Maryland Electrical Industry Health Fund
- Assets
- $43.1m
- Revenue
- $33.8m
- Investments
- $0.0
- Employees
- 73
- Location
- Rosedale, MD
- Founding
- 06/1963
- Data as of
- 12/2022
- EIN
- 52-6038269
Organization Overview
Maryland Electrical Industry Health Fund is located in Rosedale, MD. 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. As of 12/2022, Maryland Electrical Industry Health Fund employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maryland Electrical Industry Health Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2022, Maryland Electrical Industry Health Fund generated $33.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $28.3m during the year ending 12/2022. While expenses have increased by 1.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH AND WELFARE BENEFITS TO PARTICIPANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND EXISTS TO PAY MEDICAL, DENTAL, PRESCRIPTION DRUG AND DEATH BENEFITS TO PARTICIPATING MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Mchale Trustee | Trustee | 4 | $0 |
Charles S Curreri Trustee | Trustee | 4 | $0 |
Michael G Azzarello Trustee Until 6/10/22 | Trustee | 4 | $0 |
James H Cornelius Trustee | Trustee | 4 | $0 |
Virginia A Churchman Trustee Until 8/31/22 | Trustee | 4 | $0 |
William F Yull IV Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Zelis Medical Claims Repricing | 12/30/22 | $910,083 |
Benefits Administration Corp Third Party Administrator | 12/30/22 | $794,566 |
American Health Holding Medical Necessity Review | 12/30/22 | $282,728 |
Carefirst Bluecrossblueshield Claims Processing | 12/30/22 | $159,493 |
Delta Dental Of Pennsylvania Dental Administration | 12/30/22 | $127,445 |
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 | $33,077,902 |
| Investment income | $703,537 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$54,142 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,839,234 |
| 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 | $25,662,375 |
| 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 | $18,764 |
| Fees for services: Management | $683,948 |
| Fees for services: Legal | $57,915 |
| Fees for services: Accounting | $23,433 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,485 |
| Fees for services: Other | $1,654,561 |
| Advertising and promotion | $0 |
| Office expenses | $89,241 |
| 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 | $9,997 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,339 |
| All other expenses | $0 |
| Total functional expenses | $28,336,527 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,250,255 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,013,502 |
| 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 | $10,843 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $30,374,078 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $483,719 |
| Total assets | $43,132,397 |
| Accounts payable and accrued expenses | $247,157 |
| 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 | $160,813 |
| Total liabilities | $407,970 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $42,724,427 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $43,132,397 |