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← IBEW LOCAL UNION NO 351 WELFARE AND SUPPLEMENTAL FUND

Form 990 for tax year 2023

Filed by IBEW LOCAL UNION NO 351 WELFARE AND SUPPLEMENTAL FUND.

Totals

Total revenue
$14,480,525
Total expenses
$14,631,681
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,268,663
Investment income
$211,862
Other revenue
$0
Total assets, end of year
$19,159,807
Total liabilities, end of year
$1,553,249
Net assets or fund balances, end of year
$17,606,558
Program services expenses (Part IX)
$14,275,335
Management and general expenses
$356,346
Fundraising expenses
$0
Program service expenses (Part III)
$14,275,335

Program services were 97.6% 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: EMPLOYER CONTRIBUTIONS

    total $11,867,283 · related or exempt $11,867,283

  • 2b · Program service revenue: RETIREE CONTRIBUTIONS

    total $2,377,200 · related or exempt $2,377,200

  • 2c · Program service revenue: CONTRACTOR LATE FEES

    total $24,180 · related or exempt $24,180

  • 3 · Investment income

    total $433,990 · related or exempt $433,990

  • 7a · Gross sales of assets other than inventory

    securities $4,213,462

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

    securities $4,435,590

  • 7c · Gain or loss

    securities -$222,128

  • 7d · Net gain or loss

    total -$222,128 · related or exempt -$222,128

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $14,275,335 · program services $14,275,335

  • 11a · Fees: management

    total $262,902 · management and general $262,902

  • 11b · Fees: legal

    total $5,953 · management and general $5,953

  • 11c · Fees: accounting

    total $42,320 · management and general $42,320

  • 11f · Fees: investment management

    total $14,027 · management and general $14,027

  • 11g · Fees: other

    total $14,463 · management and general $14,463

  • 13 · Office expenses

    total $14,360 · management and general $14,360

  • 23 · Insurance

    total $2,321 · management and general $2,321

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,945,505 · end of year $778,648

  • 2 · Savings and temporary cash investments

    beginning of year $189,585 · end of year $505,651

  • 4 · Accounts receivable

    beginning of year $1,368,618 · end of year $1,379,229

  • 11 · Investments: publicly traded securities

    beginning of year $9,073,732 · end of year $9,552,962

  • 12 · Investments: other securities

    beginning of year $6,464,040 · end of year $6,544,830

  • 15 · Other assets

    beginning of year $0 · end of year $398,487

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,594,099 · end of year $1,328,749

  • 25 · Other liabilities

    beginning of year $135,000 · end of year $224,500

  • 29 · Capital stock, trust principal or current funds

    beginning of year $17,312,381 · end of year $17,606,558

  • 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 · 2023

Mission

PROVIDE SUPPLEMENTAL GROUP HEALTH BENEFITS FOR ELIGIBLE PARTICIPANTS

  • PROVIDE SUPPLEMENTAL GROUP HEALTH BENEFITS FOR ELIGIBLE PARTICIPANTS

    Expenses $14,275,335 · Revenue $14,480,525

As filed on the 2023 return.

Listed in Part VII

  • Roy Foster

    TRUSTEE

    Total calculated
    $388,263
    From this org
    $0
    From related orgs
    $244,460
    Other
    $143,803
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $244,460 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $130,084 related
    Nontaxable benefits
    $0 + $13,719 related
    Filer's total
    $0 + $388,263 related

  • Daniel Cosner

    TRUSTEE

    Total calculated
    $446,839
    From this org
    $0
    From related orgs
    $281,129
    Other
    $165,710
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $281,129 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $149,591 related
    Nontaxable benefits
    $0 + $16,119 related
    Filer's total
    $0 + $446,839 related

  • Jeffery Houde

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Joseph Knecht Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Thomas J Peterson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Charles Della Vecchia

    TRUSTEE

    Total calculated
    $394,503
    From this org
    $0
    From related orgs
    $244,460
    Other
    $150,043
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $244,460 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $130,084 related
    Nontaxable benefits
    $0 + $19,959 related
    Filer's total
    $0 + $394,503 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.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433199349311228

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