Civic Intelligence

St Paul Electrical Workers Welfare Fund

990 • Fiscal year 2022 • EIN 41-1365924

Oct 01, 2021 to Sep 30, 2022 • Filed on Jul 13, 2023

1330 Conway Street 130St Paul, MN 55106

(952) 854-0795

Siviq Scores

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

Liabilities / Assets

59th percentile

0.05x

Higher debt load relative to assets than 59% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

65th percentile

0.12x

Higher debt load relative to revenue than 65% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Net Margin

75th percentile

17%

Higher net margin than 75% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

67th percentile

$214,574

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Source year 2022

Asset Growth

27th percentile

-14%

Faster asset growth than 27% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

42nd percentile

-2.6%

Faster revenue growth than 42% of similar nonprofits.

2022 filings • 501(c)9 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Down

$125,573,802

Down $21,273,610 (-14%) from 2021

Net Assets

Down

$118,911,171

Down $5,793,722 (-4.6%) from 2021

Liabilities

Down

$6,662,631

Down $15,479,888 (-70%) from 2021

Revenue

Down

$55,207,085

Down $1,486,134 (-2.6%) from 2021

Expenses

Up

$45,911,244

Up $537,397 (+1.2%) from 2021

Net Income

Down

$9,295,841

Down $2,023,531 (-18%) from 2021

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $35,678,624Liabilities 2010: $46,206Net Assets 2010: $35,632,4182010Assets 2011: $36,630,113Liabilities 2011: $60,017Net Assets 2011: $36,570,0962011Assets 2012: $37,720,690Liabilities 2012: $124,342Net Assets 2012: $37,596,3482012Assets 2013: $41,788,292Liabilities 2013: $42,175Net Assets 2013: $41,746,1172013Assets 2014: $55,797,837Liabilities 2014: $6,962,558Net Assets 2014: $48,835,2792014Assets 2015: $58,062,602Liabilities 2015: $3,810,845Net Assets 2015: $54,251,7572015Assets 2016: $63,345,940Liabilities 2016: $4,620,598Net Assets 2016: $58,725,3422016Assets 2017: $77,744,465Liabilities 2017: $7,475,754Net Assets 2017: $70,268,7112017Assets 2018: $98,765,854Liabilities 2018: $15,129,896Net Assets 2018: $83,635,9582018Assets 2019: $101,671,686Liabilities 2019: $6,446,491Net Assets 2019: $95,225,1952019Assets 2020: $129,442,385Liabilities 2020: $20,707,603Net Assets 2020: $108,734,7822020Assets 2021: $146,847,412Liabilities 2021: $22,142,519Net Assets 2021: $124,704,8932021Assets 2022: $125,573,802Liabilities 2022: $6,662,631Net Assets 2022: $118,911,1712022Assets 2023: $134,749,360Liabilities 2023: $5,833,583Net Assets 2023: $128,915,7772023Assets 2024: $150,797,152Liabilities 2024: $1,370,962Net Assets 2024: $149,426,1902024

Highlighted filing

2022

Assets$125,573,802
Liabilities$6,662,631
Net Assets$118,911,171

Operations Trend

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

$60M$40M$20M$0Expenses 2010: $31,570,1242010Expenses 2011: $30,931,2982011Expenses 2012: $33,319,7942012Revenue 2013: $36,041,383Expenses 2013: $32,754,770Net Income 2013: $3,286,6132013Revenue 2014: $39,615,555Expenses 2014: $32,581,127Net Income 2014: $7,034,4282014Revenue 2015: $44,070,804Expenses 2015: $35,858,776Net Income 2015: $8,212,0282015Revenue 2016: $45,213,064Expenses 2016: $42,818,784Net Income 2016: $2,394,2802016Revenue 2017: $48,894,205Expenses 2017: $39,319,535Net Income 2017: $9,574,6702017Revenue 2018: $53,264,315Expenses 2018: $41,680,658Net Income 2018: $11,583,6572018Revenue 2019: $55,248,683Expenses 2019: $46,035,414Net Income 2019: $9,213,2692019Revenue 2020: $53,045,497Expenses 2020: $43,756,561Net Income 2020: $9,288,9362020Revenue 2021: $56,693,219Expenses 2021: $45,373,847Net Income 2021: $11,319,3722021Revenue 2022: $55,207,085Expenses 2022: $45,911,244Net Income 2022: $9,295,8412022Revenue 2023: $53,447,775Expenses 2023: $47,796,256Net Income 2023: $5,651,5192023Revenue 2024: $57,508,730Expenses 2024: $53,600,645Net Income 2024: $3,908,0852024

