Luso-American Financial A Fraternal Benefit Society
- Assets
- $139.5m
- Revenue
- $13.8m
- Investments
- $0.0
- Employees
- 12
- Location
- Dublin, CA
- Founding
- 11/1958
- Data as of
- 12/2022
- 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 12/2022, Luso-American Financial A Fraternal Benefit Society employed 12 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 12/2022, Luso-American Financial A Fraternal Benefit Society generated $13.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $15.3m during the year ending 12/2022. While expenses have increased by 3.1% 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
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 | $174,890 |
Daniel Sequeira Sales Director | Officer | 40 | $121,841 |
Esther Mahler Corporate Secretary | Officer | 40 | $100,985 |
Anthony Pio Corporate Secretary | Officer | 40 | $16,152 |
Gerard Batista Board Member | Trustee | 4 | $0 |
Maritana Guadalupe Board Member | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Optimum Re Insurance Co Reinsurance Services | 12/30/18 | $210,852 |
Rudd And Wisdom Inc Actuary Consulting | 12/30/18 | $168,239 |
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 | $6,666,388 |
| Investment income | $6,699,925 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $391,356 |
| 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 | $13,781,778 |
| 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 | $10,789,398 |
| Compensation of current officers, directors, key employees. | $413,868 |
| Compensation of current officers, directors, key employees. | $413,868 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $311,021 |
| Pension plan accruals and contributions | $37,307 |
| Other employee benefits | $127,919 |
| Payroll taxes | $69,605 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,362,088 |
| Fees for services: Accounting | $158,581 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $112,078 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,872 |
| Office expenses | $158,812 |
| Information technology | $99,784 |
| Royalties | $0 |
| Occupancy | $140,497 |
| Travel | $39,079 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $506,719 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,165 |
| Insurance | $114,798 |
| All other expenses | $554,327 |
| Total functional expenses | $15,251,416 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,228,177 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,811,334 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,812,254 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,828,057 |
| Investments—publicly traded securities | $108,998,390 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,861,624 |
| Total assets | $139,539,836 |
| Accounts payable and accrued expenses | $486,683 |
| Grants payable | $0 |
| Deferred revenue | $81,538 |
| 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 | $133,186,895 |
| Total liabilities | $133,755,116 |
| 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 | $5,784,720 |
| Total liabilities and net assets/fund balances | $139,539,836 |