Laundry Dry Cleaning Wkrs & Allied Indust Retrmnt Fund Workers United
- Assets
- $23.4m
- Revenue
- $19.2m
- Investments
- $2.6m
- Employees
- 0
- Location
- White Plains, NY
- Founding
- 01/1958
- Data as of
- 12/2019
- EIN
- 13-5521921
Organization Overview
Laundry Dry Cleaning Wkrs & Allied Indust Retrmnt Fund Workers United is located in White Plains, NY. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Laundry Dry Cleaning Wkrs & Allied Indust Retrmnt Fund Workers United generated $19.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $17.1m during the year ending 12/2019. While expenses have increased by 1.7% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
VEBA HEALTH FUND PROVIDING HEALTH BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL, HOSPITALIZATION, DENTAL, VISION AND PRESCRITION BENEFITS PAID TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alberto Arroyo Union Trustee | Trustee | 1 | $0 |
Wilfredo Larancuent Union Trustee (p) | Trustee | 1 | $0 |
Michael Potack Employer Trustee | Trustee | 1 | $0 |
Brian Santonello Employer Trustee | Trustee | 1 | $0 |
John Magliocco Employer Trustee | Trustee | 1 | $0 |
Meghan Chambers Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Schulte Roth & Zabel Llp Legal | 12/30/19 | $132,228 |
Empire Healthchoice Assurance Inc Claim Processing Fee | 12/30/19 | $577,919 |
Alicare Inc Administrative & Investment Services | 12/30/19 | $1,689,594 |
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 | $17,178,952 |
| Investment income | $592,674 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,459,495 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,246,221 |
| 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 | $14,785,946 |
| 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 | $147,702 |
| Pension plan accruals and contributions | $20,580 |
| Other employee benefits | $53,673 |
| Payroll taxes | $13,877 |
| Fees for services: Management | $1,575,594 |
| Fees for services: Legal | $172,305 |
| Fees for services: Accounting | $35,588 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $118,507 |
| Fees for services: Other | $66,895 |
| Advertising and promotion | $0 |
| Office expenses | $29,323 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,000 |
| Travel | $5,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,247 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $26,585 |
| All other expenses | $0 |
| Total functional expenses | $17,099,030 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250 |
| Savings and temporary cash investments | $1,546,977 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,112,997 |
| 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 | $212 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $17,817,291 |
| Investments—other securities | $2,580,306 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $377,238 |
| Total assets | $23,435,271 |
| Accounts payable and accrued expenses | $161,159 |
| 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 | $196,126 |
| Total liabilities | $357,285 |
| 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 | $23,077,986 |
| Total liabilities and net assets/fund balances | $23,435,271 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Alliance Of Western New York Benefit Fund Niagara Falls, NY | $3,723,418 | $49,356,235 |
Local 580 Insurance Fund New York, NY | $330,501,791 | $70,003,731 |
Heavy & Highway Construction Health & Welfare Fund Philadelphia, PA | $151,431,523 | $42,624,524 |
Northeast Pennsylvania Sch Dist Tr Edwardsville, PA | $23,662,340 | $52,276,198 |
Dist Council Iron Workers Welfare Fund Of Northern New Jersey Springfield, NJ | $88,463,790 | $50,704,206 |
Ufcw Local 1776ks Wd And Employers Health Fund Canonsburg, PA | $56,652,022 | $44,240,818 |
Mars Inc Voluntary Employees Beneficiary Association Mount Olive, NJ | $62,947,996 | $24,769,632 |
United Teamster Fund Brooklyn, NY | $17,115,630 | $43,578,442 |
Service Employees 32bj North Health Fund New York, NY | $44,166,455 | $47,147,776 |
Noitu Insurance Trust Fund Jamaica, NY | $123,119,925 | $46,291,836 |
Shared Services Health Plan Trust Selinsgrove, PA | $12,834,175 | $44,774,466 |
Pennsylvania Trust A Coalition Of Employee Benefit Tr Milton, PA | $27,129,965 | $45,106,875 |