Highlighted filing

2022

Revenue$55,207,085
Expenses$45,911,244
Net Income$9,295,841
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Jul 13, 2023
Return Version
2021v4.2
Gross Receipts
$106,617,901
Mission and Program Overview

Mission

To provide medical, dental, vision, and disability benefits for eligible participants and their dependents.

Provide healthcare for members

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$124,704,893$118,911,171▼ $5,793,722
Investments in Publicly Traded Securities$103,678,488$90,785,394▼ $12,893,094
Savings and Temporary Cash Investments$17,449,825$21,170,018▲ $3,720,193
Investments Other Securities$22,036,431$6,653,775▼ $15,382,656
Accounts Receivable$3,682,668$5,764,615▲ $2,081,947
Cash and Non-Interest-Bearing Accounts-$1,200,000-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$146,847,412$125,573,802▼ $21,273,610
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$22,036,431$6,653,775▼ $15,382,656
Accounts Payable and Accrued Expenses$106,088$8,856▼ $97,232
Total Liabilities$22,142,519$6,662,631▼ $15,479,888
Net Assets / Fund Balance
Total Net Assets Fund Balance$124,704,893$118,911,171▼ $5,793,722
Total Liabilities and Net Assets / Fund Balance$146,847,412$125,573,802▼ $21,273,610

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$6,653,775--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Andrew ColvardAlt Mgmt Trustee$113,962$113,962

Board Members and Trustees

NameTitle
James C SchultChairman, Union Trustee
Nate SteinAlt Mgmt Trustee
Douglas SuchanekAlt Union Trustee
Brandon P AndersonAlternate Union Trustee
J T PedersenMgmt Trustee
Peter B BourlandMgmt Trustee
Luke KuhlSecretary, Mgmt Trustee
Jamie M McnamaraUnion Trustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Blue Cross Blue Shield Of MinnesotaClaims ProcessorPO BOX 64560, St Paul, MN 55164$1,797,310
Wilson-mcshane CorporationPlan Administrator1330 CONWAY STREET, St Paul, MN 55106$880,055
Prime TherapueticsClaims Processor2900 AMES CROSSING ROAD, Eagan, MN 55121$113,940
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$52,710,121
Investment Income
$2,471,430
Other Revenue
$25,534
Change in Net Assets
$9,295,841

Audited Revenue Reconciliation

Revenue per Audited Statements
$54,975,797
Revenue Not Reported on Financial Statements
$231,288
Revenue Not Reported on Form 990
$-15,089,563
Total Revenue per Audited Statements
$39,886,234
Total Revenue per Form 990
$55,207,085
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$944,916
Salaries, Compensation, and Employee Benefits$156,360
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$44,809,968
Fees for Services Management---$414,816
Fees for Service Investment Mgmnt Fees---$231,288
Fees for Services Legal---$110,853
Payroll Taxes---$110,073
Fees for Services Other---$67,675
Fees for Services Accounting---$41,434
Other Salaries and Wages---$34,441
Conferences and Meetings---$24,960
Office Expenses---$19,946
Insurance---$17,473
Other Expenses---$16,471
Pension Plan Contributions---$7,010
Other Employee Benefits---$4,836
Total Functional Expenses$0$0$0$45,911,244

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$45,911,244
Expenses per Audited Statements$45,679,956
Total Expenses per Audited Statements$45,679,956
Expenses Not Reported on Financial Statements$231,288
Expenses Not Reported on Form 990$0
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
Liability for Collateral Held for Securities on Loan$6,653,775
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 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
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Wilson mcshane corporation is responsible for the financial operations of the fund. Wilson mcshane corporation prepares the general ledger, makes journal entries, manages claims and operational expenses.

