Local 272 Welfare Fund
- Assets
- $42.5m
- Revenue
- $35.9m
- Investments
- $0.0
- Employees
- 9
- Location
- New York, NY
- Founding
- 02/1951
- Data as of
- 11/2023
- EIN
- 13-5555808
Organization Overview
Local 272 Welfare Fund is located in New York, NY. The organization was established in 1951. 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 11/2023, Local 272 Welfare Fund employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 272 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 11/2023, Local 272 Welfare Fund generated $35.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $29.1m during the year ending 11/2023. While expenses have increased by 2.3% 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
TO PROVIDE HEALTH AND RELATED BENEFITS TO ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH AND RELATED BENEFITS TO ELIGIBLE UNION MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fred Alston Trustee | Trustee | 5 | $0 |
Eddie Rivera Trustee | Trustee | 5 | $0 |
Jose Rojas Trustee | Trustee | 5 | $0 |
Gordon Hamm Trustee | Trustee | 2 | $0 |
Lance Howard Trustee | Trustee | 2 | $0 |
Kenneth Rosenblatt Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Magnacare Network Access | 11/29/23 | $808,413 |
Viveka Health Claim Processing Software | 11/29/23 | $421,156 |
Sele-dent Dental Administration | 11/29/23 | $109,530 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $172,523 |
| 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 | $172,523 |
| Total Program Service Revenue | $35,349,908 |
| Investment income | $562,765 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$220,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,864,581 |
| 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 | $26,703,775 |
| 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 | $863,559 |
| Pension plan accruals and contributions | $129,710 |
| Other employee benefits | $45,038 |
| Payroll taxes | $59,355 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $171,177 |
| Fees for services: Accounting | $167,940 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,164 |
| Fees for services: Other | $63,900 |
| Advertising and promotion | $0 |
| Office expenses | $70,052 |
| Information technology | $468,803 |
| Royalties | $0 |
| Occupancy | $231,135 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,315 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $45,528 |
| All other expenses | $0 |
| Total functional expenses | $29,071,451 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,729,574 |
| Savings and temporary cash investments | $1,585,927 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,023,390 |
| 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 | $0 |
| Investments—publicly traded securities | $26,667,024 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $470,954 |
| Total assets | $42,476,869 |
| Accounts payable and accrued expenses | $229,941 |
| 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 | $5,340,401 |
| Total liabilities | $5,570,342 |
| 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 | $36,906,527 |
| Total liabilities and net assets/fund balances | $42,476,869 |