H&gl Welfare Fund
- Assets
- $313.4m
- Revenue
- $218.6m
- Investments
- $22.5m
- Employees
- 43
- Location
- Newark, NJ
- Founding
- 11/1952
- Data as of
- 03/2022
- 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 03/2022, H&gl Welfare Fund employed 43 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 03/2022, H&gl Welfare Fund generated $218.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $204.4m during the year ending 03/2022. While expenses have increased by 6.7% 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
2022
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Cotov Legal Services | 35 | $228,361 | |
Beverly Ceaser General Manager | Officer | 20 | $216,627 |
Vincent Riccardi Legal Services | 35 | $199,475 | |
Charles Ferns Finance Manager | 14 | $175,774 | |
Russel Bley Asst. General Mgr | Officer | 20 | $148,148 |
Glenn Kenyon Manager | 18 | $147,261 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meritain Health Inc Claims Processing | 3/30/22 | $2,902,702 |
Zazzali Fagella Nowak Legal | 3/30/22 | $364,785 |
The Segal Company (Eastern States) Inc Actuarial Consulting | 3/30/22 | $135,711 |
Western Asset Mgmt Co Investment Manager | 3/30/22 | $101,418 |
Express Scripts Claims Processing | 3/30/22 | $715,350 |
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 | $190,183,794 |
| Investment income | $5,086,493 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $229,857 |
| Net Gain/Loss on Asset Sales | $6,312,623 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $218,623,615 |
| 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 | $199,596,057 |
| Compensation of current officers, directors, key employees. | $580,340 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $284,405 |
| Other salaries and wages | $2,346,341 |
| Pension plan accruals and contributions | $1,203,213 |
| Other employee benefits | $893,237 |
| Payroll taxes | $293,806 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $385,478 |
| Fees for services: Accounting | $70,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $336,567 |
| Fees for services: Other | $133,230 |
| Advertising and promotion | $0 |
| Office expenses | $449,335 |
| Information technology | $25,060 |
| Royalties | $0 |
| Occupancy | $80,217 |
| Travel | $5,810 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,207 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,024 |
| Insurance | $335,115 |
| All other expenses | $0 |
| Total functional expenses | $204,412,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,649,399 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,604,014 |
| 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 | $48,337 |
| Net Land, buildings, and equipment | $5,994,248 |
| Investments—publicly traded securities | $240,592,354 |
| Investments—other securities | $22,537,792 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,595 |
| Total assets | $313,433,739 |
| Accounts payable and accrued expenses | $1,556,174 |
| 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 | $45,894,578 |
| Total liabilities | $47,450,752 |
| 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 | $265,982,987 |
| Total liabilities and net assets/fund balances | $313,433,739 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Elevator Industry Health Benefit Plan Newtown Square, PA | $3,162,621,306 | $1,053,293,357 |
Steelworkers Health & Welfare Fund Pittsburgh, PA | $75,759,538 | $820,594,262 |
Management-Ila Managed Healthcare Employee Benefits Tr New York, NY | $1,464,545,299 | $773,864,686 |
Pension Comm Joint Industry Board Of The Electrical Industry Flushing, NY | $511,091,919 | $485,693,132 |
Geico Corporation Welfare Plans Trust Pittsburgh, PA | $29,323,735 | $483,700,249 |
N Y C District Council Carpenters Welfare Fund New York, NY | $844,702,905 | $405,915,233 |
Roche Employee Welfare Benefits Tr Little Falls, NJ | $76,374,424 | $438,766,875 |
Trust Agreement For Duke Energy Corp Welfare Benefits Trust Veba I Pittsburgh, PA | $57,640,159 | $421,418,406 |
Episcopal Church Clergy And Employees Benefit Trust New York, NY | $91,291,203 | $286,589,390 |
Iatse National Health & Welfare Fund New York, NY | $881,903,494 | $400,744,906 |
Kpmg Llp Health Plans Tr Pittsburgh, PA | $23,132,857 | $263,991,043 |
Prudential Welfare Benefits Tr Newark, NJ | $23,018,916 | $232,992,033 |