Civic Intelligence

Iron Workers Welfare Fund

990 • Fiscal year 2020 • EIN 81-6696028

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

1750 New York Avenue NW 700Washington, DC 20006

(202) 383-4800

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.08x

Higher debt load relative to assets than 72% of similar nonprofits.

2020 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

57th percentile

0.02x

Higher debt load relative to revenue than 57% of similar nonprofits.

2020 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2020

Net Margin

19th percentile

-14%

Higher net margin than 19% of similar nonprofits.

2020 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

56th percentile

$0

Higher top officer pay than 56% of similar nonprofits.

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

2020 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2020

Asset Growth

6th percentile

-41%

Faster asset growth than 6% of similar nonprofits.

2020 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

27th percentile

-15%

Faster revenue growth than 27% of similar nonprofits.

2020 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Down

$398,747

Down $271,504 (-41%) from 2019

Net Assets

Down

$367,078

Down $274,345 (-43%) from 2019

Liabilities

Up

$31,669

Up $2,841 (+9.9%) from 2019

Revenue

Down

$1,917,756

Down $337,385 (-15%) from 2019

Expenses

Down

$2,192,101

Down $57,978 (-2.6%) from 2019

Net Income

Down

-$274,345

Down $279,407 (-5520%) from 2019

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2016: $319,095Liabilities 2016: $310,0112016Assets 2017: $754,367Liabilities 2017: $338,558Net Assets 2017: $415,8092017Assets 2018: $941,161Liabilities 2018: $304,800Net Assets 2018: $636,3612018Assets 2019: $670,251Liabilities 2019: $28,828Net Assets 2019: $641,4232019Assets 2020: $398,747Liabilities 2020: $31,669Net Assets 2020: $367,0782020Assets 2021: $1,690,816Liabilities 2021: $292,614Net Assets 2021: $1,398,2022021Assets 2022: $1,261,041Liabilities 2022: $24,165Net Assets 2022: $1,236,8762022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2020

Assets$398,747
Liabilities$31,669
Net Assets$367,078

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $186,307Expenses 2016: $177,223Net Income 2016: $9,0842016Revenue 2017: $1,748,586Expenses 2017: $1,341,861Net Income 2017: $406,7252017Revenue 2018: $2,031,096Expenses 2018: $1,804,545Net Income 2018: $226,5512018Revenue 2019: $2,255,141Expenses 2019: $2,250,079Net Income 2019: $5,0622019Revenue 2020: $1,917,756Expenses 2020: $2,192,101Net Income 2020: -$274,3452020Revenue 2021: $2,079,853Expenses 2021: $1,548,729Net Income 2021: $531,1242021Revenue 2022: $1,770,720Expenses 2022: $1,916,738Net Income 2022: -$146,0182022Revenue 2023: $97,063Expenses 2023: $283,767Net Income 2023: -$186,7042023

Highlighted filing

2020

Revenue$1,917,756
Expenses$2,192,101
Net Income-$274,345
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$1,917,756
Mission and Program Overview

Mission

The purpose of the organization is to provide eligible employees and their families and dependents with health and welfare benefits and such other similar benefits as established under collective bargaining agreements.

To provide eligible employees and their families and dependents with health & welfare benefits and such other similar benefits as establised under collective bargaining agreements

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$641,423$367,078▼ $274,345
Cash and Non-Interest-Bearing Accounts$295,931$221,739▼ $74,192
Accounts Receivable$374,320$177,008▼ $197,312
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$670,251$398,747▼ $271,504
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$28,828$31,669▲ $2,841
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$28,828$31,669▲ $2,841
Net Assets / Fund Balance
Total Net Assets Fund Balance$641,423$367,078▼ $274,345
Total Liabilities and Net Assets / Fund Balance$670,251$398,747▼ $271,504
Compensation and Service Providers

Board Members and Trustees

NameTitle
Victor CornellierManagement Trustee/co-chair
Kenneth DeanUnion Trustee/co-chair
Robert RussellManagement Trustee
Anthony RosaciUnion Trustee
John BielakUnion Trustee
Peter CornellierManagement Ttee (thru 9/1/20)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,917,756
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-274,345

