Civic Intelligence

Derrickmens Welfare Fund Local 197

990 • Fiscal year 2017 • EIN 13-6121369

Jan 01, 2017 to Dec 31, 2017 • Filed on Aug 23, 2018

Organization ProfileN/A

View Organization Page

253 W 35th St - 12th FLNew York City, NY 10001

(212) 505-5050

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

69th percentile

0.09x

Higher debt load relative to assets than 69% of similar nonprofits.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

75th percentile

0.12x

Higher debt load relative to revenue than 75% of similar nonprofits.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2017

Net Margin

36th percentile

-0.4%

Higher net margin than 36% of similar nonprofits.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

52nd percentile

$0

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2017

Asset Growth

32nd percentile

-1.9%

Faster asset growth than 32% of similar nonprofits.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

14th percentile

-16%

Faster revenue growth than 14% of similar nonprofits.

2017 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets69th percentile

Assets

Down

$4,962,336

Down $94,688 (-1.9%) from 2016

Net Assets

Up

$4,520,977

Up $104,719 (+2.4%) from 2016

Liabilities

Down

$441,359

Down $199,407 (-31%) from 2016

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin36th percentile

Revenue

Down

$3,692,130

Down $707,770 (-16%) from 2016

Expenses

Down

$3,705,628

Down $240,212 (-6.1%) from 2016

Net Income

Down

-$13,498

Down $467,558 (-103%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $2,047,026Liabilities 2010: $504,914Net Assets 2010: $1,542,1122010Assets 2011: $1,486,192Liabilities 2011: $554,816Net Assets 2011: $931,3762011Assets 2012: $1,910,721Liabilities 2012: $329,914Net Assets 2012: $1,580,8072012Assets 2013: $2,765,960Liabilities 2013: $382,898Net Assets 2013: $2,383,0622013Assets 2014: $3,724,911Liabilities 2014: $373,798Net Assets 2014: $3,351,1132014Assets 2015: $4,378,206Liabilities 2015: $462,315Net Assets 2015: $3,915,8912015Assets 2016: $5,057,024Liabilities 2016: $640,766Net Assets 2016: $4,416,2582016Assets 2017: $4,962,336Liabilities 2017: $441,359Net Assets 2017: $4,520,9772017Assets 2018: $5,950,340Liabilities 2018: $907,004Net Assets 2018: $5,043,3362018Assets 2019: $6,915,844Liabilities 2019: $828,235Net Assets 2019: $6,087,6092019Assets 2020: $6,337,256Liabilities 2020: $730,572Net Assets 2020: $5,606,6842020Assets 2021: $5,919,396Liabilities 2021: $511,833Net Assets 2021: $5,407,5632021Assets 2022: $4,835,724Liabilities 2022: $596,947Net Assets 2022: $4,238,7772022Assets 2023: $4,727,261Liabilities 2023: $952,355Net Assets 2023: $3,774,9062023Assets 2024: $3,741,134Liabilities 2024: $888,014Net Assets 2024: $2,853,1202024

Highlighted filing

2017

Assets$4,962,336
Liabilities$441,359
Net Assets$4,520,977
Open 2017 Filing

Operations Trend

Revenue Growth14th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $3,469,8262010Expenses 2011: $3,171,0782011Expenses 2012: $2,184,9442012Revenue 2013: $3,182,363Expenses 2013: $2,380,108Net Income 2013: $802,2552013Revenue 2014: $3,852,996Expenses 2014: $2,892,640Net Income 2014: $960,3562014Revenue 2015: $3,807,565Expenses 2015: $3,230,632Net Income 2015: $576,9332015Revenue 2016: $4,399,900Expenses 2016: $3,945,840Net Income 2016: $454,0602016Revenue 2017: $3,692,130Expenses 2017: $3,705,628Net Income 2017: -$13,4982017Revenue 2018: $5,559,907Expenses 2018: $4,941,209Net Income 2018: $618,6982018Revenue 2019: $6,964,799Expenses 2019: $6,210,259Net Income 2019: $754,5402019Revenue 2020: $4,466,447Expenses 2020: $5,187,366Net Income 2020: -$720,9192020Revenue 2021: $4,648,772Expenses 2021: $5,092,308Net Income 2021: -$443,5362021Revenue 2022: $3,594,277Expenses 2022: $4,078,216Net Income 2022: -$483,9392022Revenue 2023: $5,034,767Expenses 2023: $5,720,772Net Income 2023: -$686,0052023Revenue 2024: $3,827,675Expenses 2024: $4,660,785Net Income 2024: -$833,1102024

Highlighted filing

2017

Revenue$3,692,130
Expenses$3,705,628
Net Income-$13,498
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Aug 23, 2018
Return Version
2017v2.2
Gross Receipts
$3,692,130
Mission and Program Overview

Mission

To provide medical, vacation, death benefits, prescription drug,optical, dental, disability and paid family leave to eligible participants and their dependents.

