Boerner Van Deuren Sc Legal | 5/30/21 | $121,055 |
Benefits Management Group Inc Administration | 5/30/21 | $400,510 |
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 | $15,265,572 |
| Investment income | $547,176 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,543,437 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,356,185 |
| 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 | $14,270,707 |
| 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 | $405,144 |
| Fees for services: Legal | $54,576 |
| Fees for services: Accounting | $25,877 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,593 |
| Fees for services: Other | $81,435 |
| Advertising and promotion | $0 |
| Office expenses | $35,541 |
| 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 | $451 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,869 |
| All other expenses | $35,193 |
| Total functional expenses | $16,239,801 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,524,774 |
| Savings and temporary cash investments | $2,377,942 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,495,616 |
| 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 | $13,636 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $34,293,147 |
| Investments—other securities | $9,572,612 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $49,277,727 |
| Accounts payable and accrued expenses | $62,311 |
| 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 | $1,294,372 |
| Total liabilities | $1,356,683 |
| 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 | $47,921,044 |
| Total liabilities and net assets/fund balances | $49,277,727 |