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,917,756
Total Revenue per Audited Statements
$1,917,756
Total Revenue per Form 990
$1,917,756
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$133,634
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---$2,058,467
Fees for Services Other---$51,219
Fees for Services Accounting---$42,634
Fees for Services Legal---$29,881
Insurance---$9,168
Office Expenses---$732
Total Functional Expenses$0$0$0$2,192,101

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,192,101
Total Expenses per Audited Statements$2,192,101
Total Expenses per Form 990$2,192,101
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

PART VI, SECTION A, LINE 2 - FAMILY & BUSINESS RELATIONSHIPS:

Trustees victor cornellier, peter cornellier (thru his date of departure 9/1/20), and bob russell all have a business relationship through tsi architectural metals inc. Victor cornellier and peter cornellier (thru is date of departure 9/1/2020) have a family relationship. Kenneth dean, john bielak and anthony rosaci all have a business relationship through international association of bridge, structural, ornamental and reinforcing iron workers.

PART VI, SECTION A, LINE 7A - SELECTION OF TRUSTEES:

The board of trustees shall consist of 6 natural persons designated as follows: (1) 3 trustees shall be designated by the general president of the international association of bridge, structural, ornamental and reinforcing iron workers (trustees"). (2) 3 trustees shall be designated by the contributing employers who make up the management committee (collectively, "employer trustees"). The total number of union and employer trustees so desginated shall at all times be equal, regardless of the number of employer groups or other contributing employers who may be contributing to the trust fund or parties to this indenture. The board of trustees shall maintain and administer the fund and the plan as provided for in this trust.

PART VI, SECTION A, LINE 8B - OTHER COMMITTEES:

No other committees exist.

PART VI, SECTION B, LINE 11A - FORM 990 REVIEW PROCESS:

The form 990 is prepared by an independent certified public accountant firm ('cpa firm'), engaged by the fund, who distributed a draft copy of the return to the fund administrator, board of trustees and outside legal counsel for their review and comment. Upon completion of their review, any recommended changes or questions are sent to the cpa firm for discussion and upon any final revisions, a new draft is submitted for the board of trustees approval prior to the electronic filing of the return. Return.

PART VI, SECTION C, LINE 19-AVAILABILITY OF GOVERNING DOCUMENTS:

The governing documents are available upon request to the public and provided to covered individuals under the plan as required by the employee retirement income security act of 1974.

Filing and Contact Details

Filer

Filer Name
Iron Workers Welfare Fund
EIN
81-6696028
In Care Of
% JULIE SHUMEK
Phone
2023834800
Address
1750 NEW YORK AVENUE NW 700, WASHINGTON, DC 20006

Signing Officer

Name
Kenneth Dean
Title
Trustee
Phone
2023834800
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kenneth Dean
Formed
2016
Legal Domicile
Dc
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MD 20814-3423
Preparer
Richard Ruvelson
Phone
3012726000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2 - FIN 48 FOOTNOTE:

Accounting principles generally accepted in the united states of america require management of the plan to evaluate tax positions taken and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. Management has analyzed the tax positions taken by the plan, and has concluded that as of december 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition in the financial statements. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods. In addition, there have been no tax related interest or penalties for the periods presented in these financial statements.

