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Canton Electrical Welfare Fund

Not tax-deductible

Canfield, OHMutual-benefit / member-servingSince 1965EIN 34-6573626

To provide medical, vision, dental, disability, life insurance, and accidental death and dismemberment benefits to eligible members of ibew 540 and their families.

$3K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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
4 of 5
filings with a surplus
Average surplus $459K a year · 5% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$3K
to officers and key staff · 0.02% of spending
Looks good: pay to officers and key staff is 0% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$500K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$11.2M
+4% vs prior year
Spent
$13.3M
To programs
0%
Net assets
$21.1M
By yearFY2020–FY2024
Revenue
$11.2M
FY2024▲ +4%
Revenue by fiscal year
FY2020$8.2M
FY2021$9.2M
FY2022$9.8M
FY2023$10.8M
FY2024$11.2M
Expenses
$13.3M
FY2024▲ +42%
Expenses by fiscal year
FY2020$7.7M
FY2021$8.6M
FY2022$8.0M
FY2023$9.4M
FY2024$13.3M
Net assets
$21.1M
FY2024▲ +0.5%
Net assets by fiscal year
FY2020$18.6M
FY2021$20.1M
FY2022$19.4M
FY2023$21.0M
FY2024$21.1M

From the FY2024 Form 990 (year ending October 2024) · 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 Jul 1966.

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

Who runs it and what they're paid

8 people listed on the 990; $3K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$2,535Pt VII · Sec A
$0Pt VII · Sec A
Curt Moore
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
John Scott
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Erik Hann
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Mitch Neisel$2,535————
Matthew Leslie—$575$935$827$890

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Canton Electrical Welfare Fund 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers medical, vision, dental, and insurance benefits to eligible union members and their families.

Provided by the organization

This section is blank until Canton Electrical Welfare Fund claims this page.

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1 program service, described in the organization's own filed words · FY2023.
01

The organization provides medical, vision, dental, life insurance, an accidental death and dismemberment benefits to eligible members of the ibew local union 540 and their members.

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
$11.2M
Ln 12
Fees for servicesLn 2g$10.8M
Investment incomeLn 3$445K
Other incomeLn 4–11$36K
Money outPt IX
$13.3M
Ln 25
Owns and owesPt X
$21.1M
net assets · Ln 32
Cash and savingsLn 1–2$2.5M
Total assetsLn 16$21.6M
LiabilitiesLn 26$500K
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$10.8M
Investment incomeLn 3$445K
Other incomeLn 4–11$36K
Gains on assetsLn 7−$132K
Total revenueLn 12$11.2M
Assets in detailPt X, end of year
CashLn 1$2.4M
SavingsLn 2$158K
Cash and savings togetherLn 1–2$2.5M
InvestmentsLn 11–13$17.7M
Total assetsLn 16$21.6M
LiabilitiesLn 26$500K
Net assetsLn 32$21.1M
OperationsPt I, VI
EmployeesI 521
VolunteersI 60
Fiscal year endsHeaderOctober
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$3.2M$2.5M
InvestmentsLn 11–13$16.8M$17.7M
Total assetsLn 16$21.3M$21.6M
LiabilitiesLn 26$290K$500K
Net assetsLn 32$21.0M$21.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$11.5M$0
Pay of current officers, directors and key staffLn 5$3K$0$0$0
Payroll taxesLn 10$11K$0$0$0
Management feesLn 11a$106K$0$0$0
Legal feesLn 11b$43K$0$0$0
Accounting feesLn 11c$21K$0$0$0
Investment management feesLn 11f$10K$0$0$0
Other fees for servicesLn 11g$843K$0$0$0
Office expensesLn 13$13K$0$0$0
InsuranceLn 23$783K$0$0$0
Other expenses (24a–d)Ln 24$22K$0$0$0
Total functional expensesLn 25$13.3M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $11.2M$13.3M−$2.1M$21.1M 990 PDF
FY2023 $10.8M$9.4M$1.4M$21.0M 990 PDF
FY2022 $9.8M$8.0M$1.8M$19.4M 990 PDF
FY2021 $9.2M$8.6M$538K$20.1M 990 PDF
FY2020 $8.2M$7.7M$538K$18.6M 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 $11,236,592 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$10,755,420
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $577,140$577,140
VIII-7 Net gain or loss on sales of assetsRelated to mission −$131,764 · Unrelated business $0 · Excluded from tax $0−$131,764
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $35,796 · Unrelated business $0 · Excluded from tax $0$35,796
VIII-12 Total revenueRelated to mission $10,659,452 · Unrelated business $0 · Excluded from tax $577,140$11,236,592
Part IX · Statement of functional expenses $13,305,455 across 11 lines filed
IX-4 Benefits paid to or for membersPrograms $0$11,450,364
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$2,535
IX-10 Payroll taxesPrograms $0 · Management $0 · Fundraising $0$11,387
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$105,738
IX-11b Legal feesPrograms $0 · Management $0 · Fundraising $0$42,992
IX-11c Accounting feesPrograms $0 · Management $0 · Fundraising $0$21,400
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$9,500
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$843,174
IX-13 Office expensesPrograms $0 · Management $0 · Fundraising $0$13,395
IX-23 InsurancePrograms $0 · Management $0 · Fundraising $0$783,295
IX-24 Other expenses (24a–d)Programs $0 · Management $0 · Fundraising $0$21,675
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$13,305,455
Part X · Balance sheet $21,619,699 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $3,137,269$2,355,941
X-2 Savings and temporary cash investmentsStart of year $80,974$157,778
X-4 Accounts receivableStart of year $1,299,366$1,404,910
X-9 Prepaid expenses and deferred chargesStart of year $19,988$35,538
X-11 Publicly traded securitiesStart of year $16,759,828$17,665,532
X-16 Total assetsStart of year $21,297,425$21,619,699
X-17 Accounts payable and accrued expensesStart of year $159,889$251,996
X-25 Other liabilitiesStart of year $129,973$248,012
X-26 Total liabilitiesStart of year $289,862$500,008
X-27 Net assets without donor restrictionsStart of year $21,007,563$21,119,691
X-32 Total net assets or fund balancesStart of year $21,007,563$21,119,691
X-33 Total liabilities and net assetsStart of year $21,297,425$21,619,699
Part XI · Reconciliation of net assets $21,119,691 net assets at year end
XI-1 Total revenue$11,236,592
XI-2 Total expenses$13,305,455
XI-3 Revenue less expenses−$2,068,863
XI-4 Net assets at start of year$21,007,563
XI-5 Net unrealized gains (losses) on investments$2,180,991
XI-10 Net assets at end of year$21,119,691

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

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