I B E W Local 237 Welfare Fund
- Assets
- $9.8m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 187
- Location
- Niagara Falls, NY
- Founding
- 05/1996
- Data as of
- 12/2022
- EIN
- 16-0834222
Organization Overview
I B E W Local 237 Welfare Fund is located in Niagara Falls, NY. The organization was established in 1996. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, I B E W Local 237 Welfare Fund employed 187 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. I B E W Local 237 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 12/2022, I B E W Local 237 Welfare Fund generated $5.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $4.6m during the year ending 12/2022. While expenses have increased by 2.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEMBERS WITH MEDICAL AND WELFARE BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND PROVIDES BENEFITS TO ITS MEMBERS, INCLUDING HOSPITALIZATION, MAJOR MEDICAL, PRESCRIPTION DRUG, HEALTH AND LIFE INSURANCE, DENTAL AND VISION CARE, VACATION, UNEMPLOYMENT SUB-PAY, DISABILITY SUB-PAY, WORKERS COMPENSATION SUB-PAY, EDUCATION, AND REIMBURSEMENT OF QUALIFYING MEDICAL EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fred Demais Union Trustee | Trustee | 1 | $0 |
Donald Freedman Management Trustee | Trustee | 1 | $0 |
Renee Lamonaco Management Trustee | Trustee | 1 | $0 |
John Scherrer Union Trustee | OfficerTrustee | 1 | $3,244 |
Michael Prosser Union Trustee | Trustee | 1 | $19,606 |
Richard Lombard Management Trustee | Trustee | 1 | $0 |
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 | $5,242,008 |
| Investment income | $174,402 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $990 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,470,983 |
| 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 | $4,103,501 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $88,504 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,072 |
| Payroll taxes | $199,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,656 |
| Fees for services: Accounting | $33,870 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,700 |
| Fees for services: Other | $19,471 |
| Advertising and promotion | $0 |
| Office expenses | $11,949 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,298 |
| Travel | $1,702 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,549 |
| All other expenses | $0 |
| Total functional expenses | $4,554,078 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $398,078 |
| Savings and temporary cash investments | $1,547,576 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $663,080 |
| 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 | $51,025 |
| Investments—publicly traded securities | $7,149,113 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,808,872 |
| Accounts payable and accrued expenses | $31,076 |
| 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 | $53,039 |
| Total liabilities | $84,115 |
| 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 | $9,724,757 |
| Total liabilities and net assets/fund balances | $9,808,872 |