Electrical Workers Health & Welfare Fund
- Assets
- $27.4m
- Revenue
- $24.5m
- Investments
- $0.0
- Employees
- 40
- Location
- Duluth, MN
- Founding
- 02/2016
- Data as of
- 12/2021
- EIN
- 41-6024782
Organization Overview
Electrical Workers Health & Welfare Fund is located in Duluth, MN. The organization was established in 2016. 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 12/2021, Electrical Workers Health & Welfare Fund employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical Workers 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, Electrical Workers Health & Welfare Fund generated $24.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $18.5m during the year ending 12/2021. While expenses have increased by 3.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH AND WELFARE BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MEDICAL, PRESCRIPTION DRUG, DENTAL, DISABILITY, VISION AND VACATION BENEFITS FOR ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS OR BENEFICIARIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Hendrickson Trustee | Trustee | 1 | $0 |
Harris B Mahan Trustee | Trustee | 1 | $0 |
Rick Osbakken Trustee | Trustee | 1 | $0 |
David Orman Trustee | Trustee | 1 | $0 |
Carey Young Trustee | Trustee | 1 | $0 |
Dave Domagala Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bluecross Blueshield Of Minnesota Claims Administration And Network Access | 12/30/21 | $267,295 |
Wilson-mcshane Corporation Third Party Administrator | 12/30/21 | $254,104 |
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 | $23,045,307 |
| Investment income | $645,868 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $782,237 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,491,701 |
| 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 | $18,089,554 |
| 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 | $250,800 |
| Fees for services: Legal | $36,701 |
| Fees for services: Accounting | $21,720 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,172 |
| Fees for services: Other | $9,500 |
| Advertising and promotion | $0 |
| Office expenses | $15,665 |
| 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 | $1,100 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,413 |
| All other expenses | $0 |
| Total functional expenses | $18,465,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,158,097 |
| Savings and temporary cash investments | $5,224,036 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,318,898 |
| 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 | $17,722,390 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,423,421 |
| Accounts payable and accrued expenses | $7,500 |
| Grants payable | $0 |
| Deferred revenue | $81,257 |
| 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 | $479,535 |
| Total liabilities | $568,292 |
| 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 | $26,855,129 |
| Total liabilities and net assets/fund balances | $27,423,421 |