Local 580 Insurance Fund
- Assets
- $328.0m
- Revenue
- $46.7m
- Investments
- $76.9m
- Employees
- 20
- Location
- New York, NY
- Founding
- 09/1949
- Data as of
- 12/2023
- EIN
- 13-6178513
Organization Overview
Local 580 Insurance 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 12/2023, Local 580 Insurance Fund employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 580 Insurance Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2023, Local 580 Insurance Fund generated $46.7m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $54.4m during the year ending 12/2023. 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 PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randall Ment Employer Trustee | Trustee | 2 | $0 |
Randall Rifelli Employer Trustee | Trustee | 2 | $0 |
Peter Carriero Employer Trustee | Trustee | 2 | $0 |
Peter Myers - Thru 1023 Union Trustee | Trustee | 2 | $0 |
Thomas Milton Union Trustee | Trustee | 2 | $0 |
Joseph Nolan Union Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Blue Shield Med Claim Admin | 12/30/23 | $1,409,353 |
Joint Multi Service Associates Ltd Payroll Auditor | 12/30/23 | $374,000 |
Colleran O'hara & Mills Lp Legal | 12/30/23 | $195,072 |
Jp Morgan Investment Mgmt Investment Mgmt | 12/30/23 | $194,686 |
Loomis Sayles Trust Company Investment Mgmt | 12/30/23 | $130,206 |
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 | $39,565,203 |
| Investment income | $7,417,415 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$302,576 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,683,256 |
| 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 | $52,363,376 |
| Compensation of current officers, directors, key employees. | $575,474 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,394,240 |
| Pension plan accruals and contributions | $509,512 |
| Other employee benefits | $205,081 |
| Payroll taxes | $142,177 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $168,004 |
| Fees for services: Accounting | $179,085 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $631,303 |
| Fees for services: Other | $105,967 |
| Advertising and promotion | $0 |
| Office expenses | $67,235 |
| Information technology | $66,508 |
| Royalties | $0 |
| Occupancy | $82,385 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,661 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $59,321 |
| All other expenses | -$2,203,908 |
| Total functional expenses | $54,363,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,631,376 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,555,647 |
| 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 | $45,970 |
| Net Land, buildings, and equipment | $420 |
| Investments—publicly traded securities | $236,786,193 |
| Investments—other securities | $76,857,574 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $77,000 |
| Total assets | $327,954,180 |
| Accounts payable and accrued expenses | $512,415 |
| 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 | $18,761,715 |
| Total liabilities | $19,274,130 |
| 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 | $308,680,050 |
| Total liabilities and net assets/fund balances | $327,954,180 |