Civic Intelligence

Iron Workers Welfare Fund

990 • Fiscal year 2017 • EIN 72-0506999

Aug 01, 2016 to Jul 31, 2017 • Filed on Apr 23, 2018

Organization ProfileN/A

View Organization Page

2540 Severn Ave No 305Metairie, LA 70001

(504) 831-1544

Siviq Scores

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

Liabilities / Assets

69th percentile

0.17x

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

2017 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

91st percentile

0.49x

Higher debt load relative to revenue than 91% of similar nonprofits.

2017 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2017

Net Margin

8th percentile

-22%

Higher net margin than 8% of similar nonprofits.

2017 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

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

2017 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2017

Asset Growth

18th percentile

-6.0%

Faster asset growth than 18% of similar nonprofits.

2017 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

30th percentile

-0.4%

Faster revenue growth than 30% of similar nonprofits.

2017 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets69th percentile

Assets

Down

$9,902,446

Down $628,029 (-6.0%) from 2016

Net Assets

Down

$8,184,390

Down $657,794 (-7.4%) from 2016

Liabilities

Up

$1,718,056

Up $29,765 (+1.8%) from 2016

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin8th percentile

Revenue

Down

$3,514,832

Down $13,567 (-0.4%) from 2016

Expenses

Up

$4,276,232

Up $496,655 (+13%) from 2016

Net Income

Down

-$761,400

Down $510,222 (-203%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$15M$10M$5.0M$0Assets 2011: $8,866,701Liabilities 2011: $1,381,468Net Assets 2011: $7,485,2332011Assets 2012: $9,751,826Liabilities 2012: $1,494,640Net Assets 2012: $8,257,1862012Assets 2013: $10,311,769Liabilities 2013: $1,480,396Net Assets 2013: $8,831,3732013Assets 2014: $10,748,787Liabilities 2014: $1,744,985Net Assets 2014: $9,003,8022014Assets 2015: $10,788,102Liabilities 2015: $1,868,668Net Assets 2015: $8,919,4342015Assets 2016: $10,530,475Liabilities 2016: $1,688,291Net Assets 2016: $8,842,1842016Assets 2017: $9,902,446Liabilities 2017: $1,718,056Net Assets 2017: $8,184,3902017Assets 2018: $9,511,480Liabilities 2018: $1,846,229Net Assets 2018: $7,665,2512018Assets 2019: $9,761,895Liabilities 2019: $2,168,020Net Assets 2019: $7,593,8752019Assets 2020: $10,263,473Liabilities 2020: $1,529,280Net Assets 2020: $8,734,1932020Assets 2021: $11,053,459Liabilities 2021: $2,324,149Net Assets 2021: $8,729,3102021Assets 2022: $10,768,586Liabilities 2022: $2,944,398Net Assets 2022: $7,824,1882022Assets 2023: $11,729,896Liabilities 2023: $2,826,348Net Assets 2023: $8,903,5482023Assets 2024: $13,911,237Liabilities 2024: $2,370,886Net Assets 2024: $11,540,3512024

Highlighted filing

2017

Assets$9,902,446
Liabilities$1,718,056
Net Assets$8,184,390
Open 2017 Filing

Operations Trend

Revenue Growth30th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $2,489,1582011Expenses 2012: $2,840,8602012Expenses 2013: $2,752,8382013Revenue 2014: $4,152,332Expenses 2014: $3,971,264Net Income 2014: $181,0682014Revenue 2015: $3,987,367Expenses 2015: $3,991,619Net Income 2015: -$4,2522015Revenue 2016: $3,528,399Expenses 2016: $3,779,577Net Income 2016: -$251,1782016Revenue 2017: $3,514,832Expenses 2017: $4,276,232Net Income 2017: -$761,4002017Revenue 2018: $3,571,523Expenses 2018: $4,011,592Net Income 2018: -$440,0692018Revenue 2019: $3,760,660Expenses 2019: $3,999,130Net Income 2019: -$238,4702019Revenue 2020: $3,010,175Expenses 2020: $2,361,219Net Income 2020: $648,9562020Revenue 2021: $2,662,563Expenses 2021: $3,230,783Net Income 2021: -$568,2202021Revenue 2022: $4,698,956Expenses 2022: $4,862,923Net Income 2022: -$163,9672022Revenue 2023: $6,406,686Expenses 2023: $5,260,023Net Income 2023: $1,146,6632023Revenue 2024: $7,014,768Expenses 2024: $4,996,425Net Income 2024: $2,018,3432024