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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/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT OF THE PLAN TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS IN PROGRESS FOR ANY TAX PERIODS. IN ADDITION, THERE HAVE BEEN NO TAX RELATED INTEREST OR PENALTIES FOR THE PERIODS PRESENTED IN THESE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2 - FIN 48 FOOTNOTE:
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IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleD/TotalRevenuePerForm990Amt01917756
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01917756
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02192101
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TRUSTEES VICTOR CORNELLIER, PETER CORNELLIER (THRU HIS DATE OF DEPARTURE 9/1/20), AND BOB RUSSELL ALL HAVE A BUSINESS RELATIONSHIP THROUGH TSI ARCHITECTURAL METALS INC. VICTOR CORNELLIER AND PETER CORNELLIER (THRU IS DATE OF DEPARTURE 9/1/2020) HAVE A FAMILY RELATIONSHIP. KENNETH DEAN, JOHN BIELAK AND ANTHONY ROSACI ALL HAVE A BUSINESS RELATIONSHIP THROUGH INTERNATIONAL ASSOCIATION OF BRIDGE, STRUCTURAL, ORNAMENTAL AND REINFORCING IRON WORKERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF TRUSTEES SHALL CONSIST OF 6 NATURAL PERSONS DESIGNATED AS FOLLOWS: (1) 3 TRUSTEES SHALL BE DESIGNATED BY THE GENERAL PRESIDENT OF THE INTERNATIONAL ASSOCIATION OF BRIDGE, STRUCTURAL, ORNAMENTAL AND REINFORCING IRON WORKERS (TRUSTEES"). (2) 3 TRUSTEES SHALL BE DESIGNATED BY THE CONTRIBUTING EMPLOYERS WHO MAKE UP THE MANAGEMENT COMMITTEE (COLLECTIVELY, "EMPLOYER TRUSTEES"). THE TOTAL NUMBER OF UNION AND EMPLOYER TRUSTEES SO DESGINATED SHALL AT ALL TIMES BE EQUAL, REGARDLESS OF THE NUMBER OF EMPLOYER GROUPS OR OTHER CONTRIBUTING EMPLOYERS WHO MAY BE CONTRIBUTING TO THE TRUST FUND OR PARTIES TO THIS INDENTURE. THE BOARD OF TRUSTEES SHALL MAINTAIN AND ADMINISTER THE FUND AND THE PLAN AS PROVIDED FOR IN THIS TRUST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO OTHER COMMITTEES EXIST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT FIRM ('CPA FIRM'), ENGAGED BY THE FUND, WHO DISTRIBUTED A DRAFT COPY OF THE RETURN TO THE FUND ADMINISTRATOR, BOARD OF TRUSTEES AND OUTSIDE LEGAL COUNSEL FOR THEIR REVIEW AND COMMENT. UPON COMPLETION OF THEIR REVIEW, ANY RECOMMENDED CHANGES OR QUESTIONS ARE SENT TO THE CPA FIRM FOR DISCUSSION AND UPON ANY FINAL REVISIONS, A NEW DRAFT IS SUBMITTED FOR THE BOARD OF TRUSTEES APPROVAL PRIOR TO THE ELECTRONIC FILING OF THE RETURN. RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC AND PROVIDED TO COVERED INDIVIDUALS UNDER THE PLAN AS REQUIRED BY THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, SECTION A, LINE 2 - FAMILY & BUSINESS RELATIONSHIPS:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, SECTION A, LINE 7A - SELECTION OF TRUSTEES:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI, SECTION A, LINE 8B - OTHER COMMITTEES:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PART VI, SECTION B, LINE 11A - FORM 990 REVIEW PROCESS:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART VI, SECTION C, LINE 19-AVAILABILITY OF GOVERNING DOCUMENTS:
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0CONTINENTAL CONSTRUCTION INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1TSI ARCHITECTURAL METALS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt2THE WHITACRE ENGINEERING COMPANY
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0BOARD OF TTEESIRON WORKERS WELFARE FUND
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PLAN SPONSOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01520 Kensington Road
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Oak Brook
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IL
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IRS990/TotalLiabilitiesGrp/EOYAmt031669
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IRS990/USAddress/AddressLine1Txt01750 NEW YORK AVE NW 700
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KENNETH DEAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum02023834800
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0IRON WORKERS WELFARE FUND
ReturnHeader/Filer/BusinessNameControlTxt0IRON
ReturnHeader/Filer/EIN0816696028
ReturnHeader/Filer/InCareOfNm0% JULIE SHUMEK
ReturnHeader/Filer/PhoneNum02023834800
ReturnHeader/Filer/USAddress/AddressLine1Txt01750 NEW YORK AVENUE NW 700
ReturnHeader/Filer/USAddress/CityNm0WASHINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0DC
ReturnHeader/Filer/USAddress/ZIPCd020006
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WITHUMSMITHBROWNPC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04600 EAST WEST HWY 900
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BETHESDA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0208143423
ReturnHeader/PreparerPersonGrp/PhoneNum03012726000
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Richard Ruvelson
ReturnHeader/ReturnTs02021-11-15T21:35:00-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KENNETH
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0DEAN
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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