Shopmens Local Union 508 Health & Welfare Fund
- Assets
- $2.2m
- Revenue
- $484.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Southfield, MI
- Founding
- 05/1973
- Data as of
- 05/2023
- EIN
- 38-6237159
Organization Overview
Shopmens Local Union 508 Health & Welfare Fund is located in Southfield, MI. The organization was established in 1973. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shopmens Local Union 508 Health & 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 05/2023, Shopmens Local Union 508 Health & Welfare Fund generated $484.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (9.8%) each year. All expenses for the organization totaled $649.6k during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 8 years. 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
WELFARE BENEFIT PLAN
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLECTION OF MONIES PURSUANT TO COLLECTIVE BARGAINING AGREEMENT FOR DISTRIBUTION FOR THE BENEFIT OF PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Marinack Secretary | OfficerTrustee | 10 | $0 |
Sharath Mekala Trustee | Trustee | 1 | $0 |
Joe Gluck Chairman | OfficerTrustee | 10 | $0 |
Michael Baumann Trustee | Trustee | 1 | $0 |
Willie Mitchell Trustee | Trustee | 1 | $0 |
Jeane Chaffin Alt. Trustee (effective 4.3.2023) | Trustee | 1 | $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 | $466,586 |
| Investment income | $18,105 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $484,691 |
| 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 | $468,435 |
| 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 | $55,028 |
| Pension plan accruals and contributions | $7,046 |
| Other employee benefits | $0 |
| Payroll taxes | $5,670 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,391 |
| Fees for services: Accounting | $23,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,874 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,586 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,395 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $18,346 |
| All other expenses | $0 |
| Total functional expenses | $649,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,832 |
| Savings and temporary cash investments | $1,932,220 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,689 |
| 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 | $8,628 |
| Net Land, buildings, and equipment | $8,815 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,165,184 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| 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 | $2,165,184 |
| Total liabilities and net assets/fund balances | $2,165,184 |