Teamsters Local 251 Health Services & Insurance Plan
- Assets
- $141.4m
- Revenue
- $73.8m
- Investments
- $6.2m
- Employees
- 5
- Location
- Providence, RI
- Founding
- 02/1958
- Data as of
- 06/2023
- EIN
- 05-0271216
Organization Overview
Teamsters Local 251 Health Services & Insurance Plan is located in Providence, RI. The organization was established in 1958. 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 06/2023, Teamsters Local 251 Health Services & Insurance Plan employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local 251 Health Services & Insurance Plan is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2023, Teamsters Local 251 Health Services & Insurance Plan generated $73.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $62.3m during the year ending 06/2023. While expenses have increased by 3.8% 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
THE PLAN PROVIDES MEDICAL, HOSPITALIZATION, DENTAL, VISION, HEARING, LIFE INSURANCE, WEEKLY ACCIDENT AND SICKNESS, LONG-TERM DISABILITY, EMPLOYEES' ASSISTANCE PROGRAM, INCOME TAX PREPARATION, AND PRESCRIPTION DRUG BENEFITS FOR ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS. THE PLAN ALSO PROVIDES A PROGRAM OF BENEFITS FOR ELIGIBLE RETIREES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PLAN PROVIDES MEDICAL, HOSPITALIZATION, DENTAL, VISION, HEARING, LIFE INSURANCE, WEEKLY ACCIDENT AND SICKNESS, LONG-TERM DISABILITY, EMPLOYEES' ASSISTANCE PROGRAM, INCOME TAX PREPARATION, AND PRESCRIPTION DRUG BENEFITS FOR APPROXIMATELY 3,505 MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffery Isaacs Employer Trustee | Trustee | 2 | $0 |
Matthew G Taibi Union Trustee/co-Chairman | Trustee | 2 | $0 |
Paul J Santos Union Trustee | Trustee | 2 | $0 |
Matthew A Maini Union Trustee | Trustee | 2 | $122,105 |
Frank Parella Employer Trustee/co-Chairm | Trustee | 2 | $0 |
William Schmiedeknecht Employer Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Healthcare Insurance Company Claims Processing | 6/29/23 | $1,612,598 |
Gursky Law Associates Legal Services | 6/29/23 | $325,803 |
The Segal Company Actuarial | 6/29/23 | $171,690 |
Delta Dental Of Rhode Island Claims Processing | 6/29/23 | $153,177 |
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 | $70,333,713 |
| Investment income | $3,419,680 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,221 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $73,753,121 |
| 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 | $60,470,345 |
| 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 | $444,933 |
| Pension plan accruals and contributions | $223,792 |
| Other employee benefits | $106,362 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $325,803 |
| Fees for services: Accounting | $70,212 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $90,683 |
| Fees for services: Other | $171,690 |
| Advertising and promotion | $0 |
| Office expenses | $79,602 |
| Information technology | $83,696 |
| Royalties | $0 |
| Occupancy | $78,289 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,819 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,207 |
| Insurance | $45,372 |
| All other expenses | $19,781 |
| Total functional expenses | $62,282,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $343,472 |
| Savings and temporary cash investments | $15,844,828 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,458,287 |
| 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 | $75,821 |
| Net Land, buildings, and equipment | $222,097 |
| Investments—publicly traded securities | $114,266,156 |
| Investments—other securities | $6,183,159 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,053,000 |
| Total assets | $141,446,820 |
| Accounts payable and accrued expenses | $315,110 |
| Grants payable | $0 |
| Deferred revenue | $64,759 |
| 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 | $379,869 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $141,066,951 |
| 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 | $141,446,820 |