Form 990, Part VI, Section A, Line 7A

The international brotherhood of electrical workers, local union no.110, afl-cio and st. Paul chapter of the national electrical contractors' association each appoint 50% of the board members.

Form 990, Part VI, Section B, Line 11B

The 990 is prepared by the organization's public accounting firm based on the information provided by management. Once a draft of the form is available, it is provided to the entire board of trustees for review and approal prior to filing with the irs. Any changes or questions are addressed before filing with the irs.

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

The trustees review the plan's conflict of interest policy annually. The trustees determine if a conflict of interst, in facts, exists. They also determine if it is material and if corrective action is required. In addition, periodic reviews of compliance with the conflict of interest policy are conducted by the board of trustees to ensure the plan operates in a manner consistent with its purpose and does not engage in activities that could jeopardize its lawful status and fiduciary obligations.

Form 990, Part VI, Section C, Line 19

The plan makes its governing documents, conflict of interest policy, and financial statements available to participants, but not to the public, upon request at the benefit plan office.

Filing and Contact Details

Filer

Filer Name
St Paul Electrical Workers Welfare Fund
EIN
41-1365924
Phone
9528540795
Address
1330 CONWAY STREET 130, ST PAUL, MN 55106

Signing Officer

Name
James Schult
Title
Chairman
Phone
9528540795
Signed
2023-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Schult
Formed
1973
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
1
Employees
1
Volunteers
9

