Civic Intelligence

Wage Parity Trust

990 • Fiscal year 2022 • EIN 85-6819623

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 10, 2023

Organization ProfileN/A
1000 Gates Avenue 4th FloorBrooklyn, NY 11221

(718) 257-0702

Siviq Scores

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

Liabilities / Assets

87th percentile

0.41x

Higher debt load relative to assets than 87% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

0.17x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Net Margin

32nd percentile

-3.0%

Higher net margin than 32% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

71st percentile

$15,000

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2022

Asset Growth

93rd percentile

44%

Faster asset growth than 93% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

19th percentile

-25%

Faster revenue growth than 19% of similar nonprofits.

2022 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$931,278

Down $200,334 (-18%) from 2021

Net Assets

Down

$553,054

Down $64,911 (-11%) from 2021

Liabilities

Down

$378,224

Down $135,423 (-26%) from 2021

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin32nd percentile

Revenue

Down

$2,193,052

Down $865,870 (-28%) from 2021

Expenses

Down

$2,257,963

Down $182,994 (-7.5%) from 2021

Net Income

Down

-$64,911

Down $682,876 (-111%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

$3.0M$2.0M$1.0M$0Assets 2021: $1,131,612Liabilities 2021: $513,647Net Assets 2021: $617,9652021Assets 2022: $931,278Liabilities 2022: $378,224Net Assets 2022: $553,0542022Assets 2023: $2,118,389Liabilities 2023: $829,182Net Assets 2023: $1,289,2072023Assets 2024: $2,687,136Liabilities 2024: $899,768Net Assets 2024: $1,787,3682024

Highlighted filing

2022

Assets$931,278
Liabilities$378,224
Net Assets$553,054
Open 2022 Filing

Operations Trend

Revenue Growth19th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2021: $3,058,922Expenses 2021: $2,440,957Net Income 2021: $617,9652021Revenue 2022: $2,193,052Expenses 2022: $2,257,963Net Income 2022: -$64,9112022Revenue 2023: $2,044,453Expenses 2023: $1,308,300Net Income 2023: $736,1532023Revenue 2024: $2,135,345Expenses 2024: $1,637,184Net Income 2024: $498,1612024

Highlighted filing

2022

Revenue$2,193,052
Expenses$2,257,963
Net Income-$64,911
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 10, 2023
Return Version
2022v5.0
Gross Receipts
$2,193,052
Mission and Program Overview

Mission

The Wage Parity Trust ("Trust") was formed to fund benefits adopted and maintained by the Employer to comply with the Wage Parity Act. The Trust pays medical, dental, vision, prescription drug, life, accidental death & dismemberment, and health reimbursement arrangement benefits to or on behalf of Eligible Employees and their dependents who are covered by the Ultimate Care, Inc. Health and Welfare Plan ("Plan").

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$483,463$597,013▲ $113,550
Rtn Earn Endowment Incm Other Fnds$617,965$553,054▼ $64,911
Cash and Non-Interest-Bearing Accounts$648,149$334,265▼ $313,884
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,131,612$931,278▼ $200,334
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$128,888$330,021▲ $201,133
Other Liabilities$384,759$48,203▼ $336,556
Total Liabilities$513,647$378,224▼ $135,423
Net Assets / Fund Balance
Total Net Assets Fund Balance$617,965$553,054▼ $64,911
Total Liabilities and Net Assets / Fund Balance$1,131,612$931,278▼ $200,334
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeOtherTotal
Principal Custody SolutionsTrusteeFT$15,000$15,000

Board Members and Trustees

NameTitle
Joseph ZimmermanCFO
Michael WallachCOO

Highest Paid Contractors

ContractorServicesLocationCompensation
UHP AdministratorsContract Administration1662 61st Street, Brooklyn, NY 11204$704,450
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,193,052
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-64,911
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$758,495
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---$1,499,468
Other Expenses---$758,495
Total Functional Expenses$0$0$0$2,257,963
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Ultimate Care IncTrust SponsorContributionNo$2,193,052

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Benefit Obligations Payable$48,203
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
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 A, Line 8B

“Informal Meetings (undocumented in Official Minutes) were held. There are no committees.”

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

“The Form 990 is prepared by an outside firm based on the information provided by WAGE PARITY TRUST and is reviewed by the board of trustees before filing.”

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

“Officers are required to disclose any potential conflict of interest. Failure to disclose a potential conflict of interest or engaging in a practice determined to be a conflict of interest may result in disciplinary action up to and including termination.”

Form 990, Part VI, Section C, Line 19

“THIS IS AN IRC SECTION 501(C)(9) VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION WHICHCOVERS ONLY ELEGIBLE EMPLOYEES OF THE VARIOUS PARTICIPATING COMPANIES. THERE IS NOSOLICITATION OF CONTRIBUTIONS OR INVOLVEMENT OF THE GENERAL PUBLIC. THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERSOF THE VEBA UPON WRITTEN REQUEST TO:Wage Parity Trust1000 Gates Avenue 4th FloorBrooklyn, NY 11221”

Filing and Contact Details

Filer

Filer Name
Wage Parity Trust
EIN
85-6819623
Phone
7182570702
Address
1000 Gates Avenue 4th Floor, Brooklyn, NY 11221

Signing Officer

Name
Joseph Zimmerman
Title
CFO
Signed
2023-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Zimmerman
Formed
2020
Legal Domicile
Ny
Voting Board Members
2
Independent Board Members
0
Employees
0

Preparer

Firm
Fasten Halberstam LLP
Address
40 Wall St Ste 3602, New York, NY 10005
Preparer
David I Stern CPA
Phone
2127518337
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Informal Meetings (undocumented in Official Minutes) were held. There are no committees.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Form 990 is prepared by an outside firm based on the information provided by WAGE PARITY TRUST and is reviewed by the board of trustees before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Officers are required to disclose any potential conflict of interest. Failure to disclose a potential conflict of interest or engaging in a practice determined to be a conflict of interest may result in disciplinary action up to and including termination.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THIS IS AN IRC SECTION 501(C)(9) VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION WHICHCOVERS ONLY ELEGIBLE EMPLOYEES OF THE VARIOUS PARTICIPATING COMPANIES. THERE IS NOSOLICITATION OF CONTRIBUTIONS OR INVOLVEMENT OF THE GENERAL PUBLIC. THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERSOF THE VEBA UPON WRITTEN REQUEST TO:Wage Parity Trust1000 Gates Avenue 4th FloorBrooklyn, NY 11221
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
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ReturnHeader/TaxYr02022

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$931,278
Liabilities
$378,224
Net assets
$553,054
Revenue
$2,193,052
Expenses
$2,257,963
Net income
-$64,911
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.69$0.90$1.79$2.14$1.64$0.50
2023Detailed filing. Detailed filing data is available for this year.$2.12$0.83$1.29$2.04$1.31$0.74
2022Detailed filing. Detailed filing data is available for this year.$0.93$0.38$0.55$2.19$2.26$0.06
2021Detailed filing. Detailed filing data is available for this year.$1.13$0.51$0.62$3.06$2.44$0.62