Bakery & Confectionery Union & Industry Intl Health Benefits Fund
- Assets
- $263.0m
- Revenue
- $69.6m
- Investments
- $0.0
- Employees
- 35
- Location
- Kensington, MD
- Founding
- 03/1956
- Data as of
- 12/2021
- EIN
- 53-0227042
Organization Overview
Bakery & Confectionery Union & Industry Intl Health Benefits Fund is located in Kensington, MD. The organization was established in 1956. 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 12/2021, Bakery & Confectionery Union & Industry Intl Health Benefits Fund employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bakery & Confectionery Union & Industry Intl Health Benefits Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Bakery & Confectionery Union & Industry Intl Health Benefits Fund generated $69.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $25.6m during the year ending 12/2021. 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
TO PROVIDE CERTAIN HEALTH BENEFITS TO LOCAL UNION EMPLOYEES, FUND OFFICE EMPLOYEES AND COVERED EMPLOYEES OF PARTICIPATING EMPLOYERS UNDER COLLECTIVELY BARGAINED AGREEMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDED HEALTH, DISABILITY, AND DEATH BENEFITS FOR MEMBERS, NUMBERED 8,375 AS OF DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rita Escalante Health Benefits Claims Spvsr | 40 | $100,673 | |
John Harrison Manager Of It | 16 | $84,629 | |
John Beck Executive Director | Officer | 10 | $64,990 |
Steven Brock Manager Of Admin Services | Officer | 8 | $44,814 |
Margaret Zook It Research Administrator | 10 | $31,740 | |
Michael Lee Software Engineer | 10 | $29,051 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Segal Company Actuary Services | 12/30/21 | $419,970 |
Multi Plan Inc Medical Admin Fee | 12/30/21 | $226,866 |
Pnc Financial Services Custodial Services | 12/30/21 | $249,504 |
Withumsmithbrown Pc Accounting Services | 12/30/21 | $235,696 |
Basys Software Development | 12/30/21 | $164,416 |
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 | $23,899,618 |
| Investment income | $5,822,701 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $39,891,963 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,614,282 |
| 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 | $21,327,003 |
| Compensation of current officers, directors, key employees. | $162,432 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,216,691 |
| Pension plan accruals and contributions | $418,578 |
| Other employee benefits | $233,946 |
| Payroll taxes | $96,656 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $148,613 |
| Fees for services: Accounting | $221,748 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $271,048 |
| Fees for services: Other | $653,236 |
| Advertising and promotion | $0 |
| Office expenses | $225,795 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $301,929 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,090 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,513 |
| Insurance | $53,804 |
| All other expenses | $2,212 |
| Total functional expenses | $25,621,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,150,237 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $808,814 |
| 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 | $60,920 |
| Net Land, buildings, and equipment | $283,579 |
| Investments—publicly traded securities | $259,044,926 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,607,551 |
| Total assets | $262,956,027 |
| Accounts payable and accrued expenses | $346,676 |
| Grants payable | $0 |
| Deferred revenue | $399,672 |
| 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 | $820,709 |
| Total liabilities | $1,567,057 |
| 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 | $261,388,970 |
| Total liabilities and net assets/fund balances | $262,956,027 |