Civic Intelligence

Steamfitters' Industry Security Benefit Fund

990 • Fiscal year 2019 • EIN 13-6149681

Jan 01, 2019 to Dec 31, 2019 • Filed on Aug 10, 2020

Organization Profilewww.steamfitters.com

View Organization Page

27-08 40th Avenue 2nd floorLong Island City, NY 11101-3725

(212) 465-8888

Siviq Scores

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

Liabilities / Assets

11th percentile

0.00x

Higher debt load relative to assets than 11% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

10th percentile

0.02x

Higher debt load relative to revenue than 10% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Net Margin

82nd percentile

23%

Higher net margin than 82% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

37th percentile

$470,464

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2019 filings • $250M-$1B nonprofits • Source year 2019

Asset Growth

81st percentile

14%

Faster asset growth than 81% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

30th percentile

-0.4%

Faster revenue growth than 30% of similar nonprofits.

2019 filings • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$310,081,021

Up $38,880,569 (+14%) from 2018

Net Assets

Up

$308,953,697

Up $42,371,718 (+16%) from 2018

Liabilities

Down

$1,127,324

Down $3,491,149 (-76%) from 2018

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin82nd percentile

Revenue

Down

$62,339,226

Down $281,261 (-0.4%) from 2018

Expenses

Up

$48,175,826

Up $10,523,128 (+28%) from 2018

Net Income

Down

$14,163,400

Down $10,804,389 (-43%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$400M$300M$200M$100M$0Assets 2010: $139,889,603Liabilities 2010: $4,274,414Net Assets 2010: $135,615,1892010Assets 2011: $135,823,556Liabilities 2011: $1,574,218Net Assets 2011: $134,249,3382011Assets 2012: $162,257,915Liabilities 2012: $2,593,251Net Assets 2012: $159,664,6642012Assets 2013: $193,500,448Liabilities 2013: $8,576,990Net Assets 2013: $184,923,4582013Assets 2014: $209,075,535Liabilities 2014: $7,740,187Net Assets 2014: $201,335,3482014Assets 2015: $206,029,022Liabilities 2015: $4,792,180Net Assets 2015: $201,236,8422015Assets 2016: $238,830,794Liabilities 2016: $7,518,581Net Assets 2016: $231,312,2132016Assets 2017: $268,904,337Liabilities 2017: $3,279,704Net Assets 2017: $265,624,6332017Assets 2018: $271,200,452Liabilities 2018: $4,618,473Net Assets 2018: $266,581,9792018Assets 2019: $310,081,021Liabilities 2019: $1,127,324Net Assets 2019: $308,953,6972019Assets 2020: $308,222,894Liabilities 2020: $4,459,748Net Assets 2020: $303,763,1462020Assets 2021: $326,665,741Liabilities 2021: $2,719,273Net Assets 2021: $323,946,4682021Assets 2022: $294,790,618Liabilities 2022: $4,591,008Net Assets 2022: $290,199,6102022Assets 2023: $306,310,129Liabilities 2023: $4,113,275Net Assets 2023: $302,196,8542023Assets 2024: $318,983,360Liabilities 2024: $3,700,948Net Assets 2024: $315,282,4122024

Highlighted filing

2019

Assets$310,081,021
Liabilities$1,127,324
Net Assets$308,953,697
Open 2019 Filing

Operations Trend

Revenue Growth30th percentile

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

$100M$50M$0-$50MExpenses 2010: $33,620,7112010Expenses 2011: $31,587,8862011Expenses 2012: $27,814,3872012Revenue 2013: $51,920,050Expenses 2013: $33,276,909Net Income 2013: $18,643,1412013Revenue 2014: $50,632,330Expenses 2014: $33,850,359Net Income 2014: $16,781,9712014Revenue 2015: $51,339,609Expenses 2015: $37,329,942Net Income 2015: $14,009,6672015Revenue 2016: $53,151,316Expenses 2016: $28,570,975Net Income 2016: $24,580,3412016Revenue 2017: $62,964,611Expenses 2017: $37,351,855Net Income 2017: $25,612,7562017Revenue 2018: $62,620,487Expenses 2018: $37,652,698Net Income 2018: $24,967,7892018Revenue 2019: $62,339,226Expenses 2019: $48,175,826Net Income 2019: $14,163,4002019Revenue 2020: $46,679,611Expenses 2020: $68,781,034Net Income 2020: -$22,101,4232020Revenue 2021: $52,241,912Expenses 2021: $52,386,250Net Income 2021: -$144,3382021Revenue 2022: $45,014,108Expenses 2022: $55,243,098Net Income 2022: -$10,228,9902022Revenue 2023: $47,531,364Expenses 2023: $50,016,055Net Income 2023: -$2,484,6912023Revenue 2024: $54,422,288Expenses 2024: $46,196,922Net Income 2024: $8,225,3662024

