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Nonprofiteer
← UNITED FEDERATION OF TEACHERS WELFARE FUND

Form 990 for tax year 2023

Filed by UNITED FEDERATION OF TEACHERS WELFARE FUND.

Totals

Total revenue
$435,815,096
Total expenses
$403,652,612
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$390,490,401
Investment income
$34,230,760
Other revenue
$11,093,935
Total assets, end of year
$1,059,582,682
Total liabilities, end of year
$118,400,695
Net assets or fund balances, end of year
$941,181,987
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: CONTRIBUTIONS

    total $390,046,415 · related or exempt $390,046,415

  • 2b · Program service revenue: COBRA CONTRIBUTIONS

    total $443,986 · related or exempt $443,986

  • 3 · Investment income

    total $33,001,656 · excluded $33,001,656

  • 7a · Gross sales of assets other than inventory

    securities $129,327,859

  • 7b · Less cost or other basis and sales expenses

    securities $128,098,755

  • 7c · Gain or loss

    securities $1,229,104

  • 7d · Net gain or loss

    total $1,229,104 · related or exempt $1,229,104

  • 11a · Other revenue: REIMBURSEMENT OF DATA PROCESSING

    total $11,093,935 · related or exempt $11,093,935

  • 11e · Other revenue, total

    $11,093,935

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $356,142,778

  • 5 · Compensation of officers, directors and key employees

    total $658,961

  • 7 · Other salaries and wages

    total $16,118,781

  • 8 · Pension plan contributions

    total $2,080,507

  • 9 · Other employee benefits

    total $3,789,403

  • 10 · Payroll taxes

    total $982,777

  • 11b · Fees: legal

    total $239,974

  • 11c · Fees: accounting

    total $55,697

  • 11f · Fees: investment management

    total $573,949

  • 11g · Fees: other

    total $3,108,401

  • 13 · Office expenses

    total $471,035

  • 14 · Information technology

    total $14,187,908

  • 16 · Occupancy

    total $3,801,307

  • 19 · Conferences, conventions and meetings

    total $18,602

  • 22 · Depreciation, depletion and amortization

    total $881,813

  • 23 · Insurance

    total $159,326

  • 24a · Other expenses: COMPUTER MAINTENANCE AN

    total $219,988

  • 24b · Other expenses: TEMPORARY HELP

    total $103,475

  • 24c · Other expenses: BENEFIT INFORMATION BOO

    total $36,113

  • 24d · Other expenses: MAINTENANCE AND REPAIRS

    total $17,667

  • 24e · All other expenses

    total $4,150

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,560,968 · end of year -$611,252

  • 2 · Savings and temporary cash investments

    beginning of year $127,359,601 · end of year $128,915,479

  • 4 · Accounts receivable

    beginning of year $51,234,009 · end of year $55,935,115

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,006,474 · end of year $2,047,209

  • 10a · Land, buildings and equipment: cost or other basis

    $26,228,355

  • 10b · Land, buildings and equipment: accumulated depreciation

    $22,067,559

  • 10c · Land, buildings and equipment, net

    beginning of year $4,662,186 · end of year $4,160,796

  • 11 · Investments: publicly traded securities

    beginning of year $722,287,443 · end of year $791,663,880

  • 15 · Other assets

    beginning of year $78,543,349 · end of year $77,471,455

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,945,789 · end of year $3,241,511

  • 19 · Deferred revenue

    beginning of year $4,742,093 · end of year $61,517

  • 25 · Other liabilities

    beginning of year $115,199,603 · end of year $115,097,667

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $866,766,545 · end of year $941,181,987

Mission and programs · 2023

Mission

THE FUND'S PRIMARY MISSION IS TO PROVIDE SUPPLEMENTARY WELFARE BENEFITS TO ELIGIBLE EMPLOYEES AND RETIREES AND FOR THE ADDITIONAL PURPOSE OF MAKING AVAILABLE COLLEGE SCHOLARSHIPS FOR CHILDREN FROM LOW INCOME FAMILIES WHO HAVE GRADUATED FROM THE CITY'S PUBLIC SCHOOLS.

Activities or mission (Part I)

PROVIDE WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS

  • PROVIDE SUPPLEMENTARY WELFARE BENEFITS TO ELIGIBLE EMPLOYEES AND RETIREES.

As filed on the 2023 return.

