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Structural Iron Workers Local 1 Welfare FY2020 filing

Not tax-deductible

Forest Park, ILMutual-benefit / member-servingSince 1951EIN 36-2196735Revenue $36.0M in FY2020

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

Before you give

FY2020 · 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
Worth a look: 0.5 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$36.8M
60% of total assets
Fine: liabilities are 60% of assets; 50% to 65%.
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
$36.0M
Spent
$38.8M
Net assets
$24.1M
By yearFY2020–FY2024
Revenue
$36.0M
FY2020
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
$38.8M
FY2020
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
$24.1M
FY2020
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 FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

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
Maureen Esposito
Employer Trustee
$0Pt VII · Sec A
Craig Satalic
Union Trustee
$0Pt VII · Sec A
John Gardiner
Union Trustee
$0Pt VII · Sec A
Todd Villa
Union 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.

Questions for Structural Iron Workers Local 1 Welfare

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Provided by the organization

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1 program · in their own filed words · FY2020
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 FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$36.0M
Ln 12
Fees for servicesLn 2g$33.1M
Other incomeLn 4–11$2.2M
Investment incomeLn 3$763K
Money outPt IX
$38.8M
Ln 25
Owns and owesPt X
$24.1M
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$60.8M
LiabilitiesLn 26$36.8M
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$33.1M
Investment incomeLn 3$763K
Other incomeLn 4–11$2.2M
Gains on assetsLn 7−$948K
Total revenueLn 12$36.0M
Assets in detailPt X, end of year
CashLn 1$1.5M
SavingsLn 2$26K
Cash and savings togetherLn 1–2$1.5M
InvestmentsLn 11–13$55.1M
Other assetsLn 15$1.4M
Total assetsLn 16$60.8M
LiabilitiesLn 26$36.8M
Net assetsLn 32$24.1M
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 FY20End FY20
Cash and savingsLn 1–2$1.2M$1.5M
InvestmentsLn 11–13$53.5M$55.1M
Total assetsLn 16$59.1M$60.8M
LiabilitiesLn 26$35.3M$36.8M
Net assetsLn 32$23.8M$24.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$37.9M
Legal feesLn 11b$160K
Accounting feesLn 11c$73K
Investment management feesLn 11f$93K
Other fees for servicesLn 11g$223K
Office expensesLn 13$18K
OccupancyLn 16$21K
Conferences, conventions and meetingsLn 19$83
InsuranceLn 23$22K
Other expenses (24a–d)Ln 24$250K
Total functional expensesLn 25$38.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $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 Viewing $36.0M$38.8M−$2.7M$24.1M 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 FY2020 990 (6 parts)
Part I · Summary $36,042,515 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $32,844,708$33,051,602
I-10 Investment incomePrior year $3,162,658$762,804
I-11 Other revenuePrior year $1,669,885$2,228,109
I-12 Total revenuePrior year $37,677,251$36,042,515
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $42,361,331$37,930,698
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $805,099$859,943
I-18 Total expensesPrior year $43,166,430$38,790,641
I-19 Revenue less expensesPrior year −$5,489,179−$2,748,126
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 $36,042,515 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $33,051,602$33,051,602
VIII-3 Investment incomeExcluded from tax $1,711,230$1,711,230
VIII-7 Net gain or loss on sales of assetsRelated to mission −$948,426−$948,426
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,228,109$2,228,109
VIII-12 Total revenueRelated to mission $34,331,285 · Unrelated business $0 · Excluded from tax $1,711,230$36,042,515
Part IX · Statement of functional expenses $38,790,641 across 10 lines filed
IX-4 Benefits paid to or for members$37,930,698
IX-11b Legal fees$159,671
IX-11c Accounting fees$73,000
IX-11f Investment management fees$92,788
IX-11g Other fees for services$223,263
IX-13 Office expenses$17,955
IX-16 Occupancy$20,608
IX-19 Conferences, conventions and meetings$83
IX-23 Insurance$22,137
IX-24 Other expenses (24a–d)$250,438
IX-25 Total functional expenses$38,790,641
Part X · Balance sheet $60,833,653 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $1,147,046$1,483,389
X-2 Savings and temporary cash investmentsStart of year $23,850$26,326
X-4 Accounts receivableStart of year $2,409,221$2,735,619
X-9 Prepaid expenses and deferred chargesStart of year $65,567$65,201
X-11 Publicly traded securitiesStart of year $10,576,389$9,607,228
X-12 Other securitiesStart of year $42,932,692$45,519,978
X-15 Other assetsStart of year $1,964,862$1,395,912
X-16 Total assetsStart of year $59,119,627$60,833,653
X-17 Accounts payable and accrued expensesStart of year $247,389$459,205
X-25 Other liabilitiesStart of year $35,084,786$36,305,247
X-26 Total liabilitiesStart of year $35,332,175$36,764,452
X-27 Net assets without donor restrictionsStart of year $23,787,452$24,069,201
X-32 Total net assets or fund balancesStart of year $23,787,452$24,069,201
X-33 Total liabilities and net assetsStart of year $59,119,627$60,833,653
Part XI · Reconciliation of net assets $24,069,201 net assets at year end
XI-1 Total revenue$36,042,515
XI-2 Total expenses$38,790,641
XI-3 Revenue less expenses−$2,748,126
XI-4 Net assets at start of year$23,787,452
XI-5 Net unrealized gains (losses) on investments$3,029,875
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$24,069,201

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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