Midwest Operating Engineers Welfare Fund
- Assets
- $1.8b
- Revenue
- $632.5m
- Investments
- $628.5m
- Employees
- 119
- Location
- Countryside, IL
- Founding
- 03/1955
- Data as of
- 03/2022
- EIN
- 36-6109395
Organization Overview
Midwest Operating Engineers Welfare Fund is located in Countryside, IL. 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 03/2022, Midwest Operating Engineers Welfare Fund employed 119 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Operating Engineers 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, Midwest Operating Engineers Welfare Fund generated $632.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $464.2m during the year ending 03/2022. While expenses have increased by 12.7% 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
PROVIDE HEALTH BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH CARE, VISION, DENTAL, PRESCRIPTION, DEATH AND DISABILITY BENEFITS FOR ELIGIBLE PARTICIPANTS AND THEIR COVERED DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Bernstein Administrative Manager | Officer | 25 | $217,881 |
Kathleen Grimm Controller | 15 | $168,715 | |
Pamela Kowalski Communication Director | 25 | $150,757 | |
Sebastian Cherney Pension Manager | 0 | $115,742 | |
Marshall Douglas Trustee | Trustee | 1 | $0 |
Daniel Plote Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Activate Healthcare Llc Medical Facility Services | 3/30/22 | $916,791 |
Foundry Partners Llc Investment Manager | 3/30/22 | $560,989 |
Ucs Holdings Inc Hospital Utilization Review | 3/30/22 | $894,146 |
Bluecross Blueshield Of Il Ppo Provider | 3/30/22 | $7,551,706 |
Corporate Health Dimensions Medical Facility Services | 3/30/22 | $5,109,474 |
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 | $584,660,128 |
| Investment income | $32,024,112 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,065,979 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $632,490,889 |
| 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 | $442,035,136 |
| Compensation of current officers, directors, key employees. | $305,669 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,729,183 |
| Pension plan accruals and contributions | $2,592,634 |
| Other employee benefits | $2,863,932 |
| Payroll taxes | $558,471 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $716,239 |
| Fees for services: Accounting | $276,461 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,645,526 |
| Fees for services: Other | $506,793 |
| Advertising and promotion | $0 |
| Office expenses | $934,530 |
| Information technology | $574,865 |
| Royalties | $0 |
| Occupancy | $1,252,052 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,715 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $512,208 |
| Insurance | $114,686 |
| All other expenses | $0 |
| Total functional expenses | $464,236,201 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,553,029 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,113,643 |
| 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 | $1,261,900 |
| Net Land, buildings, and equipment | $2,054,713 |
| Investments—publicly traded securities | $1,074,352,937 |
| Investments—other securities | $628,526,919 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,089,546 |
| Total assets | $1,803,952,687 |
| Accounts payable and accrued expenses | $19,433,501 |
| Grants payable | $0 |
| Deferred revenue | $5,496,197 |
| 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 | $48,089,546 |
| Total liabilities | $73,019,244 |
| 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 | $1,730,933,443 |
| Total liabilities and net assets/fund balances | $1,803,952,687 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Line Construction Benefit Fund Lombard, IL | $1,499,726,971 | $1,007,885,123 |
Wea Insurance Corporation Madison, WI | $792,635,009 | $692,190,590 |
Accenture United States Benefit Chicago, IL | $73,988,977 | $691,324,713 |
Us Bancorp Comp Welfare Benefit Plan Milwaukee, WI | $0 | $532,086,986 |
Safeway Inc Welfare Benefit Tr Chicago, IL | $0 | $500,055,601 |
Exelon Corporation Employees Benefit Trust Chicago, IL | $65,808,636 | $520,300,939 |
Midwest Operating Engineers Welfare Fund Countryside, IL | $1,803,952,687 | $632,490,889 |
United Airlines Employee Sick Leave Tr Chicago, IL | $37,583,032 | $320,362,024 |
Christian Brothers Employee Benefit Trust Romeoville, IL | $200,286,111 | $339,796,574 |
Chicago District Council Of Carpenters Welfare Fund Chicago, IL | $1,016,590,757 | $296,188,790 |
Carpenters Health & Welfare Trust Fund Of St Louis St Louis, MO | $168,277,664 | $240,301,966 |
Electrical Insurance Trustees Chicago, IL | $773,934,785 | $263,143,563 |