Ibew Local 712 - Welfare Trust Fund
- Assets
- $84.8m
- Revenue
- $25.7m
- Investments
- $20.5m
- Employees
- 19
- Location
- Pittsburgh, PA
- Founding
- Data as of
- 12/2022
- EIN
- 25-6037360
Organization Overview
Ibew Local 712 - Welfare Trust Fund is located in Pittsburgh, PA. As of 12/2022, Ibew Local 712 - Welfare Trust Fund employed 19 individuals. Ibew Local 712 - Welfare Trust Fund is a 501(c)(18) and as such, is described as a "Employee Funded Pension Trust" by the IRS.
For the year ending 12/2022, Ibew Local 712 - Welfare Trust Fund generated $25.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.4% each year . All expenses for the organization totaled $15.3m during the year ending 12/2022. While expenses have increased by 12.0% 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
MEDICAL/DEATH BENEFITS TO MEMBERS AND DEPENDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE 550 ACTIVE IBEW MEMBERS AND THEIR DEPENDENTS HAD ACCESS TO MEDICAL AND NON-OCCUPATIONAL DENTAL BENEFITS AND CERTAIN DEATH BENEFITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank E Telesz Jr Trustee | Trustee | 3 | $0 |
John A Kochanowski Trustee | Trustee | 3 | $0 |
Michael D Robinson Jr Trustee | Trustee | 3 | $0 |
Robert J Bruce Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Highmark Hsa Administration | 12/30/22 | $398,023 |
Cds Administrators Third Party Plan Administration | 12/30/22 | $109,319 |
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 | $24,972,914 |
| Investment income | $1,543,952 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$834,401 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,682,631 |
| 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 | $14,150,023 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $109,319 |
| Fees for services: Legal | $38,514 |
| Fees for services: Accounting | $31,648 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $125,799 |
| Fees for services: Other | $49,625 |
| Advertising and promotion | $0 |
| Office expenses | $20,881 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,603 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $643,675 |
| All other expenses | $0 |
| Total functional expenses | $15,259,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $25,140,262 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,163,247 |
| 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 | $1,742 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $38,049,104 |
| Investments—other securities | $20,472,140 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $84,826,495 |
| Accounts payable and accrued expenses | $1,762,378 |
| 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 | $0 |
| Total liabilities | $1,762,378 |
| 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 | $83,064,117 |
| Total liabilities and net assets/fund balances | $84,826,495 |