Luso-American Financial A Fraternal Benefit Society
- Assets
- $136.2m
- Revenue
- $14.0m
- Investments
- $0.0
- Employees
- 17
- Location
- Dublin, CA
- Founding
- 11/1958
- Data as of
- 12/2021
- EIN
- 94-0401313
Organization Overview
Luso-American Financial A Fraternal Benefit Society is located in Dublin, CA. The organization was established in 1958. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Luso-American Financial A Fraternal Benefit Society employed 17 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Luso-American Financial A Fraternal Benefit Society is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2021, Luso-American Financial A Fraternal Benefit Society generated $14.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $14.5m during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LUSO AMERICAN FINANCIAL IS A FRATERNAL BENEFIT SOCIETY SERVING OVER 19,000 MEMBERS, ISSUING AT LEAST TWO OF ITS PUBLICATIONS A YEAR. THE SOCIETY PROVIDES LIFE AND ANNUITY PRODUCTS FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUSO AMERICAN FINANCIAL IS A FRATERNAL BENEFIT SOCIETY SERVING OVER 19,000 MEMBERS AND ISSUES TWO OF ITS PUBLICATIONS A YEAR. THE SOCIETY PROVIDES LIFE AND ANNUITY PRODUCTS FOR OUR PARTICULAR ETHNIC GROUP (PORTUGUESE-AMERICANS) IN AN ORGANIZATIONAL STRUCTURE ALLOWING FRATERNAL, CULTURAL, CHARITABLE, HUMANITARIAN, EDUCATIONAL AND SOCIAL ACTIVITIES FOR THE BETTERMENT OF OUR POLICYHOLDERS, MEMBERS AND OTHER LOCAL, NATIONAL AND INTERNATIONAL COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sue Nichols Controller | Officer | 40 | $145,607 |
Daniel Sequeira Sales Director | Officer | 40 | $122,832 |
Anthony Pio Corporate Secretary | Officer | 40 | $83,537 |
Filomena Machado Corporate Secretary | Officer | 40 | $65,191 |
Joseph F Machado Board Member | Trustee | 4 | $0 |
John Perdigao Board Member | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rudd And Wisdom Inc Actuary Consulting | 12/30/18 | $168,239 |
Optimum Re Insurance Co Reinsurance Services | 12/30/18 | $210,852 |
Majestic Builders Construction Services | 12/30/18 | $136,000 |
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 | $6,418,643 |
| Investment income | $5,851,359 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $448,553 |
| Net Gain/Loss on Asset Sales | $31,717 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,039,396 |
| 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 | $10,541,195 |
| Compensation of current officers, directors, key employees. | $417,167 |
| Compensation of current officers, directors, key employees. | $417,167 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $368,389 |
| Pension plan accruals and contributions | $41,161 |
| Other employee benefits | $97,948 |
| Payroll taxes | $57,197 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $958,964 |
| Fees for services: Accounting | $194,791 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $138,251 |
| Fees for services: Other | $0 |
| Advertising and promotion | $191,198 |
| Office expenses | $64,923 |
| Information technology | $95,845 |
| Royalties | $0 |
| Occupancy | $143,473 |
| Travel | $16,837 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $405,176 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,915 |
| Insurance | $32,965 |
| All other expenses | $768,282 |
| Total functional expenses | $14,536,677 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $297 |
| Savings and temporary cash investments | $5,002,218 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,911,025 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,307,915 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,948,197 |
| Investments—publicly traded securities | $106,068,401 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,912,791 |
| Total assets | $136,150,844 |
| Accounts payable and accrued expenses | $496,424 |
| Grants payable | $0 |
| Deferred revenue | $74,714 |
| 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 | $128,325,348 |
| Total liabilities | $128,896,486 |
| 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 | $7,254,358 |
| Total liabilities and net assets/fund balances | $136,150,844 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dyno Nobel Inc & Distributors Veba 2 Phoenix, AZ | $2,671,529 | $20,358,521 |
Luso-American Financial A Fraternal Benefit Society Dublin, CA | $136,150,844 | $14,039,396 |
Portuguese Fraternal Society Of America Modesto, CA | $149,922,500 | $13,670,084 |
Hawaii Masons Vacation And Holiday Trust Fund Honolulu, HI | $7,375,803 | $7,343,347 |
Ancient Free & Accepted Masons Of Oregon Grand Lodge Forest Grove, OR | $20,779,565 | $4,514,627 |
Independent Order Of Odd Fellows San Jose, CA | $27,954,687 | $1,196,940 |
Elks Youth Eye Service Portland, OR | $64,197,376 | $5,570,130 |
Benevolent & Protective Order Of Elks Of The Usa Palo Alto, CA | $23,551,721 | $1,271,838 |
Independent Order Of Odd Fellows Gilroy, CA | $23,232,958 | $2,466,273 |
American Gold Star Home Long Beach, CA | $15,817,424 | $623,721 |
Benevolent & Protective Order Of Elks Of The Usa Phoenix, AZ | $4,666,676 | $781,201 |
Vacaville Masonic Hall Association Vacaville, CA | $7,433 | $749,517 |