Listed in Part VII

  • MICHAEL MULGREW

    TRUSTEE

    Total calculated
    $414,720
    From this org
    $0
    From related orgs
    $342,999
    Other
    $71,721
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $336,973 related
    Bonus
    $0
    Other
    $0 + $6,026 related
    Deferred
    $0 + $48,568 related
    Nontaxable benefits
    $0 + $23,153 related
    Filer's total
    $0 + $414,720 related

  • KAREN ALFORD

    TRUSTEE

    Total calculated
    $260,224
    From this org
    $0
    From related orgs
    $211,876
    Other
    $48,348
    Hours/week
    1 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $211,876 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $18,257 related
    Nontaxable benefits
    $0 + $30,091 related
    Filer's total
    $0 + $260,224 related

  • THOMAS MURPHY

    TRUSTEE

    Total calculated
    $75,221
    From this org
    $0
    From related orgs
    $75,221
    Other
    $0
    Hours/week
    1 + 20 related

  • RICHARD MANTELL

    TRUSTEE

    Total calculated
    $94,460
    From this org
    $0
    From related orgs
    $75,568
    Other
    $18,892
    Hours/week
    1 + 30 related

  • LEO GORDON

    TRUSTEE

    Total calculated
    $101,336
    From this org
    $0
    From related orgs
    $81,069
    Other
    $20,267
    Hours/week
    1 + 30 related

  • GEOFREY SORKIN

    EXECUTIVE DIRECTOR

    Total calculated
    $293,027
    From this org
    $233,521
    From related orgs
    $0
    Other
    $59,506
    Hours/week
    35 + 1 related

    Schedule J breakdown matched by us

    Base
    $233,521
    Bonus
    $0
    Other
    $0
    Deferred
    $59,506
    Nontaxable benefits
    $0
    Filer's total
    $293,027

  • GEORGE REIS

    FUND COMPTROLLER

    Total calculated
    $312,353
    From this org
    $219,050
    From related orgs
    $0
    Other
    $93,303
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $219,050
    Bonus
    $0
    Other
    $0
    Deferred
    $54,013
    Nontaxable benefits
    $39,290
    Filer's total
    $312,353

  • JOSEPH USATCH

    ASSISTANT DIRECTOR

    Total calculated
    $238,117
    From this org
    $189,512
    From related orgs
    $0
    Other
    $48,605
    Hours/week
    33 + 1 related

    Schedule J breakdown matched by us

    Base
    $189,512
    Bonus
    $0
    Other
    $0
    Deferred
    $48,605
    Nontaxable benefits
    $0
    Filer's total
    $238,117

  • MEI QING CHEN

    ASSOCIATE COMPTROLLER

    Total calculated
    $290,441
    From this org
    $203,413
    From related orgs
    $0
    Other
    $87,028
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $194,226
    Bonus
    $0
    Other
    $9,187
    Deferred
    $47,738
    Nontaxable benefits
    $39,290
    Filer's total
    $290,441

  • ANESA SOLEYN

    ASSISTANT DIRECTOR

    Total calculated
    $239,290
    From this org
    $183,205
    From related orgs
    $0
    Other
    $56,085
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $183,205
    Bonus
    $0
    Other
    $0
    Deferred
    $42,989
    Nontaxable benefits
    $13,096
    Filer's total
    $239,290

  • WILLIAM BARRETT

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $289,064
    From this org
    $200,419
    From related orgs
    $0
    Other
    $88,645
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $200,419
    Bonus
    $0
    Other
    $0
    Deferred
    $49,355
    Nontaxable benefits
    $39,290
    Filer's total
    $289,064

  • MARK PEARSON

    DIRECTOR OF INFORMATION SY

    Total calculated
    $268,748
    From this org
    $185,908
    From related orgs
    $0
    Other
    $82,840
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $179,376
    Bonus
    $0
    Other
    $6,532
    Deferred
    $43,550
    Nontaxable benefits
    $39,290
    Filer's total
    $268,748

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • UNITED FEDERATION OF TEACHERS LOCAL 2

    501(C)(5) · LABOR UNION · NY

  • ALBERT SHANKER COLLEGE SCHOLARSHIP FUND

    501(C)(3) · TO PROVIDE SCHOLARSHIPS FOR STUDENTS OF LOW INCOME FAMILIES · NY

  • NYC DEPARTMENT OF EDUCTION

  • THE RENAISSANCE CHARTER SCHOOL

  • KIPP ACADEMY CHARTER SCHOOL

  • JOHN V LINDSAY WILDCAT CHARTER SCHOOL

  • THE CHARTER HIGH SCHOOL FOR LAW AND SOCIAL JUSTICE

  • UNIVERSITY PREP PUBLIC CHARTER SCHOOLS

  • FUTURE LEADERS INSTITUTE CHARTER SCHOOL

  • NEW YORK FRENCH AMERICAN CHARTER

  • ACADEMY OF THE CITY CHARTER SCHOOL

  • CITY OF NEW YORK

Provenance

Return type
form_990
Tax year
2023
Filed
13 June 2025
IRS schema version
2023v6.0
Source object
202531819349300448

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