Teamsters Local 677 Health Services & Insurance Plan, 677 in Waterbury, Connecticut (CT)

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Teamsters Local 677 Health Services & Insurance Plan, 677
Employer Identification Number (EIN)060691862
Name of OrganizationTeamsters Local 677 Health Services & Insurance Plan
Secondary Name677
Address1871 Baldwin St, Waterbury, CT 06706-2012
ActivitiesSick, accident, death, or similar benefits
SubsectionVoluntary Employees' Beneficiary Association (Non-Govt. Emps.)
Ruling Date07/1958
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationTrust
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$10,000,000 to $49,999,999
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$48,574,122
Amount of Income$41,299,589
Form 990 Revenue Amount$25,790,501
National Taxonomy of Exempt Entities (NTEE)Mutual/Membership Benefit Organizations, Other: Voluntary Employees Beneficiary Associations (Non-Government)


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Amount of income in 2012: $41,299,589
Teamsters Local 677 Health Services & Insurance Plan, 677: 

 $41,299,589
Other organizations performing similar types of work: 

 $15,570,795

Assets in 2012: $48,574,122
This organization: 

 $48,574,122
Other organizations performing similar types of work: 

 $11,472,741

Expenses in 2007: $19,532,775
This organization: 

 $19,532,775
Other organizations performing similar types of work: 

 $9,889,885

Income to expenses ratio in 2007: 1.2
Teamsters Local 677 Health Services & Insurance Plan, 677: 

 1.2
Other organizations performing similar types of work: 

 1.0

Number of employees in 2007: 5
This organization: 

