Iron Workers Trust Fund-5
- Assets
- $47.4m
- Revenue
- $14.8m
- Investments
- $7.1m
- Employees
- 0
- Location
- Mercer Island, WA
- Founding
- 04/1954
- Data as of
- 06/2022
- EIN
- 52-6057762
Organization Overview
Iron Workers Trust Fund-5 is located in Mercer Island, WA. The organization was established in 1954. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Workers Trust Fund-5 is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2022, Iron Workers Trust Fund-5 generated $14.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $12.6m during the year ending 06/2022. 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
PROVIDE HEALTH BENEFITS TO UNION EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HEALTH BENEFITS TO UNION EMPLOYEES COVERED BY A COLLECTIVE BARGAINING AGREEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Bast Trustee | Trustee | 1 | $0 |
Gary Armstrong Trustee | Trustee | 1 | $0 |
Raymond Cleland Trustee | Trustee | 1 | $0 |
William Beckman Trustee | Trustee | 1 | $0 |
Vic Cornellier Trustee | Trustee | 1 | $0 |
Rick Bailey Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cvs Health Insurance | 6/29/22 | $2,721,733 |
Zenith American Solutions Tpa | 6/29/22 | $594,820 |
Carefirst Admin & Access Fees | 6/29/22 | $122,293 |
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 | $14,329,773 |
| Investment income | $509,083 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $379 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,839,235 |
| 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 | $11,491,937 |
| 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 | $563,368 |
| Fees for services: Legal | $56,906 |
| Fees for services: Accounting | $47,555 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,188 |
| Fees for services: Other | $67,189 |
| Advertising and promotion | $0 |
| Office expenses | $19,598 |
| 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 | $10,573 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,062 |
| All other expenses | $7,292 |
| Total functional expenses | $12,589,769 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,353,269 |
| Savings and temporary cash investments | $59,396 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,621,409 |
| 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 | $19,255,143 |
| Investments—other securities | $7,148,420 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $47,437,637 |
| Accounts payable and accrued expenses | $260,889 |
| 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 | $0 |
| Total liabilities | $260,889 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $47,176,748 |
| 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 | $47,437,637 |