Highlighted filing

2019

Revenue$62,339,226
Expenses$48,175,826
Net Income$14,163,400
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Aug 10, 2020
Return Version
2019v5.1
Gross Receipts
$576,881,982
Mission and Program Overview

Mission

The Fund was established to accumulate funds to pay or provide supplemental benefits to participants. The Fund is a multi- employer plan and is funded by employer contributions determined in accordance with the collective bargaining agreement.

The Fund was established to accumulate funds to provide supplemental benefits to partic. They become eligible to part in the Plan beg with the first day in which they work in covered employ for a signed contractor.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$266,581,979$308,953,697▲ $42,371,718
Investments in Publicly Traded Securities$153,454,627$169,870,329▲ $16,415,702
Investments Other Securities$112,862,752$136,623,138▲ $23,760,386
Accounts Receivable$3,099,431$3,139,177▲ $39,746
Cash and Non-Interest-Bearing Accounts$1,760,405$424,560▼ $1,335,845
Prepaid Expenses and Deferred Charges$23,237$23,817▲ $580
Total Assets$271,200,452$310,081,021▲ $38,880,569
Liabilities
Other Liabilities$4,420,174$918,462▼ $3,501,712
Accounts Payable and Accrued Expenses$198,299$208,862▲ $10,563
Total Liabilities$4,618,473$1,127,324▼ $3,491,149
Net Assets / Fund Balance
Total Net Assets Fund Balance$266,581,979$308,953,697▲ $42,371,718
Total Liabilities and Net Assets / Fund Balance$271,200,452$310,081,021▲ $38,880,569

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$6,697,943--
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter J RuffnerAssistant AdministratorPT$22,259$285,291$22,259
Kevin J DriscollExecutive Administrator-$4,471$465,993$4,471
William J TurnbullController-$1,493$320,820$1,493

Board Members and Trustees

NameTitle
Thomas GoodwinEducation Director
Sean DriscollIT Director
Anthony SaporitoTrustee
Matthew NortonTrustee
Patrick Dolan JrTrustee
Ralph Montuoro JrTrustee
Robert EganTrustee
Shane McMorrowTrustee
Daniel KnightsEducation Instructor
James CoffeyEducation Instructor
Paul HopkinsEducation Instructor
Steven CuadraEducation Instructor
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$49,223,556
Investment Income
$13,030,436
Other Revenue
$85,234
Change in Net Assets
$14,163,400

Audited Revenue Reconciliation

Revenue per Audited Statements
$60,759,976
Revenue Not Reported on Financial Statements
$1,579,250
Revenue Not Reported on Form 990
$28,208,318
Total Revenue per Audited Statements
$88,968,294
Total Revenue per Form 990
$62,339,226
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,000,881
Salaries, Compensation, and Employee Benefits$427,048
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$45,747,897--$45,747,897
Fees for Service Investment Mgmnt Fees-$1,579,250-$1,579,250
Other Salaries and Wages-$264,733-$264,733
Office Expenses-$189,078-$189,078
Information Technology-$142,170-$142,170
Pension Plan Contributions-$77,184-$77,184
Other Employee Benefits-$61,173-$61,173
Insurance-$26,214-$26,214
Fees for Services Legal-$21,376-$21,376
Payroll Taxes-$17,994-$17,994
Occupancy-$15,897-$15,897
Fees for Services Accounting-$15,000-$15,000
Travel-$6,370-$6,370
Current Officers, Directors, Trustees, and Key Employees-$5,964-$5,964
Conferences and Meetings-$5,526-$5,526
Total Functional Expenses$45,747,897$2,427,929$0$48,175,826

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$48,175,826
Expenses per Audited Statements$46,596,576
Total Expenses per Audited Statements$46,596,576
Expenses Not Reported on Financial Statements$1,579,250
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to/from other funds$873,915
Federal income taxes$44,547
Securities Purchases-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
Yes
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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, Section B, Line 11A

“This tax return was prepared by staff and reviewed by the Funds Controller, who is a CPA. Then it was provided to the Funds auditors for review and approval. Lastly, it is provided to a member of the Board of Directors for review and signature.”

Form 990, Part VI, Section B, Line 15 AB

“The Administrator of the Trust Funds negotiates with the Chairman and Co-Chairman of each Fund and agree to an increase in wages for all staff within the parameters set by the collective bargaining agreement.”

