Bakery & Confectionery Union & Industry Intl Health Benefits Fund
- Assets
- $257.4m
- Revenue
- $25.7m
- Investments
- $0.0
- Employees
- 33
- Location
- Kensington, MD
- Founding
- 03/1956
- Data as of
- 12/2023
- 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 12/2023, Bakery & Confectionery Union & Industry Intl Health Benefits Fund employed 33 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 12/2023, Bakery & Confectionery Union & Industry Intl Health Benefits Fund generated $25.7m 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 (3.8%) each year. All expenses for the organization totaled $21.7m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (8.0%) 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
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 8,330 AS OF DECEMBER 31, 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Beck Executive Director | Officer | 10 | $72,653 |
John Harrison Manager Of It | 16 | $94,927 | |
Anthony Shelton Union Trustee/chair | OfficerTrustee | 1 | $0 |
David Woods Union Trustee/secy-Treas | OfficerTrustee | 1 | $0 |
Steven Brock Manager Of Admin Services | Officer | 8 | $50,239 |
Zachary L Townsend Union Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pnc Financial Services Custodial Services | 12/30/23 | $255,759 |
Multi Plan Inc Medical Admin Fee | 12/30/23 | $123,718 |
The Segal Company Actuary Services | 12/30/23 | $390,705 |
Withumsmithbrown Pc Accounting Services | 12/30/23 | $265,789 |
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 | $21,018,888 |
| Investment income | $7,330,192 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,628,700 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,720,380 |
| 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 | $17,444,912 |
| Compensation of current officers, directors, key employees. | $210,155 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,177,810 |
| Pension plan accruals and contributions | $455,477 |
| Other employee benefits | $203,909 |
| Payroll taxes | $91,788 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $108,019 |
| Fees for services: Accounting | $267,899 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $300,044 |
| Fees for services: Other | $506,628 |
| Advertising and promotion | $0 |
| Office expenses | $274,935 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $309,657 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,489 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,867 |
| Insurance | $76,005 |
| All other expenses | $0 |
| Total functional expenses | $21,703,692 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $582,314 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,045,930 |
| 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 | $121,040 |
| Net Land, buildings, and equipment | $884,829 |
| Investments—publicly traded securities | $253,220,111 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,555,522 |
| Total assets | $257,409,746 |
| Accounts payable and accrued expenses | $225,280 |
| Grants payable | $0 |
| Deferred revenue | $287,290 |
| 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 | $1,314,926 |
| Total liabilities | $1,827,496 |
| 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 | $255,582,250 |
| Total liabilities and net assets/fund balances | $257,409,746 |