Highlighted filing

2017

Revenue$3,514,832
Expenses$4,276,232
Net Income-$761,400
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2016 to Jul 31, 2017
Signed
Apr 23, 2018
Return Version
2016v3.0
Gross Receipts
$10,456,520
Mission and Program Overview

Mission

To provide health and welfare benefits to eligible participants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,694,924$8,903,946▼ $790,978
Accounts Receivable$423,705$488,021▲ $64,316
Savings and Temporary Cash Investments$278,798$482,028▲ $203,230
Cash and Non-Interest-Bearing Accounts$133,048$28,451▼ $104,597
Total Assets$10,530,475$9,902,446▼ $628,029
Liabilities
Other Liabilities$1,625,165$1,692,164▲ $66,999
Accounts Payable and Accrued Expenses$63,126$25,892▼ $37,234
Total Liabilities$1,688,291$1,718,056▲ $29,765
Net Assets / Fund Balance
Unrestricted Net Assets$8,842,184$8,184,390▼ $657,794
Total Net Assets Fund Balance$8,842,184$8,184,390▼ $657,794
Total Liabilities and Net Assets / Fund Balance$10,530,475$9,902,446▼ $628,029
Compensation and Service Providers
Top Officer Pay49th percentile

Board Members and Trustees

NameTitle
James L Savell JrChairman
Philip DozierCo-Chairman
Herman AdamsTrustee
Mike O'ConnorTrustee
Richard MaplesTrustee
Scott MurphyTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Connecticut General Life Insurance CompaAdministrative101 Yorkshire Blvd, Lexington, KY 40509$184,018
Zenith American SolutionsAdministrative2450 Severn Ave, Metairie, LA 70001$172,277
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,197,204
Investment Income
$308,260
Other Revenue
$9,368
Change in Net Assets
$-761,400

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,514,832
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$103,605
Total Revenue per Audited Statements
$3,618,437
Total Revenue per Form 990
$3,514,832
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$515,957
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---$3,760,275
Fees for Services Other---$206,955
Fees for Services Management---$172,277
Other Expenses---$35,493
Fees for Service Investment Mgmnt Fees---$28,579
Fees for Services Accounting---$27,233
Office Expenses---$22,915
Fees for Services Legal---$21,431
Insurance---$1,074
Total Functional Expenses$0$0$0$4,276,232

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,276,232
Total Expenses per Form 990$4,276,232
Total Expenses per Audited Statements$4,209,233
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-66,999
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
Hour Bank Liability$1,347,164
Claims Incurred Liability$220,000
Claims Payable$125,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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, Section B, line 11B

“The Form 990 was provided to the Board of Trustees for their review.”

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

“Trustees review this yearly at trustee meetings.”

Form 990, Part VI, Section C, line 19

“All governing documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Iron Workers Welfare Fund
EIN
72-0506999
Phone
5048311544
Address
2540 Severn Ave No 305, Metairie, LA 70001

Signing Officer

Name
Herman Adams
Title
Trustee
Phone
5048311544
Signed
2018-04-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Herman Adams
Formed
1958
Legal Domicile
La
Voting Board Members
6
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Needles & Associates LLC
Address
350 Interlocken Blvd STE 360, Broomfield, CO 80021
Preparer
Kurt D Needles CPA
Phone
3034304225
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“The Plan is exempt from federal income tax under Section 501(c)(9) of the Internal Revenue Code. The Plan has been amended since receiving a favorable determination letter. The Plan's administrator and legal tax counsel reviews and evaluates its tax positions to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, no reserves for uncertain tax positions were required to have been recorded or disclosed for the years ended July 31, 2016 and 2015. With few exceptions, the Plan is no longer subject to income tax examinations by tax authorities for fiscal years preceding July 31, 2013.”

