Plumbers' & Pipefitters' Welfare Educational Fund

“The organization's plan and summary plan description was amended effective january 1, 2014 to restate the comprehensive major medical expense benefit and limitations for medicare eligible retirees and medicare eligible dependents of retirees set out in the schedule of medical benefits. The organization's plan and summary plan description was amended effective january 1, 2014 to allow a participant's biological child(ren), adopted child(ren) (including a child placed with a participant for adoption), step-child(ren) or eligible foster child(ren), who is/are under 26 years of age, to meet the definition of "dependent child(ren)" under the plan, regardless of whether the said child(ren) is/are eligible for other group health coverage through such child(ren)'s employer or spouse. The organization's plan and summary plan description were amended effective january 1, 2014 to remove the overall annual maximum.”

“A copy of the final version of the 2014 form 990 is provided to the organization's governing body for their review prior to its being electronically filed.”

“The fund's executive director will monitor proposed or ongoing transactions for conflicts of interest and disclose them to the chairman of the board of trustees in order to deal with potential or actual conflicts, whether discovered before or after the transaction has occurred.”

“The compensation of the organization's executive director, officers and key employees is reviewed and approved by the board of trustees, provided that persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in this review and approval. In addition, there is contemporaneous documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement.”

“No documents are available to the public.”

“The reportable compensation amount for john j. O'mara, mark v. Morgan, michael t. O'laughlin, and michael j. O'connell iii is entirely made up of the vacation and holiday benefit, which all journeymen receive.”

“The fund disposed of fully depreciated assets which had an original cost of $11,272,498. There were no proceeds received and there was no gain or loss associated with these disposals.”

“Reconciliation of total assests on form 990 to form 5500: the balance sheet on form 990, part x, is presented per the financial statements which were issued under gaap (generally accepted accounting principles). However, this does not account for the unrealized appreciation of long lived assets per the appraisals which totals $1,842,972 and which cannot be included in the financial statements issued under gaap. Total assets per form 990, part x, line 16: 140,990,078 add unrealized appreciation of long lived assets: 1,842,972 total assets per form 5500, schedule h, part i, line 1f: 142,833,050”

“Change in net benefit obligation 461,086. Loss of subsidiary reported seperately -111,971. Loss on impairment of long lived assets -1,708,041.”

“An appraisal was completed on the fund's land, buildings, and equipment. The financial statements reflect the resulting impairment loss of long lived assets, which includes a loss on the retirement center of $945,909 and a loss on the kenran location of $762,132 totaling $1,708,041.”