Plumbers-112 Welfare Plan
- Assets
- $12.1m
- Revenue
- $8.9m
- Investments
- $0.0
- Employees
- 1
- Location
- Binghamton, NY
- Founding
- 01/1963
- Data as of
- 12/2021
- EIN
- 16-6053348
Organization Overview
Plumbers-112 Welfare Plan is located in Binghamton, NY. The organization was established in 1963. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. Plumbers-112 Welfare Plan 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, Plumbers-112 Welfare Plan generated $8.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $7.4m during the year ending 12/2021. While expenses have increased by 2.9% 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
PROVIDE MEDICAL, VISION AND PRESCRIPTION FOR MEMBERS OF THE PLUMBERS, PIPEFITTERS AND APPRENTICES OF LOCAL 112-BINGHAMTON, NY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEDICAL, VISION AND PRESCRIPTION FOR MEMBERS OF LOCAL 112-BINGHAMTON, NY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Vanauken Plan Administrator | Officer | 16 | $34,032 |
Josh Barnes Trustee | Trustee | 1 | $0 |
Richard Falvo Trustee | Trustee | 1 | $0 |
Richard Schmalz Trustee | Trustee | 1 | $0 |
Donald Darcangelo Trustee | Trustee | 1 | $0 |
Daniel Crocker Business Manager/financial | 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 | $8,690,644 |
| Investment income | $203,736 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,186 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,933,795 |
| 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 | $5,908,547 |
| Compensation of current officers, directors, key employees. | $57,943 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $64,216 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $56,959 |
| Payroll taxes | $7,913 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,745 |
| Fees for services: Accounting | $15,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,694 |
| Fees for services: Other | $985,559 |
| Advertising and promotion | $0 |
| Office expenses | $19,631 |
| Information technology | $0 |
| Royalties | $9,967 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,551 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,272 |
| Insurance | $115,446 |
| All other expenses | $0 |
| Total functional expenses | $7,357,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,499,186 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,141,195 |
| 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 | $6,054 |
| Investments—publicly traded securities | $9,408,248 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,054,683 |
| Accounts payable and accrued expenses | $24,897 |
| 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 | $655,430 |
| Total liabilities | $680,327 |
| Net assets without donor restrictions | $11,374,356 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $12,054,683 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Painters Welfare Fund Pittsburgh, PA | $17,172,930 | $23,602,516 |
Mutual Beneficial Association Inc Berwyn, PA | $132,759,628 | $20,036,739 |
Centers For Care Health Plan Bronx, NY | $49,972,187 | $33,212,808 |
Stewart Employee Benefit Trust York, PA | $728,219 | $17,071,502 |
Redners Voluntary Employees Benefit Plan And Trust Reading, PA | $695,082 | $16,941,479 |
Lufthansa German Airlines Long Term Disability Benefits Pl Tr Uniondale, NY | $2,508,054 | $15,798,770 |
Welfare Fund Heat And Frost Insulators Local 12 Long Island City, NY | $34,847,538 | $18,361,265 |
First Medical Insurance Compant A Risk Retention Group Colchester, VT | $102,134,145 | $15,354,853 |
Mrm Property And Liability Tr Inc Sewickley, PA | $33,998,884 | $14,896,339 |
Giorgio Health & Welfare Plan Temple, PA | $32,283 | $14,373,210 |
Centers For Care Health Plan co Bronx Funding LLC Bronx, NY | $25,788,041 | $17,894,242 |
Rvc Insurance Company Inc Rockville Centre, NY | $295,933,062 | $29,353,576 |