Part XII, Line 2D - Other Adjustments:

“Change in IBNR 80,000. Change in Hour Bank -146,999.”

Raw XML AppendixShowing 400 of 408 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Plan is exempt from federal income tax under Section 501(c)(9) of the Internal Revenue Code. The Plan has been amended since receiving a favorable determination letter. The Plan's administrator and legal tax counsel reviews and evaluates its tax positions to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, no reserves for uncertain tax positions were required to have been recorded or disclosed for the years ended July 31, 2016 and 2015. With few exceptions, the Plan is no longer subject to income tax examinations by tax authorities for fiscal years preceding July 31, 2013.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Change in IBNR 80,000. Change in Hour Bank -146,999.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d - Other Adjustments:
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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03618437
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04209233
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 was provided to the Board of Trustees for their review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Trustees review this yearly at trustee meetings.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All governing documents are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Info for Sch R Part III and IV is maintained by the Fund administrator
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0NA
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0Info for Sch R Part III and IV is maintained by the Fund administrator
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Mid-South Iron Workers Direct Contribution Fund
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0726032179
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1721303411
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0401(a)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1401(a)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Provide pension benefits.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Provide pension benefits.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02450 Severn Avenue STE 305
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt12450 Severn Avenue STE 305
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Metairie
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1LA
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalEmployeeCnt00
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IRS990/USAddress/ZIPCd070001
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Herman Adams
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Trustee
ReturnHeader/BusinessOfficerGrp/PhoneNum05048311544
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-04-23
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Iron Workers Welfare Fund
ReturnHeader/Filer/BusinessNameControlTxt0IRON
ReturnHeader/Filer/EIN0720506999
ReturnHeader/Filer/PhoneNum05048311544
ReturnHeader/Filer/USAddress/AddressLine1Txt02540 Severn Ave No 305
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ReturnHeader/FilingSecurityInformation/IPDt02018-04-26
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ReturnHeader/FilingSecurityInformation/IPTm011:09:08
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0510435869
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Needles & Associates LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0350 Interlocken Blvd STE 360
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Broomfield
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd080021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$9,902,446
Liabilities
$1,718,056
Net assets
$8,184,390
Revenue
$3,514,832
Expenses
$4,276,232
Net income
-$761,400
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.9$2.37$11.5$7.01$5.00$2.02
2023Detailed filing. Detailed filing data is available for this year.$11.7$2.83$8.90$6.41$5.26$1.15
2022Detailed filing. Detailed filing data is available for this year.$10.8$2.94$7.82$4.70$4.86$0.16
2021Detailed filing. Detailed filing data is available for this year.$11.1$2.32$8.73$2.66$3.23$0.57
2020Detailed filing. Detailed filing data is available for this year.$10.3$1.53$8.73$3.01$2.36$0.65
2019Detailed filing. Detailed filing data is available for this year.$9.76$2.17$7.59$3.76$4.00$0.24
2018Detailed filing. Detailed filing data is available for this year.$9.51$1.85$7.67$3.57$4.01$0.44
2017Detailed filing. Detailed filing data is available for this year.$9.90$1.72$8.18$3.51$4.28$0.76
2016Detailed filing. Detailed filing data is available for this year.$10.5$1.69$8.84$3.53$3.78$0.25
2015Detailed filing. Detailed filing data is available for this year.$10.8$1.87$8.92$3.99$3.99$0.00
2014Detailed filing. Detailed filing data is available for this year.$10.7$1.74$9.00$4.15$3.97$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$1.48$8.83$2.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.75$1.49$8.26$2.84
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.87$1.38$7.49$2.49