 5
Other organizations performing similar types of work: 

 7

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$13,523,793$13,068,891$13,866,280$16,530,108$18,214,844$19,040,042$21,630,311$23,063,078
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$12,032,217$12,176,273$13,082,432$14,822,258$16,398,952$17,696,066$19,656,052$21,272,021
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$47,648$16,654$5,781$3,627$23,698$52,645$101,763$118,504
Dividends and interest from securities$1,146,298$1,058,328$880,172$562,016$627,084$788,260$980,054$1,124,690
Net rental income or (loss)$650$550$0$0$0$0$0$0
Gross rents$650$550$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$296,980$-267,308$-102,105$1,134,171$1,132,267$503,071$857,682$547,863
Gross amount from sales of assets other than inventory$2,882,611$6,747,911$12,906,473$20,809,608$17,933,710$5,893,796$13,150,163$17,606,318
Less: cost or other basis and sales expenses$2,585,631$7,015,219$13,008,578$19,675,437$16,801,443$5,390,725$12,292,481$17,058,455
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$84,394$0$8,036$32,843$0$34,760$0
Total expenses$12,918,528$14,433,758$15,593,426$14,840,422$16,352,629$16,479,606$16,963,581$19,532,775
Program services$0$0$0$0$0$0$0$0
Management and general$0$0$0$0$0$0$0$0
Fundraising$0$0$0$0$0$0$0$0
Payments to affiliates$0$76,000$0$0$0$0$0$0
Net assets or fund balances at end of year$26,328,410$23,797,383$21,977,239$23,677,006$25,718,775$28,776,473$34,623,258$37,257,481
Excess or (deficit) for the year$605,265$-1,364,867$-1,727,146$1,689,686$1,862,215$2,560,436$4,666,730$3,530,303
Net assets or fund balances at beginning of year$26,553,331$26,328,410$23,797,383$21,977,239$23,677,006$25,718,775$28,776,473$34,623,258
Other changes in net assets or fund balances$-830,186$-1,166,160$-92,998$10,081$179,554$497,262$1,180,055$-896,080
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$19,532,775$0$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$18,185,522
Compensation of current officers, directors, key employees, etc.$546,765$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$254,100$0$0$0
Pension plan contributions not included above$59,119$0$0$0
Employee benefits not included above$68,846$0$0$0
Payroll taxes$20,812$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$23,575$0$0$0
Legal fees$22,715$0$0$0
Supplies$5,417$0$0$0
Telephone$3,833$0$0$0
Postage and shipping$6,896$0$0$0
Occupancy$40,222$0$0$0
Equipment rental and maintenance$11,202$0$0$0
Printing and publications$21,840$0$0$0
Travel$10,712$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$960$0$0$0
Other expenses not covered above$250,239$0$0$0
Balance Sheets
20002001200220032004200520062007
Total assets$28,503,791$25,902,464$24,547,800$27,375,132$28,440,813$31,742,588$37,740,458$40,653,394
Cash - non-interest-bearing$0$0$0$0$0$0$0$0
Savings and temporary cash investments$1,679,829$2,713,247$3,184,190$2,522,348$2,012,885$1,589,154$3,309,896$5,199,130
Accounts receivable less allowance for doubtful accounts$1,065,751$1,032,037$1,441,682$1,609,952$1,737,748$1,425,631$1,782,187$1,815,364
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$750$16,000$10,878$1,150$2,610$2,045$1,060$16,011
Investments - publicly-traded securities$32,033,326$33,048,992
Investments - other securities$25,411,488$21,738,772$19,750,243$22,829,892$24,203,391$28,123,302$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$5,297$3,972$2,647$1,322$428$4,516$3,361$2,401
Other assets, including program-related investments$340,676$398,436$158,160$410,468$483,751$597,940$610,628$571,496
Total liabilities$2,175,381$2,105,081$2,570,561$3,698,126$2,722,038$2,966,115$3,117,200$3,395,913
Accounts payable and accrued expenses$23,845$2,105,081$32,069$25,484$22,335$172,422$2,549,382$3,202,023
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$0$0$0
Other liabilities$2,151,536$0$2,538,492$3,672,642$2,699,703$2,793,693$567,818$193,890
Total liabilities and net assets/fund balances$28,503,791$25,902,464$24,547,800$27,375,132$28,440,813$31,742,588$37,740,458$40,653,394
Total net assets or fund balances$26,328,410$23,797,383$21,977,239$23,677,006$25,718,775$28,776,473$34,623,258$37,257,481
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$0$0$0$0$0$0$0$0
Total revenue, gains, and other support per audited financial statements$0$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$0$0$0$0$0$0$0$0
Total expenses and losses per audited financial statements$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings4
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20065
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$23,063,078
Program service revenue
Program service revenue 1000000$000$0$20,852,166
Program service revenue 2000000$000$0$334,182
Program service revenue 3000000$000$0$85,673
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$118,504
Dividends and interest from securities000000$000$0$1,124,690
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$547,863
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$25,889,775
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$22,283,610
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$987,192
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$2,617,616
Gross amount from sales of assets other than inventory (Securities / Other)$20,967,923 / $0
Less: cost or other basis and sales expenses (Securities / Other)$18,350,307 / $0
Gain or (loss) (Securities / Other)$2,617,616 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$1,357
Statement of Functional Expenses (for 2011)
Total functional expenses$21,136,133
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$246,029
Payroll taxes$20,790
Professional fundraising services$0
Other$20,869,314
Balance Sheet (for 2011)
Total assets$47,030,639
Total liabilities$2,748,142
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$2,748,142
Total net assets or fund balances$44,282,497
Retained earnings, endowment, accumulated income, or other funds$44,282,497
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1General Electric Company Insurance Plan Trust Co V A DiamantePO BOX 120073, Stamford, CT 06912-0073CT1976-09$4,474,771,517
2Yale University Retiree Health Benefits Coverage TrPO BOX 208239, New Haven, CT 06520-8239CT1997-07$341,155,715
3Pitney Bowes Medical And Dental Expense Plan Trust1 Elmcroft Rd Msc 6101, Stamford, CT 06926-0700CT1999-03$208,603,981
4International Union Of Operating Engineers Welfare Fund 4781965 Dizwell Ave, Hamden, CT 06514CT1952-09$90,174,249
5Connecticut Laborers Health Fund435 Capt Thomas Blvd, West Haven, CT 06516-5851CT1954-03$89,314,144
6Tri State Joint Fund25 Research Dr, Milford, CT 06460-8516CT1970-09$82,044,323
7New England Electrical Workers Benefit FundPO BOX 5817, Wallingford, CT 06492-7617CT1971-04$66,959,918
8New England Health Care Employees Welfare Fund77 Huyshope Avenue, Hartford, CT 06106-7000CT1987-04$57,696,610
9The Sheet Metal Local No 40 Health Fund100 Old Forge Rd, Rocky Hill, CT 06067-3758CT1997-03$55,101,533
10Teamsters Local 677 Health Services & Insurance Plan, 6771871 Baldwin St, Waterbury, CT 06706-2012CT1958-07$41,299,589
11Ibt Local 191 Health Services & Insurance Plan, 1911139 Fairfield Avenue, Bridgeport, CT 06605-4109CT1958-05$39,554,667
12Retail Employees Union 919 & Sub Health & Welfare Tr Fnd6 Hyde Rd 2nd Fl, Farmington, CT 06032-2802CT1971-05$33,602,843
13Connecticut Pipetrades Health Fund1155 Silas Reame Hwy, Wethersfield, CT 06109CT1952-01$31,343,030
14Teamsters Local 671 Health Services & Insurance Plan, 67118 Britton Dr, Bloomfield, CT 06002-3617CT1956-09$30,481,145
15Amalgamated Welfare Trust Fund290 Post Rd W, Westport, CT 06880-4703CT1959-04$28,539,101
16Transportation Health Services And Insurance Plan 443200 Wallace St, New Haven, CT 06511-5032CT1958-06$27,341,488
17Cigna Benefit Plans Trust C/O Connecticut National Bank99 Founders Plz, East Hartford, CT 06108-3208CT1984-10$20,996,771
18Connecticut Ironworkers Local 15 & 424 Extended Benefit Fund321 Research Pkwy Ste 210, Meriden, CT 06450-8340CT1966-01$19,890,048
19Emcor Group IncNorwalk, CT 06851CT$18,976,231
20Hartford Fire Insurance Co Veba Medical And Dental Plan1 Hartford Plz, Hartford, CT 06155-0001CT1992-07$18,819,282
Number of organizations performing similar types of work
Alaska4
Alabama13
Arkansas6
Arizona19
California217
Colorado18
Connecticut44
District of Columbia24
Delaware7
Florida38
Georgia43
Hawaii21
Iowa25
Idaho5
Illinois218
Indiana47
Kansas19
Kentucky23
Louisiana10
Massachusetts81
Maryland58
Maine4
Michigan96
Minnesota80
Missouri75
Mississippi6
Montana7
North Carolina45
North Dakota6
Nebraska12
New Hampshire5
New Jersey128
New Mexico3
Nevada18
New York325
Ohio132
Oklahoma12
Oregon38
Pennsylvania205
Rhode Island20
South Carolina6
South Dakota2
Tennessee46
Texas113
Utah16
Virginia28
Vermont1
Washington65
Wisconsin61
West Virginia12
Wyoming1
International1
Total2,509

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