To provide medical, vacation and death benefits to eligible participants and their dependents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$4,416,258$4,520,977▲ $104,719
Investments in Publicly Traded Securities$3,256,469$3,289,926▲ $33,457
Accounts Receivable$435,699$1,011,711▲ $576,012
Cash and Non-Interest-Bearing Accounts$1,364,856$515,888▼ $848,968
Savings and Temporary Cash Investments-$144,811-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$5,057,024$4,962,336▼ $94,688
Other Assets Total-$0-
Liabilities
Other Liabilities$574,943$392,966▼ $181,977
Accounts Payable and Accrued Expenses$65,823$48,393▼ $17,430
Total Liabilities$640,766$441,359▼ $199,407
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,416,258$4,520,977▲ $104,719
Total Liabilities and Net Assets / Fund Balance$5,057,024$4,962,336▼ $94,688
Compensation and Service Providers
Top Officer Pay52nd percentile

Board Members and Trustees

NameTitle
Anthony VespaTrustee
Carol RaftreyTrustee
Chris GormanTrustee
Lawrence WeissTrustee
Marco BerardiTrustee
Thomas WilsonTrustee
William HayesTrustee
jeremy mosesTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,632,079
Investment Income
$60,051
Other Revenue
$0
Change in Net Assets
$-13,498

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,686,130
Revenue Not Reported on Financial Statements
$6,000
Revenue Not Reported on Form 990
$118,217
Total Revenue per Audited Statements
$3,804,347
Total Revenue per Form 990
$3,692,130
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$260,711
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$3,444,917
Fees for Services Accounting---$63,085
Other Expenses---$57,453
Fees for Services Other---$25,815
Fees for Services Legal---$22,416
Conferences and Meetings---$14,595
Fees for Service Investment Mgmnt Fees---$6,000
Office Expenses---$5,695
Insurance---$2,782
Total Functional Expenses$0$0$0$3,705,628

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,881,605
Total Expenses per Audited Statements$3,881,605
Total Expenses per Form 990$3,705,628
Expenses Not Reported on Financial Statements$-175,977
Other Expense Adjustments$-181,977
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Benefit Obligations-current$392,966
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The form 990 was prepared in coordination with the fund administrator, once complete, the form was provided to and reviewed by the board of trustees prior to submission.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“As required by the fund's policy and by erisa, officers, directors, and key employees have a continuous obligation to report potential conflicts of interest.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization's governing documents, conflicts of interest policy and financial statements are available to all participants upon request. Documents are available to the general public upon request to the extent required by law.”

Filing and Contact Details

Filer

Filer Name
Derrickmens Welfare Fund
EIN
13-6121369
Phone
2125055050
Address
253 W 35TH ST - 12TH FL, NEW YORK CITY, NY 10001

