Twin City Ironworkers Health & Welfare Fund
- Assets
- $37.3m
- Revenue
- $28.6m
- Investments
- $4.5m
- Employees
- 0
- Location
- Bloomington, MN
- Founding
- 02/1967
- Data as of
- 12/2023
- EIN
- 41-6023463
Organization Overview
Twin City Ironworkers Health & Welfare Fund is located in Bloomington, MN. The organization was established in 1967. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Twin City Ironworkers Health & 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 12/2023, Twin City Ironworkers Health & Welfare Fund generated $28.6m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $26.5m during the year ending 12/2023. 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
TO PROVIDE HEALTH AND WELFARE BENEFITS TO UNION MEMBERS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SELF-FUNDED AND INSURED BENEFITS FOR APPROXIMATELY 1,889 UNION MEMBERS AND THEIR DEPENDENTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Davies Labor Trustee, Secretary | OfficerTrustee | 1 | $0 |
Mark Jurek Labor Trustee | Trustee | 1 | $0 |
Michael Walters Labor Trustee | Trustee | 1 | $0 |
Nate O'reilly Labor Trustee | Trustee | 1 | $0 |
Keith Musolf Labor Trustee | Trustee | 1 | $0 |
Sture Berg Management Trustee, Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wilson Mcshane Corporation Plan Adminstrator | 12/30/23 | $563,752 |
Blue Cross Blue Shield Of Minnesota Medical Claims Network | 12/30/23 | $401,585 |
The Segal Company Consulting | 12/30/23 | $159,289 |
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 | $28,259,643 |
| Investment income | $768,526 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$473,018 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,555,151 |
| 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 | $25,635,983 |
| 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 | $551,165 |
| Fees for services: Legal | $56,954 |
| Fees for services: Accounting | $48,996 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,164 |
| Fees for services: Other | $159,289 |
| Advertising and promotion | $0 |
| Office expenses | $21,624 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,217 |
| All other expenses | $12,702 |
| Total functional expenses | $26,529,094 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,433,504 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,033,056 |
| 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 | $0 |
| Investments—publicly traded securities | $24,751,707 |
| Investments—other securities | $4,470,606 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $647,309 |
| Total assets | $37,336,182 |
| Accounts payable and accrued expenses | $194,235 |
| 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 | $1,634,229 |
| Total liabilities | $1,828,464 |
| 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 | $35,507,718 |
| Total liabilities and net assets/fund balances | $37,336,182 |