Electrical Welfare Trust Fund
- Assets
- $265.6m
- Revenue
- $163.9m
- Investments
- $0.0
- Employees
- 43
- Location
- Lanham, MD
- Founding
- 07/1961
- Data as of
- 12/2022
- EIN
- 52-6038507
Organization Overview
Electrical Welfare Trust Fund is located in Lanham, MD. The organization was established in 1961. 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 12/2022, Electrical Welfare Trust Fund employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electrical 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 12/2022, Electrical Welfare Trust Fund generated $163.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $134.2m during the year ending 12/2022. While expenses have increased by 5.4% per year over the past 8 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
TO PROVIDE WELFARE BENEFITS FOR ELIGIBLE PARTICIPANTS AS AGREED UPON BY THE NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION - WASHINGTON, DC CHAPTER AND IBEW LOCAL UNION NO. 26.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HEALTH AND WELFARE BENEFITS FOR PARTICIPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Dabbs Trustee | Trustee | 0.3 | $0 |
Michael Mccarron Fund Administrator | Officer | 40 | $200,920 |
Thomas Myers Trustee | Trustee | 0.3 | $0 |
Richard Murphy Trustee (starting 09/22) | Trustee | 0.3 | $0 |
Crystal Milligan Claims Dept Manager | 40 | $160,600 | |
George Hogan Trustee (through 07/22) | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bridgeway Benefit Technologies Llc It Consulting | 12/30/22 | $866,587 |
Janus Associates Inc It Consultant | 12/30/22 | $539,452 |
Telligen Inc Consulting | 12/30/22 | $324,290 |
Chartwell Investment Partners Consulting | 12/30/22 | $316,625 |
Virta Medical Pc Medical Consulting | 12/30/22 | $298,475 |
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 | $155,653,177 |
| Investment income | $7,662,929 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $480,873 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $163,909,999 |
| 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 | $126,618,609 |
| Compensation of current officers, directors, key employees. | $239,276 |
| Compensation of current officers, directors, key employees. | $239,276 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,056,679 |
| Pension plan accruals and contributions | $925,035 |
| Other employee benefits | $0 |
| Payroll taxes | $324,728 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250,183 |
| Fees for services: Accounting | $75,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $520,307 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,385 |
| Office expenses | $268,684 |
| Information technology | $1,045,441 |
| Royalties | $0 |
| Occupancy | $184,965 |
| Travel | $0 |
| 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 | $69,452 |
| Insurance | $50,801 |
| All other expenses | -$1,069,129 |
| Total functional expenses | $134,212,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,402,621 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,024,964 |
| 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 | $93,272 |
| Net Land, buildings, and equipment | $155,296 |
| Investments—publicly traded securities | $223,901,798 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,047,835 |
| Total assets | $265,625,786 |
| Accounts payable and accrued expenses | $993,672 |
| 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 | $2,124,911 |
| Total liabilities | $3,118,583 |
| 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 | $262,507,203 |
| Total liabilities and net assets/fund balances | $265,625,786 |