Carpenters & Joiners Welfare Fund
- Assets
- $341.7m
- Revenue
- $256.9m
- Investments
- $136.3m
- Employees
- 0
- Location
- Bloomington, MN
- Founding
- 01/1963
- Data as of
- 12/2023
- 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 12/2023, Carpenters & Joiners Welfare Fund generated $256.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $234.0m during the year ending 12/2023. While expenses have increased by 7.4% per year over the past 9 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 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 15,277 UNION MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Nilsen Union Trustee, Secretary | OfficerTrustee | 1 | $0 |
Peter Donnino Mgt Trustee | Trustee | 1 | $0 |
Martha Henrickson Mgt Trustee/alternate | Trustee | 1 | $0 |
Burt Johnson Union Trustee | Trustee | 1 | $0 |
John Nesse Mgt Trustee, Chairman | OfficerTrustee | 1 | $0 |
Shawn Cotter Mgt Trustee/alternate | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wilson-mcshane Corporation Plan Administrator | 12/30/23 | $4,572,995 |
Umr Claims Processor | 12/30/23 | $3,183,557 |
Reinhart Boerner Van Deuren Sc Legal | 12/30/23 | $512,314 |
Total Employee Assistance Management Health Mgmt Program | 12/30/23 | $979,816 |
Stratacor Claims Processor | 12/30/23 | $418,157 |
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 | $251,966,672 |
| Investment income | $4,975,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $266 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $256,942,032 |
| 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 | $228,522,724 |
| 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 | $309,464 |
| Fees for services: Accounting | $39,974 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $74,044 |
| Fees for services: Other | $269,541 |
| Advertising and promotion | $0 |
| Office expenses | $83,119 |
| 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 | $9,764 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $82,552 |
| All other expenses | $0 |
| Total functional expenses | $234,047,339 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $67,276,387 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,225,966 |
| 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 | $118,901,142 |
| Investments—other securities | $136,331,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $341,734,795 |
| Accounts payable and accrued expenses | $253,866 |
| 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 | $14,653,259 |
| Total liabilities | $14,907,125 |
| 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 | $326,827,670 |
| Total liabilities and net assets/fund balances | $341,734,795 |