Twin City Ironworkers Health & Welfare Fund
- Assets
- $37.7m
- Revenue
- $27.6m
- Investments
- $3.6m
- Employees
- 0
- Location
- Bloomington, MN
- Founding
- 02/1967
- Data as of
- 12/2021
- 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 12/2021, Twin City Ironworkers Health & Welfare Fund generated $27.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $26.6m during the year ending 12/2021. 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
2021
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 1,876 UNION MEMBERS AND THEIR DEPENDENTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Davies Labor Trustee, Secretary | OfficerTrustee | 1 | $0 |
Sture Berg Management Trustee, Chair | 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 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Blue Shield Of Minnesota Medical Claims Network | 12/30/21 | $419,176 |
Wilson Mcshane Corporation Plan Adminstrator | 12/30/21 | $541,482 |
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 | $25,340,442 |
| Investment income | $680,289 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,627,112 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,647,843 |
| 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 | $25,836,880 |
| 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 | $524,504 |
| Fees for services: Legal | $48,812 |
| Fees for services: Accounting | $47,229 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,046 |
| Fees for services: Other | $67,834 |
| Advertising and promotion | $0 |
| Office expenses | $4,597 |
| 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 | $5,838 |
| All other expenses | $5,915 |
| Total functional expenses | $26,578,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,043,861 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,165,520 |
| 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 | $28,906,319 |
| Investments—other securities | $3,649,401 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,949,893 |
| Total assets | $37,714,994 |
| Accounts payable and accrued expenses | $244,542 |
| 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 | $493,168 |
| Total liabilities | $737,710 |
| 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 | $36,977,284 |
| Total liabilities and net assets/fund balances | $37,714,994 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
3m Employees Welfare Benefits Association Trust I St Paul, MN | $455,636,953 | $103,855,863 |
Pipe Trades Services Mn Welfare Fund White Bear Lake, MN | $103,560,351 | $111,286,740 |
Wisconsin Laborers Health Fund Deforest, WI | $353,332,580 | $101,359,419 |
Mdu Resources Group Inc Bismarck, ND | $6,564,794 | $94,032,300 |
North Central States Regional Council Of Carpenters Health Fund Eau Claire, WI | $165,171,349 | $79,291,900 |
Xcel Energy Inc Veba Trust For Retired Employees Minneapolis, MN | $445,588,798 | $63,575,592 |
Miscellaneous Drivers And Helpers Bloomington, MN | $89,661,981 | $78,666,638 |
Andersen Corporation VEBA H&W Ben Trust Bayport, MN | $0 | $67,120,604 |
Milwaukee Drivers Health & Welfare Trust Fund Milwaukee, WI | $57,541,772 | $67,739,083 |
Wisconsin Electrical Employees Benefits Funds Llc Madison, WI | $213,343,056 | $79,820,433 |
Ibew 292 Health Care Plan Maple Grove, MN | $177,979,838 | $76,280,696 |
Sheet Metal No 10 Benefit Fund Maplewood, MN | $81,918,266 | $65,399,612 |