Iron Workers Locals 40 361 & 417 Welfare Fund
- Assets
- $228.3m
- Revenue
- $125.9m
- Investments
- $189.5m
- Employees
- 19
- Location
- New York, NY
- Founding
- 12/1949
- Data as of
- 12/2021
- EIN
- 13-5622663
Organization Overview
Iron Workers Locals 40 361 & 417 Welfare Fund is located in New York, NY. The organization was established in 1949. 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, Iron Workers Locals 40 361 & 417 Welfare Fund employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Workers Locals 40 361 & 417 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, Iron Workers Locals 40 361 & 417 Welfare Fund generated $125.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $128.4m during the year ending 12/2021. While expenses have increased by 3.9% 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 HEALTH, VACATION AND OTHER BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOSPITALIZATION, COMPREHENSIVE MEDICAL, PRESCRIPTION, DENTAL, OPTICAL, SUPPLEMENTARY MEDICARE, AND VACATION BENEFITS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Sabbagh Fund Manager | 35 | $226,452 | |
John J Delaney Employee | 35 | $196,175 | |
Jim Dufficy Employee | 35 | $181,891 | |
Elsie O'neil Employee | 35 | $181,586 | |
Ian Chan Employee | 35 | $170,100 | |
Lucia Bauknight Employee | 35 | $166,364 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Segal Consultants Actuarial | 12/30/21 | $215,234 |
Joint Multi Service Associates Ltd Accounting | 12/30/21 | $312,000 |
Colleran O'hara & Mills Llp Legal | 12/30/21 | $177,791 |
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 | $119,960,789 |
| Investment income | $4,385,836 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,152,128 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $125,919,205 |
| 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 | $123,669,630 |
| 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 | $1,309,612 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $942,058 |
| Payroll taxes | $109,990 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $198,760 |
| Fees for services: Accounting | $255,646 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $363,979 |
| Advertising and promotion | $0 |
| Office expenses | $61,497 |
| Information technology | $187,461 |
| Royalties | $0 |
| Occupancy | $371,576 |
| Travel | $8,321 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,620 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,441 |
| Insurance | $209,284 |
| All other expenses | $23,284 |
| Total functional expenses | $128,427,139 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,880,279 |
| Savings and temporary cash investments | $6,415,722 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,700,333 |
| 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 | $140,368 |
| Net Land, buildings, and equipment | $139,801 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $189,456,493 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,526,021 |
| Total assets | $228,259,017 |
| Accounts payable and accrued expenses | $31,838,464 |
| 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 | $2,789,014 |
| Total liabilities | $34,627,478 |
| 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 | $193,631,539 |
| Total liabilities and net assets/fund balances | $228,259,017 |