Local 580 Insurance Fund
- Assets
- $368.4m
- Revenue
- $70.3m
- Investments
- $83.7m
- Employees
- 0
- Location
- New York, NY
- Founding
- 09/1949
- Data as of
- 12/2021
- 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. 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 12/2021, Local 580 Insurance Fund generated $70.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $51.5m during the year ending 12/2021. While expenses have increased by 6.1% 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 LIFE INSURANCE, MEDICAL, HOSPITALIZATION, DENTAL, DISABILITY, HEARING AIDS, DEATH BENEFITS, ETC. FOR MEMBER OF IRON WORKERS UNION LOCAL 580.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LIFE INSURANCE, MEDICAL, HOSPITALIZATION, DENTAL, DISABILITY, HEARING AIDS, DEATH BENEFITS, ETC. FOR MEMBER OF IRON WORKERS UNION LOCAL 580.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brendan Tormey Asst Administrator | 20 | $47,173 | |
Ryan Herbert Director Of Audits | 20 | $47,092 | |
Thomas Lecompte Controller | 20 | $39,123 | |
Kenneth Cody Union Trustee (p) | Trustee | 2 | $492 |
Peter Carriero Employer Trustee | Trustee | 2 | $0 |
Randall Rifelli Employer Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Colleran O'hara & Mills Llp Legal Fees | 12/30/21 | $127,561 |
Wcm Investment Management Investment Fees | 12/30/21 | $141,851 |
J P Morgan Asset Management Investment Fees | 12/30/21 | $212,109 |
Empire Blue Cross And Blue Shield Administrative Fees | 12/30/21 | $2,192,157 |
Loomis Sayle Trust Co Llc Investment Fees | 12/30/21 | $125,563 |
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 | $50,142,220 |
| Investment income | $6,534,592 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,573,302 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,279,432 |
| 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 | $49,485,533 |
| Compensation of current officers, directors, key employees. | $851 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $289,854 |
| Pension plan accruals and contributions | $117,802 |
| Other employee benefits | $50,516 |
| Payroll taxes | $28,702 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $155,821 |
| Fees for services: Accounting | $175,281 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $828,875 |
| Fees for services: Other | $130,557 |
| Advertising and promotion | $0 |
| Office expenses | $70,357 |
| Information technology | $18,377 |
| Royalties | $0 |
| Occupancy | $81,274 |
| Travel | $14,400 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,239 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,078 |
| Insurance | $68,642 |
| All other expenses | $17,050 |
| Total functional expenses | $51,542,209 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,209,084 |
| Savings and temporary cash investments | $8,201,035 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,532,155 |
| 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 | $57,099 |
| Net Land, buildings, and equipment | $2,577 |
| Investments—publicly traded securities | $262,181,285 |
| Investments—other securities | $83,714,380 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $455,900 |
| Total assets | $368,353,515 |
| Accounts payable and accrued expenses | $192,646 |
| 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 | $8,772,897 |
| Total liabilities | $8,965,543 |
| 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 | $359,387,972 |
| Total liabilities and net assets/fund balances | $368,353,515 |