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Structural Iron Workers Local 1 Welfare

Not tax-deductible

Forest Park, ILMutual-benefit / member-servingSince 1951Mutual / membership EIN 36-2196735Revenue $36.8M in FY2024

On file with the IRSiwlocal1.com7700 Industrial Dr, 60130-2520 · Forest Park, ILTax-exempt since Mar 1952

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To provide participants and their beneficiaries benefits as described in the plan document.

Mission: Form 990 Part I, line 1

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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
2 of 5
filings with a surplus
Average surplus $1.3M a year · 3% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
<1 mo
of spending, in cash
Plus $44.6M in investments, Pt X · Ln 11–13
Fine: 0.8 months of spending in cash, plus $44.6M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.3M
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 6 voting members
Fine: 3 of 6 voting members are independent, half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$36.8M
-5% vs prior year
Spent
$36.9M
Net assets
$47.7M
By yearFY2020–FY2024
Revenue
$36.8M
FY2024▼ -5%
Tap a bar for its year
Revenue by fiscal year
FY2020$36.0M
FY2021$49.5M
FY2022$36.9M
FY2023$38.8M
FY2024$36.8M
Expenses
$36.9M
FY2024▼ -9%
Tap a bar for its year
Expenses by fiscal year
FY2020$38.8M
FY2021$39.2M
FY2022$36.2M
FY2023$40.7M
FY2024$36.9M
Net assets
$47.7M
FY2024▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$24.1M
FY2021$18.6M
FY2022$47.8M
FY2023$46.9M
FY2024$47.7M

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

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1952.

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
David Quin
Employer Trustee
$0Pt VII · Sec A
Patrick Clark
Employer Trustee
$0Pt VII · Sec A
John Gardiner
Union Trustee
$0Pt VII · Sec A
Todd Villa
Union Trustee
$0Pt VII · Sec A
Ken Davis
Union Trustee
$0Pt VII · Sec A
Sam Tipton
Employer Trustee
$0Pt VII · Sec A
See Structural Iron Workers Local 1 Welfare 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

Distributes benefits to participants and their beneficiaries as outlined in the plan.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

The plan provides medical, dental, optical, hearing aids, disability, death benefits and health reimbursement accounts to eligible participants and their beneficiaries.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$36.8M
Ln 12
Fees for servicesLn 2g$34.7M
Investment incomeLn 3$2.1M
Other incomeLn 4–11$4K
Money outPt IX
$36.9M
Ln 25
Owns and owesPt X
$47.7M
net assets · Ln 32
Cash and savingsLn 1–2$2.6M
Total assetsLn 16$51.0M
LiabilitiesLn 26$3.3M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$34.7M
Investment incomeLn 3$2.1M
Other incomeLn 4–11$4K
Gains on assetsLn 7−$145K
Total revenueLn 12$36.8M
Assets in detailPt X, end of year
CashLn 1$58K
SavingsLn 2$2.5M
Cash and savings togetherLn 1–2$2.6M
InvestmentsLn 11–13$44.6M
Other assetsLn 15$1.1M
Total assetsLn 16$51.0M
LiabilitiesLn 26$3.3M
Net assetsLn 32$47.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$1.9M$2.6M
InvestmentsLn 11–13$44.7M$44.6M
Total assetsLn 16$51.6M$51.0M
LiabilitiesLn 26$4.7M$3.3M
Net assetsLn 32$46.9M$47.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$36.1M
Legal feesLn 11b$132K
Accounting feesLn 11c$69K
Investment management feesLn 11f$112K
Other fees for servicesLn 11g$203K
Office expensesLn 13$20K
OccupancyLn 16$21K
Conferences, conventions and meetingsLn 19$6K
InsuranceLn 23$20K
Other expenses (24a–d)Ln 24$214K
Total functional expensesLn 25$36.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $36.8M$36.9M−$144K$47.7M 990 PDF
FY2023 $38.8M$40.7M−$1.9M$46.9M 990 PDF
FY2022 $36.9M$36.2M$701K$47.8M 990 PDF
FY2021 $49.5M$39.2M$10.3M$18.6M 990 PDF
FY2020 $36.0M$38.8M−$2.7M$24.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $36,765,977 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $36,662,653$34,677,454
I-10 Investment incomePrior year $2,159,241$2,084,356
I-11 Other revenuePrior year $5,712$4,167
I-12 Total revenuePrior year $38,827,606$36,765,977
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $39,915,830$36,112,011
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $784,061$798,464
I-18 Total expensesPrior year $40,699,891$36,910,475
I-19 Revenue less expensesPrior year −$1,872,285−$144,498
Part VI · Governance 3 of 6 board members independent, 2 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members3
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $36,765,977 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $34,677,454$34,677,454
VIII-3 Investment incomeExcluded from tax $2,229,181$2,229,181
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$144,825−$144,825
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $4,167$4,167
VIII-12 Total revenueRelated to mission $34,677,454 · Unrelated business $0 · Excluded from tax $2,088,523$36,765,977
Part IX · Statement of functional expenses $36,910,475 across 10 lines filed
IX-4 Benefits paid to or for members$36,112,011
IX-11b Legal fees$132,253
IX-11c Accounting fees$69,129
IX-11f Investment management fees$112,256
IX-11g Other fees for services$202,772
IX-13 Office expenses$20,036
IX-16 Occupancy$21,350
IX-19 Conferences, conventions and meetings$5,840
IX-23 Insurance$20,388
IX-24 Other expenses (24a–d)$214,440
IX-25 Total functional expenses$36,910,475
Part X · Balance sheet $51,032,967 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $537,779$58,189
X-2 Savings and temporary cash investmentsStart of year $1,369,518$2,509,301
X-4 Accounts receivableStart of year $3,087,206$2,762,090
X-9 Prepaid expenses and deferred chargesStart of year $28,892$64,567
X-11 Publicly traded securitiesStart of year $12,572,573$13,026,822
X-12 Other securitiesStart of year $32,149,587$31,529,142
X-15 Other assetsStart of year $1,846,290$1,082,856
X-16 Total assetsStart of year $51,591,845$51,032,967
X-17 Accounts payable and accrued expensesStart of year $92,183$48,789
X-25 Other liabilitiesStart of year $4,625,689$3,276,658
X-26 Total liabilitiesStart of year $4,717,872$3,325,447
X-27 Net assets without donor restrictionsStart of year $46,873,973$47,707,520
X-32 Total net assets or fund balancesStart of year $46,873,973$47,707,520
X-33 Total liabilities and net assetsStart of year $51,591,845$51,032,967
Part XI · Reconciliation of net assets $47,707,520 net assets at year end
XI-1 Total revenue$36,765,977
XI-2 Total expenses$36,910,475
XI-3 Revenue less expenses−$144,498
XI-4 Net assets at start of year$46,873,973
XI-5 Net unrealized gains (losses) on investments$978,045
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$47,707,520

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

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