Form 990, Part VI, Section B, Line 12C

“The Fund is subject to ERISA and the Trustees conform to its regulations. Each year, Trustees sign a statement which affirms that such person has received a copy of the Conflict of Interest Policy and has read and understands the Policy. Also, the Trustees agree to comply with the Policy and understands that the Plan is a tax-exempt organization.”

Form 990, Part VI, Section C, Line 19

“As required by ERISA, the Funds governing documents, policies, financial statements and tax returns are available upon request by writing to the Fund Office and requesting a copy. This return was not filed on time and granted an extension to acquire all information needed to complete and file an accurate return.”

Filing and Contact Details

Filer

Filer Name
Steamfitters' Industry Security Benefit Fund
EIN
13-6149681
Phone
2124658888
Address
27-08 40th Avenue 2nd floor, Long Island City, NY 11101-3725

Signing Officer

Name
Patrick Dolan Jr
Title
Employee Trustee
Signed
2020-08-10
Discuss with paid preparer
No

Organization Details

Formed
1961
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
0
Supplemental Narrative

Financial Statement Notes

X 2

“The Trustees have evaluated the tax positions taken by the Fund and have concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken, that would require the recognition of a liability or asset or disclosure in the financial statements. The Fund is subject to routine audits by taxing jurisdictions until the applicable statute of limitations expires however, there are currently no audits for any tax periods in progress.”

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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Kevin J Driscoll Executive Administrator
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1873915
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Due to/from other funds
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt038175080
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt140086292
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt231969957
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt319693866
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt46697943
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Lord Abbett International Core Fixed Income
IRS990ScheduleD/OtherSecuritiesGrp/Desc3Janus Institutional Intl Equity Fund
IRS990ScheduleD/OtherSecuritiesGrp/Desc4ULLICO Infrastructure Fund LP
IRS990ScheduleD/OtherSecuritiesGrp/Desc5Kennedy Wilson Real Estate Fund VI, LP
IRS990ScheduleD/OtherSecuritiesGrp/Desc6JP Morgan US Real Estate Mezz Debt Fund
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd4F
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt01579250
IRS990ScheduleD/RevenueSubtotalAmt060759976
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Trustees have evaluated the tax positions taken by the Fund and have concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken, that would require the recognition of a liability or asset or disclosure in the financial statements. The Fund is subject to routine audits by taxing jurisdictions until the applicable statute of limitations expires however, there are currently no audits for any tax periods in progress.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0X 2
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IRS990ScheduleD/TotalExpensesPerForm990Amt048175826
IRS990ScheduleD/TotalLiabilityAmt0918462
IRS990ScheduleD/TotalRevenuePerForm990Amt062339226
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt088968294
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt046596576
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IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt221964
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt752325
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt412153
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt54657
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Kevin J Driscoll
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1William J Turnbull
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Peter J Ruffner
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3Thomas Goodwin
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4Sean Driscoll
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm5Steven Cuadra
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm6Daniel Knights
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm7Paul Hopkins
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm8James Coffey
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Administrator
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Controller
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Assistant Administrator
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3Education Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt4IT Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt5Education Instructor
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt6Education Instructor
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt7Education Instructor
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt8Education Instructor
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IRS990ScheduleJ/SeverancePaymentInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$310,081,021
Liabilities
$1,127,324
Net assets
$308,953,697
Revenue
$62,339,226
Expenses
$48,175,826
Net income
$14,163,400
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$319$3.70$315$54.4$46.2$8.23
2023Summary only. Only limited summary data is available for this year.$306$4.11$302$47.5$50.0$2.48
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$295$4.59$290$45.0$55.2$10.2
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$327$2.72$324$52.2$52.4$0.14
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$308$4.46$304$46.7$68.8$22.1
2019Detailed filing. Detailed filing data is available for this year.$310$1.13$309$62.3$48.2$14.2
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$271$4.62$267$62.6$37.7$25.0
2017Summary only. Only limited summary data is available for this year.$269$3.28$266$63.0$37.4$25.6
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$239$7.52$231$53.2$28.6$24.6
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$206$4.79$201$51.3$37.3$14.0
2014Detailed filing. Detailed filing data is available for this year.$209$7.74$201$50.6$33.9$16.8
2013Detailed filing. Detailed filing data is available for this year.$194$8.58$185$51.9$33.3$18.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$162$2.59$160$27.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$136$1.57$134$31.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$140$4.27$136$33.6