H&gl Welfare Fund
- Assets
- $320.0m
- Revenue
- $226.6m
- Investments
- $38.2m
- Employees
- 48
- Location
- Newark, NJ
- Founding
- 11/1952
- Data as of
- 03/2023
- EIN
- 22-1481564
Organization Overview
H&gl Welfare Fund is located in Newark, NJ. The organization was established in 1952. 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 03/2023, H&gl Welfare Fund employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. H&gl 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 03/2023, H&gl Welfare Fund generated $226.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $215.7m during the year ending 03/2023. While expenses have increased by 6.6% 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
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 AND THEIR DEPENDENTS.
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 AND THEIR DEPENDENTS.
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 |
|---|---|---|---|
Antonio Oliveira Co-Chairman - Thru 8/22 | Trustee | 1 | $0 |
Jack Kocsis Jr Co-Chairman | Trustee | 1 | $0 |
Raymond M Pocino Trustee | Trustee | 1 | $0 |
Manuel Amador Jr Co Chairman - Eff 9/22 | Trustee | 1 | $0 |
Anthony Capaccio Trustee | Trustee | 1 | $0 |
Jeffrey S Waters Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meritain Health Inc Claims Processing | 3/30/23 | $2,819,948 |
Zazzali Fagella Nowak Legal | 3/30/23 | $340,134 |
Atalanta Sosnoff Capital Llc Investment Manager | 3/30/23 | $145,161 |
The Segal Company (Eastern States) Inc Actuarial Consulting | 3/30/23 | $115,346 |
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 | $200,528,391 |
| Investment income | $7,230,360 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $185,102 |
| Net Gain/Loss on Asset Sales | -$3,636,417 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $226,578,670 |
| 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 | $210,065,794 |
| Compensation of current officers, directors, key employees. | $539,429 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $411,955 |
| Other salaries and wages | $2,578,424 |
| Pension plan accruals and contributions | $1,194,600 |
| Other employee benefits | $921,814 |
| Payroll taxes | $270,525 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $393,793 |
| Fees for services: Accounting | $74,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $485,733 |
| Fees for services: Other | $102,624 |
| Advertising and promotion | $0 |
| Office expenses | $588,529 |
| Information technology | $49,306 |
| Royalties | $0 |
| Occupancy | $95,578 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $81,049 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $74,358 |
| Insurance | $308,595 |
| All other expenses | $0 |
| Total functional expenses | $215,670,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $34,315,699 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $32,030,966 |
| 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 | $54,495 |
| Net Land, buildings, and equipment | $6,307,780 |
| Investments—publicly traded securities | $209,107,210 |
| Investments—other securities | $38,220,042 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$7,682 |
| Total assets | $320,028,510 |
| Accounts payable and accrued expenses | $612,041 |
| 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 | $50,897,025 |
| Total liabilities | $51,509,066 |
| 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 | $268,519,444 |
| Total liabilities and net assets/fund balances | $320,028,510 |