Carpenters & Joiners Welfare Fund
- Assets
- $314.5m
- Revenue
- $228.6m
- Investments
- $84.8m
- Employees
- 0
- Location
- Bloomington, MN
- Founding
- 01/1963
- Data as of
- 12/2021
- EIN
- 41-6024791
Organization Overview
Carpenters & Joiners Welfare Fund is located in Bloomington, MN. The organization was established in 1963. 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. Carpenters & Joiners 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, Carpenters & Joiners Welfare Fund generated $228.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $214.3m during the year ending 12/2021. While expenses have increased by 8.3% 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
PROVIDE HEALTH AND WELFARE BENEFITS PURSUANT TO A COLLECTIVE BARGAINING AGREEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SELF-FUNDED BENEFITS FOR APPROXIMATELY 14,870 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 |
|---|---|---|---|
John Nesse Mgt Trustee | OfficerTrustee | 1 | $0 |
John Raines Union Trustee/chairman | OfficerTrustee | 1 | $0 |
Dave Hamilton Mgt Trustee | Trustee | 1 | $0 |
Patrick Nilsen Union Trustee | Trustee | 1 | $0 |
Peter Donnino Mgt Trustee | Trustee | 1 | $0 |
Burt Johnson Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wilson-mcshane Corporation Plan Administrator | 12/30/21 | $4,229,160 |
Umr Claims Processor | 12/30/21 | $1,738,763 |
Blue Cross Blue Shield Of Minnesota Claims Processor | 12/30/21 | $1,324,011 |
Total Employee Assistance Management Health Mgmt Program | 12/30/21 | $841,056 |
Delta Dental Claims Processor | 12/30/21 | $336,241 |
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 | $220,272,997 |
| Investment income | $6,231,336 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,098,192 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $228,602,525 |
| 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 | $209,062,785 |
| 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 | $0 |
| Fees for services: Legal | $205,172 |
| Fees for services: Accounting | $27,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $71,227 |
| Fees for services: Other | $288,064 |
| Advertising and promotion | $0 |
| Office expenses | $138,001 |
| 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 | $11,511 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $64,550 |
| All other expenses | $0 |
| Total functional expenses | $214,327,235 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $28,012,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,014,508 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $193,393 |
| 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 | $183,490,668 |
| Investments—other securities | $84,779,929 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $314,491,427 |
| Accounts payable and accrued expenses | $377,759 |
| 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 | $5,607,300 |
| Total liabilities | $5,985,059 |
| 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 | $308,506,368 |
| Total liabilities and net assets/fund balances | $314,491,427 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wea Insurance Corporation Madison, WI | $792,635,009 | $692,190,590 |
Us Bancorp Comp Welfare Benefit Plan Milwaukee, WI | $0 | $532,086,986 |
The Travelers Companies Inc St Paul, MN | $45,092,183 | $378,506,075 |
International Operating Engineers Union 49 Health And Welfare Fund Bloomington, MN | $286,515,108 | $232,318,179 |
Carpenters & Joiners Welfare Fund Bloomington, MN | $314,491,427 | $228,602,525 |
Hy-Vee Employee Benefit Plan Tr West Des Moines, IA | $28,091,611 | $202,937,537 |
Xcel Energy Inc Voluntary Employees Benefciary Trust For Active Employ Minneapolis, MN | $29,715,150 | $175,187,105 |
Iowa Bankers Benefit Plan Johnston, IA | $64,300,979 | $182,717,522 |
Wells Fargo & Company Short Term Disability Plan & Trust Minneapolis, MN | $25,708,519 | $165,255,713 |
Minnesota Laborers Health And Welfare Fund Mendota Heights, MN | $803,063,036 | $178,568,553 |
Operating Engineers Local 139 Pewaukee, WI | $445,469,053 | $196,264,611 |
Cnh Welfare Benefit Trust Racine, WI | $154,103,739 | $173,990,533 |