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Operating Engineers Local 501 Security Fund FY2020 filing

Not tax-deductible

West Covina, CAMutual-benefit / member-servingSince 1952EIN 95-6049026

To provide health and welfare benefits for participants and their dependents.

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
5 of 5
filings with a surplus
Average surplus $8.0M a year · 14% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
6 mo
of spending, in cash
Looks good: 5.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.6M
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 10 voting members
Concern: none of 10 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$48.0M
Spent
$39.0M
Net assets
$81.1M
By yearFY2020–FY2024
Revenue
$48.0M
FY2020
Revenue by fiscal year
FY2020$48.0M
FY2021$56.5M
FY2022$56.9M
FY2023$60.4M
FY2024$63.7M
FY2024$64.1M
Expenses
$39.0M
FY2020
Expenses by fiscal year
FY2020$39.0M
FY2021$43.0M
FY2022$48.7M
FY2023$55.6M
FY2024$59.2M
FY2024$66.1M
Net assets
$81.1M
FY2020
Net assets by fiscal year
FY2020$81.1M
FY2021$92.1M
FY2022$88.4M
FY2023$97.2M
FY2024$112.5M
FY2024$117.0M

From the FY2020 Form 990 (year ending September 2020) · 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 1958.

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

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Mike Narez
Trustee
$0Pt VII · Sec A
Denise Vukojevich
Vice Chairman
$0Pt VII · Sec A
Edward Curly
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Eric Flett
Alternate Trustee
$0Pt VII · Sec A
Jeff Palmer
Assistant Secretary
$0Pt VII · Sec A
Kevin Gleason
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Operating Engineers Local 501 Security 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 health and welfare benefits to those in need.

Provided by the organization

This section is blank until Operating Engineers Local 501 Security Fund claims this page.

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1 program service, described in the organization's own filed words · FY2019.
01

Provided health and welfare benefits for participants and their dependents.

Pt IX · col B

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$48.0M
Ln 12
Fees for servicesLn 2g$45.8M
Investment incomeLn 3$1.9M
Other incomeLn 4–11$265K
Money outPt IX
$39.0M
Ln 25
Owns and owesPt X
$81.1M
net assets · Ln 32
Cash and savingsLn 1–2$19.2M
Total assetsLn 16$91.8M
LiabilitiesLn 26$10.6M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$45.8M
Investment incomeLn 3$1.9M
Other incomeLn 4–11$265K
Gains on assetsLn 7−$29K
Total revenueLn 12$48.0M
Assets in detailPt X, end of year
CashLn 1$12.2M
SavingsLn 2$7.0M
Cash and savings togetherLn 1–2$19.2M
InvestmentsLn 11–13$68.1M
Total assetsLn 16$91.8M
LiabilitiesLn 26$10.6M
Net assetsLn 32$81.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
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 FY20End FY20
Cash and savingsLn 1–2$15.2M$19.2M
InvestmentsLn 11–13$60.0M$68.1M
Total assetsLn 16$80.1M$91.8M
LiabilitiesLn 26$10.4M$10.6M
Net assetsLn 32$69.7M$81.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$36.9M
Management feesLn 11a$985K
Legal feesLn 11b$176K
Accounting feesLn 11c$228K
Investment management feesLn 11f$118K
Other fees for servicesLn 11g$496K
Office expensesLn 13$67K
Conferences, conventions and meetingsLn 19$2K
InsuranceLn 23$42K
Other expenses (24a–d)Ln 24$44K
Total functional expensesLn 25$39.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $63.7M$59.2M$4.6M$112.5M 990 PDF
FY2023 $60.4M$55.6M$4.9M$97.2M 990 PDF
FY2022 $56.9M$48.7M$8.2M$88.4M 990 PDF
FY2021 $56.5M$43.0M$13.5M$92.1M 990 PDF
FY2020 Viewing $48.0M$39.0M$9.0M$81.1M 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 (4 parts)
Part VIII · Statement of revenue $47,986,742 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $45,819,399$45,819,399
VIII-3 Investment incomeExcluded from tax $1,931,994$1,931,994
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$29,366−$29,366
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $264,715$264,715
VIII-12 Total revenueRelated to mission $46,084,114 · Unrelated business $0 · Excluded from tax $1,902,628$47,986,742
Part IX · Statement of functional expenses $39,029,254 across 10 lines filed
IX-4 Benefits paid to or for members$36,871,922
IX-11a Management fees$984,899
IX-11b Legal fees$175,617
IX-11c Accounting fees$228,369
IX-11f Investment management fees$118,228
IX-11g Other fees for services$496,106
IX-13 Office expenses$67,119
IX-19 Conferences, conventions and meetings$1,536
IX-23 Insurance$41,909
IX-24 Other expenses (24a–d)$43,549
IX-25 Total functional expenses$39,029,254
Part X · Balance sheet $91,769,992 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $14,674,657$12,150,356
X-2 Savings and temporary cash investmentsStart of year $558,208$7,046,656
X-4 Accounts receivableStart of year $4,827,357$4,515,335
X-9 Prepaid expenses and deferred chargesStart of year $8,235$5,436
X-11 Publicly traded securitiesStart of year $28,373,864$43,727,500
X-12 Other securitiesStart of year $31,626,765$24,324,709
X-16 Total assetsStart of year $80,069,086$91,769,992
X-17 Accounts payable and accrued expensesStart of year $240,214$6,791
X-19 Deferred revenueStart of year $1,423,003$1,093,110
X-25 Other liabilitiesStart of year $8,727,654$9,524,929
X-26 Total liabilitiesStart of year $10,390,871$10,624,830
X-32 Total net assets or fund balancesStart of year $69,678,215$81,145,162
X-33 Total liabilities and net assetsStart of year $80,069,086$91,769,992
Part XI · Reconciliation of net assets $81,145,162 net assets at year end
XI-1 Total revenue$47,986,742
XI-2 Total expenses$39,029,254
XI-3 Revenue less expenses$8,957,488
XI-4 Net assets at start of year$69,678,215
XI-5 Net unrealized gains (losses) on investments$2,509,459
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$81,145,162

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

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