Sheet Metal Workers-1 Welfare Trust Fund
- Assets
- $17.5m
- Revenue
- $7.7m
- Investments
- $1.6m
- Employees
- 13
- Location
- Schaumburg, IL
- Founding
- 10/1964
- Data as of
- 02/2022
- EIN
- 37-0810664
Organization Overview
Sheet Metal Workers-1 Welfare Trust Fund is located in Schaumburg, IL. The organization was established in 1964. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 02/2022, Sheet Metal Workers-1 Welfare Trust Fund employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sheet Metal Workers-1 Welfare Trust Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 02/2022, Sheet Metal Workers-1 Welfare Trust Fund generated $7.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $17.3k during the year ending 02/2022. 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
PROVIDES MEDICAL CARE COVERAGE FOR MEMBERS OF SHEET METAL WORKERS LOCAL NO. 1
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HEALTH BENEFITS FOR PARTICIPANTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Genusa Trustee | OfficerTrustee | 0 | $0 |
Dave Gamber Trustee | Trustee | 0 | $0 |
Bob Harms Trustee | Trustee | 0 | $0 |
Elizabeth Blankenship Trustee | Trustee | 0 | $0 |
Britt Ewalt Trustee | Trustee | 0 | $0 |
Robert Miller Trustee | Trustee | 0 | $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 | $7,286,808 |
| Investment income | $279,204 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $96,047 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,669,624 |
| 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 | -$464,820 |
| 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 | $157,982 |
| Fees for services: Legal | $31,662 |
| Fees for services: Accounting | $23,598 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,964 |
| Fees for services: Other | $155,293 |
| Advertising and promotion | $0 |
| Office expenses | $5,150 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,029 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $13,682 |
| All other expenses | $888 |
| Total functional expenses | $17,262 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,309,153 |
| Savings and temporary cash investments | $340,803 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,196,188 |
| 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 | $69,958 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,974,022 |
| Investments—other securities | $1,626,172 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,516,296 |
| Accounts payable and accrued expenses | $2,175,602 |
| Grants payable | $0 |
| Deferred revenue | $464 |
| 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 | $866,300 |
| Total liabilities | $3,042,366 |
| Net assets without donor restrictions | $14,473,930 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $17,516,296 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Brotherhood Of Teamsters Mokena, IL | $4,769,558 | $10,858,947 |
International Association Of Machinists & Aerospace Workers Bridgeton, MO | $5,305,929 | $9,768,648 |
Mra-The Management Association Inc Waukesha, WI | $15,359,430 | $10,314,261 |
Roofers Local No 20 Health & Welfare Fund Raytown, MO | $13,204,087 | $9,919,039 |
Intl Union Of Opr Engr 399 Chicago, IL | $20,270,806 | $9,806,691 |
United Food And Commercial Workers International Union Louisville, KY | $8,499,352 | $8,985,996 |
International Brotherhood Of Teamsters Indianapolis, IN | $13,967,842 | $12,728,266 |
International Brotherhood Of Teamsters Louisville, KY | $2,607,709 | $9,487,514 |
International Association Of Machinists & Aerospace Workers Aurora, IL | $12,973,053 | $7,920,129 |
International Brotherhood Of Electrical Workers St Louis, MO | $19,946,616 | $11,754,252 |
United Food And Commercial Workers International Union Chicago, IL | $6,636,234 | $9,237,927 |
International Association Of Sheet Metal Air Rail & Transportation St Louis, MO | $10,736,172 | $8,939,637 |