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← HEALTH & WELFARE FUND LOCAL 456 IB

Form 990 for tax year 2022

Filed by HEALTH & WELFARE FUND LOCAL 456 IB.

Totals

Total revenue
$21,485,919
Total expenses
$27,668,255
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$18,886,317
Investment income
$2,598,286
Other revenue
$1,316
Total assets, end of year
$66,828,884
Total liabilities, end of year
$3,606,824
Net assets or fund balances, end of year
$63,222,060
Program services expenses (Part IX)
$26,898,056
Management and general expenses
$770,199
Fundraising expenses
$0
Program service expenses (Part III)
$26,898,056

Program services were 97.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 $18,330,030 · related or exempt $18,330,030

  • 2b · Program service revenue: STOP LOSS REIMBURSEMEN

    total $556,287 · related or exempt $556,287

  • 3 · Investment income

    total $1,483,003 · related or exempt $1,483,003

  • 7a · Gross sales of assets other than inventory

    securities $16,316,498

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

    securities $15,201,215

  • 7c · Gain or loss

    securities $1,115,283

  • 7d · Net gain or loss

    total $1,115,283 · related or exempt $1,115,283

  • 11a · Other revenue: Other Income

    total $1,316 · related or exempt $1,316

  • 11e · Other revenue, total

    $1,316

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $26,898,056 · program services $26,898,056

  • 11a · Fees: management

    total $429,643 · management and general $429,643

  • 11b · Fees: legal

    total $55,740 · management and general $55,740

  • 11c · Fees: accounting

    total $33,576 · management and general $33,576

  • 11f · Fees: investment management

    total $173,713 · management and general $173,713

  • 11g · Fees: other

    total $31,047 · management and general $31,047

  • 13 · Office expenses

    total $11,072 · management and general $11,072

  • 16 · Occupancy

    total $18,081 · management and general $18,081

  • 19 · Conferences, conventions and meetings

    total $1,860 · management and general $1,860

  • 23 · Insurance

    total $8,670 · management and general $8,670

  • 24a · Other expenses: PCORI FEES

    total $6,797 · management and general $6,797

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $409,321 · end of year $657,354

  • 4 · Accounts receivable

    beginning of year $1,851,656 · end of year $2,244,338

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,247 · end of year $8,443

  • 11 · Investments: publicly traded securities

    beginning of year $82,783,456 · end of year $63,918,749

  • 15 · Other assets

    beginning of year $504,005 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $738,066 · end of year $1,022,724

  • 25 · Other liabilities

    beginning of year $2,362,200 · end of year $2,584,100

  • 29 · Capital stock, trust principal or current funds

    beginning of year $82,457,419 · end of year $63,222,060

  • 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 $0 · end of year $0

Mission and programs · 2022

Mission

PROVIDE GROUP HEALTH BENEFITS FOR ELIGIBLE PARTICIPANTS

  • PROVIDE GROUP HEALTH BENEFITS FOR ELIGIBLE PARTICIPANTS

    Expenses $26,898,056 · Revenue $21,485,918

As filed on the 2022 return.

Listed in Part VII

  • Harry C Alexander

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Terrance Craig

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jeffery Shaute

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Francis T Leake

    TRUSTEE

    Total calculated
    $97,705
    From this org
    $0
    From related orgs
    $64,242
    Other
    $33,463
    Hours/week
    1

  • Michael G McLaughlin

    TRUSTEE

    Total calculated
    $361,360
    From this org
    $0
    From related orgs
    $229,890
    Other
    $131,470
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $229,890 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $86,266 related
    Nontaxable benefits
    $0 + $45,204 related
    Filer's total
    $0 + $361,360 related

  • Dennis F Cronin

    TRUSTEE

    Total calculated
    $2,789
    From this org
    $0
    From related orgs
    $2,789
    Other
    $0
    Hours/week
    1

  • Kevin P Egan

    TRUSTEE

    Total calculated
    $353,922
    From this org
    $0
    From related orgs
    $222,452
    Other
    $131,470
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $222,452 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $86,266 related
    Nontaxable benefits
    $0 + $45,204 related
    Filer's total
    $0 + $353,922 related

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

None.

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.

  • IBEW LOCAL UNION 456

    501(C)(5) · TO PROVIDE SERVICES TO UNION MEMBERS UNDER COLLECTIVE BARGAINING AGREEMENTS · NJ

  • IBEW LOCAL 456 JATC

    501(C)(3) · TO PROVIDE EDUCATION AND TRAINING BENEFITS TO PARTICIPANTS · NJ

  • IBEW LOCAL 456 SUPPLEMENTAL WELFARE FUND

    501(C)(9) · TO PROVIDE SUPPLEMENTAL GROUP HEALTH BENEFITS TO ELIGIBLE PARTICIPANTS · NJ

  • IBEW LOCAL 456 ELECTRICIANS ANNUITY FUND

    401(A) · TO PROVIDE ANNUITY BENEFITS TO PARTICIPANTS · NJ

  • IBEW LOCAL 456 PENSION FUND

    401(A) · TO PROVIDE PENSION BENEFITS TO PARTICIPANTS · NJ

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202303179349307230

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