Health & Welfare Fund
- Assets
- $84.1m
- Revenue
- $40.7m
- Investments
- $23.4m
- Employees
- 6
- Location
- Worcester, MA
- Founding
- 10/1959
- Data as of
- 12/2021
- EIN
- 04-2219623
Organization Overview
Health & Welfare Fund is located in Worcester, MA. The organization was established in 1959. 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 12/2021, Health & Welfare Fund employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Health & 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 12/2021, Health & Welfare Fund generated $40.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $34.9m during the year ending 12/2021. While expenses have increased by 4.0% per year over the past 7 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
TO PROVIDE MEDICAL, DENTAL, VISION, LIFE, ACCIDENT & SICKNESS BENEFITS TO ELIGIBLE PARTICIPANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE WELFARE BENEFITS TO EMPLOYEES UNDER COLLECTIVE BARGAINING AGREEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond Reed Employee | 40 | $165,562 | |
Sean M Foley Trustee | Trustee | 10 | $0 |
Shannon George Trustee/co-Chair | Trustee | 10 | $0 |
Paul E Dauphinais Trustee | Trustee | 10 | $0 |
Ronald J Bevens Trustee | Trustee | 10 | $0 |
Monica J Chester Trustee | Trustee | 10 | $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 | $37,801,171 |
| Investment income | $1,270,711 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $213,087 |
| Net Gain/Loss on Asset Sales | $1,404,123 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,689,092 |
| 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 | $32,735,212 |
| Compensation of current officers, directors, key employees. | $165,562 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $340,164 |
| Pension plan accruals and contributions | $148,104 |
| Other employee benefits | $156,156 |
| Payroll taxes | $34,493 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $50,277 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $112,200 |
| Fees for services: Other | $103,990 |
| Advertising and promotion | $0 |
| Office expenses | $152,381 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $309,611 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,563 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $289,184 |
| Insurance | $52,077 |
| All other expenses | $0 |
| Total functional expenses | $34,942,899 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,469,596 |
| Savings and temporary cash investments | $10,357,140 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,862,042 |
| 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 | $64,662 |
| Net Land, buildings, and equipment | $2,762,837 |
| Investments—publicly traded securities | $37,901,653 |
| Investments—other securities | $23,416,009 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $239,100 |
| Total assets | $84,073,039 |
| Accounts payable and accrued expenses | $172,332 |
| 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 | $10,207,074 |
| Total liabilities | $10,379,406 |
| 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 | $73,693,633 |
| Total liabilities and net assets/fund balances | $84,073,039 |