Iron Workers District Council -Philadelphia & Vicinity-Welfare P
- Assets
- $44.9m
- Revenue
- $38.3m
- Investments
- $0.0
- Employees
- 3
- Location
- Springfield, NJ
- Founding
- 12/1952
- Data as of
- 09/2023
- EIN
- 23-1599740
Organization Overview
Iron Workers District Council -Philadelphia & Vicinity-Welfare P is located in Springfield, 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 09/2023, Iron Workers District Council -Philadelphia & Vicinity-Welfare P employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iron Workers District Council -Philadelphia & Vicinity-Welfare P is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 09/2023, Iron Workers District Council -Philadelphia & Vicinity-Welfare P generated $38.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $23.6m during the year ending 09/2023. 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
PROVIDE HEALTH & WELFARE BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WELFARE PLAN PROVIDED HEALTH & WELFARE BENEFITS TO ALL ELIGIBLE MEMBERS AND THEIR DEPENDENTS. BENEFITS PROVIDED INCLUDE MEDICAL, HOSPITALIZATION, PRESCRIPTION, DENTAL, VISION, LIFE INSURANCE AND DISABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Boyle Union Trustee | Trustee | 2 | $0 |
Richard Sweeney Union Trustee | Trustee | 2 | $0 |
Stephen Sweeney Union Trustee | Trustee | 2 | $0 |
George Zalar Union Trustee | Trustee | 2 | $0 |
Michael Knobbs Union Trustee | Trustee | 2 | $0 |
Jack Kocsis Employer Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Basys Inc Computer Consulting | 9/29/23 | $142,354 |
Bolton Partners Northeast Inc Consulting | 9/29/23 | $176,786 |
Cleary Josem Llp Legal | 9/29/23 | $124,266 |
Iron Workers Local 11 Welfare Fund Adminstrative Services | 9/29/23 | $520,086 |
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 | $36,625,703 |
| Investment income | $730,828 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $965,540 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,322,071 |
| 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 | $22,032,379 |
| Compensation of current officers, directors, key employees. | $177,193 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,568 |
| Pension plan accruals and contributions | $132,561 |
| Other employee benefits | $0 |
| Payroll taxes | $19,144 |
| Fees for services: Management | $520,086 |
| Fees for services: Legal | $145,852 |
| Fees for services: Accounting | $39,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,261 |
| Fees for services: Other | $229,433 |
| Advertising and promotion | $0 |
| Office expenses | $11,516 |
| Information technology | $142,354 |
| Royalties | $0 |
| Occupancy | $19,310 |
| Travel | $5,548 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,166 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $36,851 |
| All other expenses | $7,547 |
| Total functional expenses | $23,642,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,019,984 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,328,352 |
| 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 | $271,122 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $30,234,778 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,284 |
| Total assets | $44,912,520 |
| Accounts payable and accrued expenses | $47,446 |
| 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 | $3,543,099 |
| Total liabilities | $3,590,545 |
| 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 | $41,321,975 |
| Total liabilities and net assets/fund balances | $44,912,520 |