Local No 1 Health Fund
- Assets
- $109.2m
- Revenue
- $84.4m
- Investments
- $42.6m
- Employees
- 58
- Location
- Downers Grove, IL
- Founding
- 09/1965
- Data as of
- 06/2021
- EIN
- 36-2525603
Organization Overview
Local No 1 Health Fund is located in Downers Grove, IL. The organization was established in 1965. 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 06/2021, Local No 1 Health Fund employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local No 1 Health Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2021, Local No 1 Health Fund generated $84.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $72.7m during the year ending 06/2021. While expenses have increased by 9.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HEALTH BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH BENEFITS TO ELIGIBLE MEMBERS AND DEPENDENTS IN ACCORDANCE WITH THE PLAN DOCUMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Genie Kastrup Trustee | Trustee | 1 | $0 |
Thomas Balanoff Chairman | Trustee | 1.5 | $0 |
Vince Pesha Trustee | Trustee | 1 | $0 |
Leon Wolin Trustee | Trustee | 1.5 | $0 |
James Watts Trustee | Trustee | 1 | $0 |
Senad Sphahija Trustee | Trustee | 1.5 | $0 |
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 | $74,862,146 |
| Investment income | $5,238,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,200,226 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $84,440,089 |
| 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 | $70,491,674 |
| 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 | $1,309,000 |
| Fees for services: Legal | $199,462 |
| Fees for services: Accounting | $99,451 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $257,979 |
| Fees for services: Other | $242,146 |
| Advertising and promotion | $0 |
| Office expenses | $41,039 |
| 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 | $2,073 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $47,470 |
| All other expenses | $0 |
| Total functional expenses | $72,733,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,309,102 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,998,443 |
| 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 | $59,169 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $52,238,783 |
| Investments—other securities | $42,564,891 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $109,170,388 |
| Accounts payable and accrued expenses | $504,296 |
| 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 | $196,922 |
| Total liabilities | $701,218 |
| 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 | $108,469,170 |
| Total liabilities and net assets/fund balances | $109,170,388 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Seiu Local 1 & Participating Employers Health Trust Chicago, IL | $156,543,336 | $132,715,763 |
Hyatt Corporation Welfare Benefit Trust Chicago, IL | $6,191,969 | $127,454,104 |
Cook Group Health Plan Trust Bloomington, IN | $8,118,336 | $121,299,897 |
Kindred Operating Inc Benefit Trust Louisville, KY | $0 | $114,052,809 |
Wisconsin Laborers Health Fund Deforest, WI | $353,332,580 | $101,359,419 |
Mid Central Operating Engineers Health & Welfare Fund Terre Haute, IN | $164,227,966 | $120,915,120 |
Olin Employees Benefit Association Trust Clayton, MO | $9,540,806 | $107,158,504 |
Seiu Healthcare Il Home Care & Child Care Fund Chicago, IL | $235,309,739 | $118,872,167 |
Kraft Foods Global Inc Retiree Health And Life Benefit Tr Chicago, IL | $1,155,325,144 | $69,120,518 |
Teamsters & Employers Welfare Trust Of Illinois Earth City, MO | $101,818,713 | $113,173,281 |
Indiana Laborers Welfare Fund Terre Haute, IN | $297,651,155 | $117,994,109 |
Automobile Mechanics-701 Union And Industry Welfare Fund-Trust Burr Ridge, IL | $251,648,514 | $107,015,909 |