Shopmen Ironworkers-790 Welfare Plan
- Assets
- $8.8m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 21
- Location
- Pasadena, CA
- Founding
- 03/1963
- Data as of
- 06/2023
- EIN
- 94-6104154
Organization Overview
Shopmen Ironworkers-790 Welfare Plan is located in Pasadena, CA. The organization was established in 1963. 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 06/2023, Shopmen Ironworkers-790 Welfare Plan employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shopmen Ironworkers-790 Welfare Plan is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 06/2023, Shopmen Ironworkers-790 Welfare Plan generated $10.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $10.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (2.9%) 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 BENEFITS TO PARTICIPANTS AND THEIR BENEFICIARIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HOSPITAL, MEDICAL, DENTAL, VISION, PRESRIPTION DRUGS, LIFE AND ACCIDENTAL DEATH AND DISMEMBERSHIP BENEFITS FOR APPROXIMATELY 602 PARTICPANTS AND THEIR DEPENDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Newington Trustee | Trustee | 0.1 | $0 |
Richard Barbour Trustee | Trustee | 0.1 | $0 |
Greg Mcclelland Trustee | Trustee | 0.1 | $0 |
Dave Osborne Trustee | Trustee | 0.1 | $0 |
Mike Kirkby Trustee | Trustee | 0.1 | $0 |
Erik Schmidli Trustee | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Iron Workers Employee Benefit Corporation Plan Administration | 6/29/22 | $199,911 |
Rael And Letson Plan Consultant | 6/29/22 | $110,804 |
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 | $10,154,329 |
| Investment income | $272,684 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $157 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,427,170 |
| 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 | $9,942,172 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,612 |
| Fees for services: Accounting | $16,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $4,954 |
| All other expenses | $23,893 |
| Total functional expenses | $10,305,365 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,287 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $498,368 |
| 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 | $1,117 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,355,680 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,970,903 |
| Total assets | $8,829,355 |
| Accounts payable and accrued expenses | $83,749 |
| Grants payable | $0 |
| Deferred revenue | $285,060 |
| 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 | $2,800,000 |
| Total liabilities | $3,168,809 |
| 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 | $5,660,546 |
| Total liabilities and net assets/fund balances | $8,829,355 |