Teamsters Local 469 Welfare Fund
- Assets
- $16.4m
- Revenue
- $13.6m
- Investments
- $2.8m
- Employees
- 2
- Location
- Hazlet, NJ
- Founding
- 12/1955
- Data as of
- 12/2022
- EIN
- 22-1552880
Organization Overview
Teamsters Local 469 Welfare Fund is located in Hazlet, NJ. The organization was established in 1955. 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 12/2022, Teamsters Local 469 Welfare Fund employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local 469 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, Teamsters Local 469 Welfare Fund generated $13.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $14.3m during the year ending 12/2022. While expenses have increased by 1.9% 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 HEALTH AND WELFARE BENEFITS TO MEMBERS AND DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TEAMSTERS 469 WELFARE FUND PROVIDES HEALTH AND WELFARE BENEFITS FOR ALL ELIGIBLE MEMBERS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fredrick Potter Jr Resigned Trustee | Trustee | 1 | $0 |
Michael Broderick Trustee | Trustee | 1 | $0 |
Rick Workman Trustee | Trustee | 1 | $0 |
Michael Tkatch Trustee | Trustee | 1 | $0 |
Marcelo Afonso Trustee | Trustee | 1 | $0 |
Daniel Neville Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Horizon Health Care Services Claims Administration | 12/30/22 | $230,533 |
Zenith American Solutions Third Party Administrator | 12/30/22 | $198,082 |
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 | $13,339,762 |
| Investment income | $336,989 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$65,159 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,611,592 |
| 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 | $13,340,180 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $71,572 |
| Pension plan accruals and contributions | $25,283 |
| Other employee benefits | $37,569 |
| Payroll taxes | $227 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,643 |
| Fees for services: Accounting | $38,270 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,356 |
| Fees for services: Other | $556,065 |
| Advertising and promotion | $0 |
| Office expenses | $41,709 |
| Information technology | $44,936 |
| Royalties | $0 |
| Occupancy | $25,477 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,804 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,546 |
| Insurance | $7,843 |
| All other expenses | $3,130 |
| Total functional expenses | $14,275,610 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $671,194 |
| Savings and temporary cash investments | $423,546 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $472,124 |
| 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 | $3,937 |
| Investments—publicly traded securities | $10,083,248 |
| Investments—other securities | $2,764,267 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,955,745 |
| Total assets | $16,374,061 |
| Accounts payable and accrued expenses | $45,457 |
| 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 | $96,650 |
| Total liabilities | $142,107 |
| 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 | $16,231,954 |
| Total liabilities and net assets/fund balances | $16,374,061 |