Signing Officer

Name
William Hayes
Title
Trustee
Signed
2018-08-23
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
Schultheis & Panettieri LLP
Address
210 Marcus Boulevard, Hauppauge, NY 11788-3740
Preparer
Carol Westfall
Phone
6312734778
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0BENEFIT OBLIGATIONS-CURRENT
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IRS990ScheduleD/TotalExpensesPerForm990Amt03705628
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 WAS PREPARED IN COORDINATION WITH THE FUND ADMINISTRATOR, ONCE COMPLETE, THE FORM WAS PROVIDED TO AND REVIEWED BY THE BOARD OF TRUSTEES PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AS REQUIRED BY THE FUND'S POLICY AND BY ERISA, OFFICERS, DIRECTORS, AND KEY EMPLOYEES HAVE A CONTINUOUS OBLIGATION TO REPORT POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO ALL PARTICIPANTS UPON REQUEST. DOCUMENTS ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST TO THE EXTENT REQUIRED BY LAW.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt3NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0DERRICKMENS ANNUITY FUND LCL 197
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1DERRICKMENS APPRENTICE EDU FUND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2DERRICKMENS PENSION FUND LcL 197
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3LOCAL 197 INTL ASSOC OF IRONWORKERS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0516112621
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1136221668
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2136121370
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt3501(C)(5)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd3NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO PROVIDE EMPLOYEE BENEFITS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1TO PROVIDE EMPLOYEE BENEFITS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2TO PROVIDE EMPLOYEE BENEFITS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3LABOR ORGANIZATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt12
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt2N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt3N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0253 WEST 35TH STREET 12TH FLOOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1253 WEST 35TH STREET 12TH FLOOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2253 WEST 35TH STREET 12TH FLOOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt325-19 43RD AVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0NEW YORK CITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1NEW YORK CITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2NEW YORK CITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm3LONG ISLAND CITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd2NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd3NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd0100011970
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd1100011970
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd2100011970
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0CERTAIN TRUSTEES LISTED ON FORM 990 PART VII, SECTION A, SERVE AS VOLUNTEERS AND DO NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION OR RELATED ORGANIZATIONS IN THEIR CAPACITY AS TRUSTEES OF THIS ORGANIZATION.CERTAIN TRUSTEES LISTED ON FORM 990 PART VII, SECTION A, SERVE AS VOLUNTEERS AND DO NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION BUT DO RECEIVE COMPENSATION FROM LOCAL 197 INT'L ASSOC. OF BRIDGE STRUCTURAL & ORNAMENTAL IRONWORKERS (THE "UNION") IN THEIR CAPACITY AS EMPLOYEES/OFFICERS OF THE UNION. THEIR COMPENSATION IS REPORTED ON THE FORM 990 OF THE UNION.WILLIAM HAYES - TOTAL COMPENSATION REPORTED BY THE UNION ON THEIR 990 FOR YEAR ENDED JUNE 30, 2017 AMOUNTED TO $329,723. THROUGH MARCH 31,2017, BASED ON AN EXPENSE ALLOCATION STUDY, 22% OF THE SALARY AND BENEFITS WAS REIMBURSED BY THE FILING ORGANIZATION.THE INFORMATION DISCLOSED ON THE ATTACHED SCHEDULES OF RELATED PARTIES IS THAT WHICH WAS AVAILABLE TO THIS ORGANIZATION AT THE TIME OF THIS FILING.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE R, PART II AND IV:
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IRS990/TerminateOperationsInd0false
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IRS990/TotalGrossUBIAmt00
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IRS990/VotingMembersGoverningBodyCnt08
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,962,336
Liabilities
$441,359
Net assets
$4,520,977
Revenue
$3,692,130
Expenses
$3,705,628
Net income
-$13,498
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.74$0.89$2.85$3.83$4.66$0.83
2023Detailed filing. Detailed filing data is available for this year.$4.73$0.95$3.77$5.03$5.72$0.69
2022Detailed filing. Detailed filing data is available for this year.$4.84$0.60$4.24$3.59$4.08$0.48
2021Detailed filing. Detailed filing data is available for this year.$5.92$0.51$5.41$4.65$5.09$0.44
2020Detailed filing. Detailed filing data is available for this year.$6.34$0.73$5.61$4.47$5.19$0.72
2019Detailed filing. Detailed filing data is available for this year.$6.92$0.83$6.09$6.96$6.21$0.75
2018Detailed filing. Detailed filing data is available for this year.$5.95$0.91$5.04$5.56$4.94$0.62
2017Detailed filing. Detailed filing data is available for this year.$4.96$0.44$4.52$3.69$3.71$0.01
2016Detailed filing. Detailed filing data is available for this year.$5.06$0.64$4.42$4.40$3.95$0.45
2015Detailed filing. Detailed filing data is available for this year.$4.38$0.46$3.92$3.81$3.23$0.58
2014Detailed filing. Detailed filing data is available for this year.$3.72$0.37$3.35$3.85$2.89$0.96
2013Detailed filing. Detailed filing data is available for this year.$2.77$0.38$2.38$3.18$2.38$0.80
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.91$0.33$1.58$2.18
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.49$0.55$0.93$3.17
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.05$0.50$1.54$3.47