Neca-Ibew Local 364 Welfare Trust
- Assets
- $38.7m
- Revenue
- $28.5m
- Investments
- $0.0
- Employees
- 41
- Location
- Rockford, IL
- Founding
- 01/1994
- Data as of
- 09/2023
- EIN
- 41-1677804
Organization Overview
Neca-Ibew Local 364 Welfare Trust is located in Rockford, IL. The organization was established in 1994. 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 09/2023, Neca-Ibew Local 364 Welfare Trust employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neca-Ibew Local 364 Welfare Trust 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, Neca-Ibew Local 364 Welfare Trust generated $28.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $18.1m during the year ending 09/2023. While expenses have increased by 3.1% 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
PROVIDE BENEFITS TO ELIGIBLE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENTS OF MEDICAL, DENTAL, VISION, DISABILITY, LIFE, AND ACCIDENTAL DEATH AND DISMEMBERMENT BENEFITS TO ELIGIBLE MEMBERS AND DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Tomlin Chairman | OfficerTrustee | 2 | $0 |
John Robinson Secretary | OfficerTrustee | 2 | $0 |
Alan Golden Trustee | Trustee | 2 | $0 |
John Larson Trustee | Trustee | 2 | $0 |
Jim Lee Trustee | Trustee | 2 | $0 |
David Cargill Trustee | Trustee | 2 | $0 |
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 | $27,124,570 |
| Investment income | $772,473 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $620,051 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,517,094 |
| 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 | $15,871,187 |
| 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 | $1,293 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,902 |
| Fees for services: Accounting | $28,722 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $60,242 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,037 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,134 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,531 |
| All other expenses | $120,680 |
| Total functional expenses | $18,088,509 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,425,755 |
| Savings and temporary cash investments | $29,437 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,103,423 |
| 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 | $152,296 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $26,944,047 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,654,958 |
| Accounts payable and accrued expenses | $4,162,298 |
| 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 | $9,892 |
| Total liabilities | $4,172,190 |
| 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 | $34,482,768 |
| Total liabilities and net assets/fund balances | $38,654,958 |