Iron Workers Trust Fund-5
- Assets
- $48.3m
- Revenue
- $14.7m
- Investments
- $7.7m
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 04/1954
- Data as of
- 06/2021
- EIN
- 52-6057762
Organization Overview
Iron Workers Trust Fund-5 is located in Pittsburgh, PA. 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 06/2021, Iron Workers Trust Fund-5 generated $14.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $11.7m during the year ending 06/2021. While expenses have increased by 2.0% per year over the past 6 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 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 |
Vic Cornellier Trustee | Trustee | 1 | $0 |
William Beckman Trustee | Trustee | 1 | $0 |
Raymond Cleland Trustee | Trustee | 1 | $0 |
Rick Bailey Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cvs Health Insurance | 6/29/21 | $2,568,292 |
Zenith American Solutions Tpa | 6/29/21 | $653,462 |
American Health Holding Medical Management | 6/29/21 | $125,914 |
Carefirst Admin & Access Fees | 6/29/21 | $133,431 |
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 | $14,134,931 |
| Investment income | $447,436 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,373 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,719,245 |
| 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 | $10,535,342 |
| 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 | $621,522 |
| Fees for services: Legal | $36,011 |
| Fees for services: Accounting | $49,984 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,628 |
| Fees for services: Other | $87,970 |
| Advertising and promotion | $0 |
| Office expenses | $9,117 |
| 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 | $12 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,828 |
| All other expenses | $1,653 |
| Total functional expenses | $11,691,948 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,566,342 |
| Savings and temporary cash investments | $5,437,264 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,333,089 |
| 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 | $3,213 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $21,246,947 |
| Investments—other securities | $7,746,315 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $48,333,170 |
| Accounts payable and accrued expenses | $270,419 |
| 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 | $9,565 |
| Total liabilities | $279,984 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $48,053,186 |
| 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 | $48,333,170 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Federation Of State County & Municipal Employees New York, NY | $77,027,109 | $53,363,394 |
International Union Of Painters And Allied Trades Hanover, MD | $95,846,758 | $52,219,897 |
Road Sprinkler Fitters Local 669 Ua Columbia, MD | $102,310,509 | $62,554,004 |
New York State Nurses Association New York, NY | $106,360,017 | $53,864,397 |
Cement & Concrete Workers District Council Welfare Fund Flushing, NY | $115,712,146 | $34,540,506 |
Service Employees International Union Albany, NY | $31,308,144 | $40,993,536 |
Transportation-Communications Union Rockville, MD | $52,081,402 | $35,935,195 |
Major League Baseball Players Assn New York, NY | $280,679,317 | $145,511,307 |
United Brotherhood Of Carpenters & Joiners Of America New York, NY | $64,514,321 | $30,390,224 |
American Federation Of State County & Municipal Employees Harrisburg, PA | $13,029,415 | $28,034,126 |
Enterprise Association Local 638 Long Island City, NY | $80,989,566 | $29,703,227 |
Prevailing Wage Contractors Association Columbus, OH | $11,505,907 | $33,069,409 |