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Electrical Workers Benefit Society

Not tax-deductible

Flushing, NY501(c)(5)EIN 13-5671180

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To pay death benefits on behalf of members.

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(5)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $2.0M a year · 43% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
10 mo
of spending, in cash
Looks good: 9.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$947K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
24
of 24 voting members
Looks good: 24 of 24 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.3M
-21% vs prior year
Spent
$2.3M
Net assets
$63.6M
By yearFY2020–FY2024
Revenue
$3.3M
FY2024▼ -21%
Revenue by fiscal year
FY2020$4.7M
FY2021$6.3M
FY2022$4.3M
FY2023$4.2M
FY2024$3.3M
Expenses
$2.3M
FY2024▼ -10%
Expenses by fiscal year
FY2020$2.5M
FY2021$2.8M
FY2022$2.9M
FY2023$2.6M
FY2024$2.3M
Net assets
$63.6M
FY2024▲ +4%
Net assets by fiscal year
FY2020$61.3M
FY2021$64.3M
FY2022$55.6M
FY2023$60.9M
FY2024$63.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1949.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

24 people listed on the 990.

Part VII, Section A · reportable compensation
Thomas J Cleary
President & Director
$0Pt VII · Sec A
Louis Alvarez
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Electrical Workers Benefit Society executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Pays death benefits to members' families.

Provided by the organization

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1 program service, described in the organization's own filed words · FY2024.
01

The electrical workers death benefit society provided death benefits to approximately 550 beneficiaries and dependents of members of local union no. 3, ibew.

Pt IX · col B

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By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.3M
Ln 12
Investment incomeLn 3$2.6M
Fees for servicesLn 2g$670K
Other incomeLn 4–11$326
Money outPt IX
$2.3M
Ln 25
Owns and owesPt X
$63.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.8M
Total assetsLn 16$64.5M
LiabilitiesLn 26$947K
PeoplePt VI, VII
24
listed · VII A
PaidVII A0
Voting boardVI 1a24
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$670K
Investment incomeLn 3$2.6M
Other incomeLn 4–11$326
Gains on assetsLn 7$886K
Total revenueLn 12$3.3M
Assets in detailPt X, end of year
CashLn 1$539K
SavingsLn 2$1.3M
Cash and savings togetherLn 1–2$1.8M
InvestmentsLn 11–13$62.2M
Land, buildings, equipmentLn 10c$2K
Total assetsLn 16$64.5M
LiabilitiesLn 26$947K
Net assetsLn 32$63.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$2.0M$1.8M
InvestmentsLn 11–13$59.2M$62.2M
Land, buildings, equipmentLn 10c$3K$2K
Total assetsLn 16$61.7M$64.5M
LiabilitiesLn 26$721K$947K
Net assetsLn 32$60.9M$63.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1.8M
Other salaries and wagesLn 7$88K
Pension plan contributionsLn 8$17K
Other employee benefitsLn 9$36K
Payroll taxesLn 10$8K
Accounting feesLn 11c$12K
Investment management feesLn 11f$286K
Office expensesLn 13$10K
Information technologyLn 14$69K
OccupancyLn 16$5K
Conferences, conventions and meetingsLn 19$424
Depreciation, depletion and amortizationLn 22$763
InsuranceLn 23$13K
Total functional expensesLn 25$2.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $3.3M$2.3M$973K$63.6M 990 PDF
FY2023 $4.2M$2.6M$1.6M$60.9M 990 PDF
FY2022 $4.3M$2.9M$1.5M$55.6M 990 PDF
FY2021 $6.3M$2.8M$3.6M$64.3M 990 PDF
FY2020 $4.7M$2.5M$2.2M$61.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $3,302,989 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $669,567$669,567
VIII-3 Investment incomeExcluded from tax $1,747,339$1,747,339
VIII-7 Net gain or loss on sales of assetsExcluded from tax $885,757$885,757
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $326$326
VIII-12 Total revenueRelated to mission $669,893 · Unrelated business $0 · Excluded from tax $2,633,096$3,302,989
Part IX · Statement of functional expenses $2,329,778 across 13 lines filed
IX-4 Benefits paid to or for members$1,784,795
IX-7 Other salaries and wages$87,971
IX-8 Pension plan contributions$17,461
IX-9 Other employee benefits$35,707
IX-10 Payroll taxes$7,577
IX-11c Accounting fees$12,000
IX-11f Investment management fees$286,495
IX-13 Office expenses$9,650
IX-14 Information technology$69,182
IX-16 Occupancy$5,053
IX-19 Conferences, conventions and meetings$424
IX-22 Depreciation, depletion and amortization$763
IX-23 Insurance$12,700
IX-25 Total functional expenses$2,329,778
Part X · Balance sheet $64,508,484 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $734,308$538,678
X-2 Savings and temporary cash investmentsStart of year $1,298,663$1,302,035
X-4 Accounts receivableStart of year $381,474$417,851
X-10c Land, buildings and equipment, netStart of year $2,668$1,905
X-11 Publicly traded securitiesStart of year $59,240,269$62,248,015
X-16 Total assetsStart of year $61,657,382$64,508,484
X-17 Accounts payable and accrued expensesStart of year $289,578$442,519
X-25 Other liabilitiesStart of year $431,347$504,528
X-26 Total liabilitiesStart of year $720,925$947,047
X-27 Net assets without donor restrictionsStart of year $60,936,457$63,561,437
X-32 Total net assets or fund balancesStart of year $60,936,457$63,561,437
X-33 Total liabilities and net assetsStart of year $61,657,382$64,508,484
Part XI · Reconciliation of net assets $63,561,437 net assets at year end
XI-1 Total revenue$3,302,989
XI-2 Total expenses$2,329,778
XI-3 Revenue less expenses$973,211
XI-4 Net assets at start of year$60,936,457
XI-5 Net unrealized gains (losses) on investments$1,651,769
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$63,561,437

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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