Waterfront Employers I L A Welfare Fund
- Assets
- $11.9m
- Revenue
- $17.9m
- Investments
- $0.0
- Employees
- 1,384
- Location
- Charleston, SC
- Founding
- 06/1970
- Data as of
- 09/2023
- EIN
- 57-0381219
Organization Overview
Waterfront Employers I L A Welfare Fund is located in Charleston, SC. The organization was established in 1970. 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 09/2023, Waterfront Employers I L A Welfare Fund employed 1,384 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Waterfront Employers I L A 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 09/2023, Waterfront Employers I L A Welfare Fund generated $17.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $17.8m during the year ending 09/2023. While expenses have increased by 5.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PLAN IS TO PROVIDE MEDICAL, PRESCRIPTION, DISABILITY AND DEATH BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neal Edgerton Co-Chairman/trustee | Trustee | 1 | $0 |
William J Bean Co-Chairman/trustee | Trustee | 1 | $0 |
Paul Ferri Mgmt Trustee | Trustee | 1 | $0 |
Leonard A Bailey Labor Trustee | Trustee | 1 | $0 |
Mark Weatherford Mgmt Trustee | Trustee | 1 | $0 |
Charles Brave Jr Labor Trustee | Trustee | 1 | $0 |
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 | $17,293,351 |
| Investment income | $716,214 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$143,595 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,929,450 |
| 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 | $16,814,924 |
| 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 | $30,180 |
| Fees for services: Accounting | $64,722 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,259 |
| Fees for services: Other | $62,516 |
| Advertising and promotion | $0 |
| Office expenses | $39,422 |
| Information technology | $71,250 |
| Royalties | $0 |
| Occupancy | $49,914 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,701 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,311 |
| Insurance | $68,268 |
| All other expenses | $0 |
| Total functional expenses | $17,792,507 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,156,882 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $713,310 |
| 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 | $245,315 |
| Investments—publicly traded securities | $7,777,110 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,892,617 |
| Accounts payable and accrued expenses | $593,586 |
| 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 | $2,031,938 |
| Total liabilities | $2,625,524 |
| 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 | $9,267,093 |
| Total liabilities and net assets/fund balances | $11,892,617 |