Bakery & Confectionery Union & Industry Intl Health Benefits Fund

The Bakery & Confectionery Union & Industry Intl Health Benefits Fund, with an Employer Identification Number (EIN) of 53-0227042, operates as a 501(c)(9) Voluntary Employees' Beneficiary Association. This organization provides benefits such as life, sickness, accident, or other benefits to its members.

Overview

The fund is associated with the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), which represents workers in the bakery and confectionery industries. The purpose of the fund is to manage and administer health benefits for members of the union and related industry participants.

Financial Structure

The fund's financial activities are managed by a board of trustees, which includes both union and employer representatives. Financial reports indicate that the fund primarily generates revenue from program services and investment income. Expenses are mainly composed of benefits paid to participants and administrative costs.

In a typical year, the fund's revenue sources include significant contributions from program services and investment income. For instance, in some periods, program services have accounted for more than 100% of total revenue, reflecting unusual financial situations such as significant asset sales. Investment income also plays a crucial role, providing around 20-30% of total revenue.

Expenses are primarily directed towards benefits for participants, with a smaller portion allocated to administrative and operational costs. Executive compensation and other salaries are relatively minor components of total expenses.

Governance and Compliance

As a non-profit, the fund is required to file annual reports with the U.S. Department of Labor and the Internal Revenue Service (IRS). These reports, including Form 990, provide detailed financial information and organizational governance structures.

Donations to this organization are not tax-deductible, as it operates under the 501(c)(9) designation. This designation allows the organization to focus on providing benefits to its members rather than engaging in broader charitable activities.

Conclusion

The Bakery & Confectionery Union & Industry Intl Health Benefits Fund plays an essential role in providing health benefits to workers in the bakery and confectionery sectors. While the organization faces challenges in managing its financial assets and liabilities, it remains committed to fulfilling its primary purpose of supporting its members through comprehensive health benefits.