Preparer

Firm
Cliftonlarsonallen Llp
Address
220 SOUTH SIXTH STREET SUITE 300, MINNEAPOLIS, MN 55402
Preparer
Stacy Meyer
Phone
6123764500
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The veba trust funding certain benefits of the plan received an exemption letter from the internal revenue service (irs) dated february 6, 1980, stating that the trust is tax-exempt under the provisions of section 501(c)(9) of the internal revenue code (irc). However, as a result of the plan's funding policy, from time to time the trust may be subject to income taxes. No federal or state income taxes have been recorded in 2022 and 2021 for unrelated business taxable income. In addition, the plan and trust are required to operate in conformity with the irc to maintain the tax-exempt status of the trust. The plan administrator believes that the plan is being operated in compliance with the applicable requirements of the irc and, therefore, believes that the related trust is tax-exempt. Accounting principles generally accepted in the united states of america require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the irs. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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IRS990ScheduleD/InvestmentExpensesNotIncldAmt0231288
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06653775
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LIABILITY FOR COLLATERAL HELD FOR SECURITIES ON LOAN
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt06653775
IRS990ScheduleD/OtherSecuritiesGrp/Desc0COLLATERAL HELD FOR SECURITIES ON LOAN
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0231288
IRS990ScheduleD/RevenueSubtotalAmt054975797
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE VEBA TRUST FUNDING CERTAIN BENEFITS OF THE PLAN RECEIVED AN EXEMPTION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) DATED FEBRUARY 6, 1980, STATING THAT THE TRUST IS TAX-EXEMPT UNDER THE PROVISIONS OF SECTION 501(C)(9) OF THE INTERNAL REVENUE CODE (IRC). HOWEVER, AS A RESULT OF THE PLAN'S FUNDING POLICY, FROM TIME TO TIME THE TRUST MAY BE SUBJECT TO INCOME TAXES. NO FEDERAL OR STATE INCOME TAXES HAVE BEEN RECORDED IN 2022 AND 2021 FOR UNRELATED BUSINESS TAXABLE INCOME. IN ADDITION, THE PLAN AND TRUST ARE REQUIRED TO OPERATE IN CONFORMITY WITH THE IRC TO MAINTAIN THE TAX-EXEMPT STATUS OF THE TRUST. THE PLAN ADMINISTRATOR BELIEVES THAT THE PLAN IS BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE IRC AND, THEREFORE, BELIEVES THAT THE RELATED TRUST IS TAX-EXEMPT. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE PLAN MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt2138859
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt121870
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JAMIE M MCNAMARA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DOUGLAS SUCHANEK
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2LUKE KUHL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0UNION TRUSTEE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1ALT UNION TRUSTEE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2SECRETARY, MGMT TRUSTEE
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1183849
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2183088
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WILSON MCSHANE CORPORATION IS RESPONSIBLE FOR THE FINANCIAL OPERATIONS OF THE FUND. WILSON MCSHANE CORPORATION PREPARES THE GENERAL LEDGER, MAKES JOURNAL ENTRIES, MANAGES CLAIMS AND OPERATIONAL EXPENSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS, LOCAL UNION NO.110, AFL-CIO AND ST. PAUL CHAPTER OF THE NATIONAL ELECTRICAL CONTRACTORS' ASSOCIATION EACH APPOINT 50% OF THE BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON THE INFORMATION PROVIDED BY MANAGEMENT. ONCE A DRAFT OF THE FORM IS AVAILABLE, IT IS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES FOR REVIEW AND APPROAL PRIOR TO FILING WITH THE IRS. ANY CHANGES OR QUESTIONS ARE ADDRESSED BEFORE FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE TRUSTEES REVIEW THE PLAN'S CONFLICT OF INTEREST POLICY ANNUALLY. THE TRUSTEES DETERMINE IF A CONFLICT OF INTERST, IN FACTS, EXISTS. THEY ALSO DETERMINE IF IT IS MATERIAL AND IF CORRECTIVE ACTION IS REQUIRED. IN ADDITION, PERIODIC REVIEWS OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ARE CONDUCTED BY THE BOARD OF TRUSTEES TO ENSURE THE PLAN OPERATES IN A MANNER CONSISTENT WITH ITS PURPOSE AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS LAWFUL STATUS AND FIDUCIARY OBLIGATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PLAN MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO PARTICIPANTS, BUT NOT TO THE PUBLIC, UPON REQUEST AT THE BENEFIT PLAN OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$151$1.37$149$57.5$53.6$3.91
2023Detailed filing. Detailed filing data is available for this year.$135$5.83$129$53.4$47.8$5.65
2022Detailed filing. Detailed filing data is available for this year.$126$6.66$119$55.2$45.9$9.30
2021Detailed filing. Detailed filing data is available for this year.$147$22.1$125$56.7$45.4$11.3
2020Detailed filing. Detailed filing data is available for this year.$129$20.7$109$53.0$43.8$9.29
2019Detailed filing. Detailed filing data is available for this year.$102$6.45$95.2$55.2$46.0$9.21
2018Detailed filing. Detailed filing data is available for this year.$98.8$15.1$83.6$53.3$41.7$11.6
2017Detailed filing. Detailed filing data is available for this year.$77.7$7.48$70.3$48.9$39.3$9.57
2016Detailed filing. Detailed filing data is available for this year.$63.3$4.62$58.7$45.2$42.8$2.39
2015Detailed filing. Detailed filing data is available for this year.$58.1$3.81$54.3$44.1$35.9$8.21
2014Detailed filing. Detailed filing data is available for this year.$55.8$6.96$48.8$39.6$32.6$7.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$41.8$0.04$41.7$36.0$32.8$3.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.7$0.12$37.6$33.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.6$0.06$36.6$30.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.7$0.05$35.6$31.6
Peer Organizations

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