Operating Engineers Local 501 Security Fund FY2022 filing

Not tax-deductible

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

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

Mission: Form 990 Part I, line 1

Before you give

FY2022 · 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
5 mo
of spending, in cash
Looks good: 4.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$13.8M
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 9 voting members
Concern: none of 9 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$56.9M
+0.8% vs prior year
Spent
$48.7M
Net assets
$88.4M
By yearFY2020–FY2024
Revenue
$56.9M
FY2022▲ +0.8%
Revenue by fiscal year
FY2020$48.0M
FY2021$56.5M
FY2022$56.9M
FY2023$60.4M
FY2024$63.7M
FY2024$64.1M
Expenses
$48.7M
FY2022▲ +13%
Expenses by fiscal year
FY2020$39.0M
FY2021$43.0M
FY2022$48.7M
FY2023$55.6M
FY2024$59.2M
FY2024$66.1M
Net assets
$88.4M
FY2022▼ -4%
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 FY2022 Form 990 (year ending September 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 (FY2021); the FY2022 filing did not itemize Part VII
Chairman
$0Pt VII · Sec A
Vice Chairman
$0Pt VII · Sec A
Assistant Secretary
$0Pt VII · Sec A
Alternate Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$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

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1 program · in their own filed words · FY2021
01

Provided health and welfare benefits for participants and their dependents.

Pt IX · col B

Funders

Who pays for it.

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

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$56.9M
Ln 12
Fees for servicesLn 2g$55.1M
Investment incomeLn 3$1.6M
Other incomeLn 4–11$164K
Money outPt IX
$48.7M
Ln 25
Owns and owesPt X
$88.4M
net assets · Ln 32
Cash and savingsLn 1–2$19.2M
Total assetsLn 16$102.2M
LiabilitiesLn 26$13.8M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$55.1M
Investment incomeLn 3$1.6M
Other incomeLn 4–11$164K
Gains on assetsLn 7−$185K
Total revenueLn 12$56.9M
Assets in detailPt X, end of year
CashLn 1$19.2M
SavingsLn 2$0
Cash and savings togetherLn 1–2$19.2M
InvestmentsLn 11–13$77.0M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$102.2M
LiabilitiesLn 26$13.8M
Net assetsLn 32$88.4M
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 FY22End FY22
Cash and savingsLn 1–2$14.4M$19.2M
InvestmentsLn 11–13$84.1M$77.0M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$104.6M$102.2M
LiabilitiesLn 26$12.5M$13.8M
Net assetsLn 32$92.1M$88.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$46.2M
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$1.2M
Legal feesLn 11b$55K
Accounting feesLn 11c$252K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$210K
Other fees for servicesLn 11g$706K
Advertising and promotionLn 12$0
Office expensesLn 13$121K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$10K
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$45K
Other expenses (24a–d)Ln 24$22K
Total functional expensesLn 25$48.7M

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 Viewing $56.9M$48.7M$8.2M$88.4M 990 PDF
FY2021 $56.5M$43.0M$13.5M$92.1M 990 PDF
FY2020 $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 FY2022 990 (4 parts)
Part VIII · Statement of revenue $56,913,937 across 9 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $55,100,818$55,100,818
VIII-3 Investment incomeExcluded from tax $1,834,397$1,834,397
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$185,066−$185,066
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $163,788$163,788
VIII-12 Total revenueRelated to mission $55,264,606 · Excluded from tax $1,649,331$56,913,937
Part IX · Statement of functional expenses $48,746,090 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$46,165,497
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$1,160,320
IX-11b Legal fees$55,379
IX-11c Accounting fees$252,051
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$209,614
IX-11g Other fees for services$705,982
IX-12 Advertising and promotion$0
IX-13 Office expenses$121,451
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$9,577
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$44,510
IX-24 Other expenses (24a–d)$21,709
IX-25 Total functional expenses$48,746,090
Part X · Balance sheet $102,185,036 assets, 22 lines filed
X-1 Cash, non-interest-bearingStart of year $14,421,460$19,214,997
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $6,073,263$5,917,491
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $10,643$19,906
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $84,067,568$77,032,642
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $104,572,934$102,185,036
X-17 Accounts payable and accrued expensesStart of year $53,867$119,089
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $1,663,009$1,365,568
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $10,795,041$12,343,102
X-26 Total liabilitiesStart of year $12,511,917$13,827,759
X-32 Total net assets or fund balancesStart of year $92,061,017$88,357,277
X-33 Total liabilities and net assetsStart of year $104,572,934$102,185,036
Part XI · Reconciliation of net assets $88,357,277 net assets at year end
XI-1 Total revenue$56,913,937
XI-2 Total expenses$48,746,090
XI-3 Revenue less expenses$8,167,847
XI-4 Net assets at start of year$92,061,017
XI-5 Net unrealized gains (losses) on investments−$11,871,587
XI-10 Net assets at end of year$88,357,277

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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