Overview
What is Heavy And General Construction Laborers Union Local 472 Severance Fund?
The Heavy And General Construction Laborers Union Local 472 Severance Fund is a support system established to provide financial assistance for eligible employees. This nonprofit organization, situated in Newark, New Jersey, aims to offer financial protection to employees during periods of severance, job termination, or in the unfortunate event of their demise. The benefits paid out in 2022 amounted to $472,025, distributed among seven retired participants, one beneficiary, and other eligible individuals. As of December 31, 2022, there were 15 active participants, one deceased participant with a beneficiary, five retired participants receiving benefits, and three retired participants entitled to future benefits. The fund's primary mission is to safeguard the financial well-being of its members during challenging employment transitions.
Is Heavy And General Construction Laborers Union Local 472 Severance Fund legitimate?
Heavy And General Construction Laborers Union Local 472 Severance Fund is a legitimate nonprofit organization registered as a 501(c)(9) entity. Heavy And General Construction Laborers Union Local 472 Severance Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Heavy And General Construction Laborers Union Local 472 Severance Fund?
The Heavy And General Construction Laborers Union Local 472 Severance Fund was established with the purpose of providing financial protection for eligible employees in the event of severance, termination of employment, or death. This fund serves to offer severance benefits, thereby offering a certain level of financial security for these employees and their beneficiaries. In 2022, severance benefits amounting to $472,025 were disbursed to seven retired participants and one beneficiary. As of December 31, 2022, the fund had 15 active participants, one deceased participant with a beneficiary entitled to receive benefits, five retired participants receiving benefits, and three retired participants entitled to future benefits.
Who is the CEO of Heavy And General Construction Laborers Union Local 472 Severance Fund?
Manuel H Amador Jr is the Trustee of Heavy And General Construction Laborers Union Local 472 Severance Fund.
What is the revenue of Heavy And General Construction Laborers Union Local 472 Severance Fund?
Heavy And General Construction Laborers Union Local 472 Severance Fund's revenue in 2022 was $597,270.
Who are the executives of Heavy And General Construction Laborers Union Local 472 Severance Fund and what are their salaries?
There 4 volunteers at Heavy And General Construction Laborers Union Local 472 Severance Fund.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $280,231
- Other: $209,281
- Compensation: $0
- Related: $277,727
- Other: $207,951
- Compensation: $0
- Related: $269,380
- Other: $198,775
- Compensation: $0
- Related: $216,936
- Other: $159,756
Where can I find the form 990 for Heavy And General Construction Laborers Union Local 472 Severance Fund?
Heavy And General Construction Laborers Union Local 472 Severance Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Heavy And General Construction Laborers Union Local 472 Severance Fund
The Heavy And General Construction Laborers Union Local 472 Severance Fund was established with the purpose of providing financial protection for eligible employees upon severance, termination of employment, or in the event of their death. The fund's mission is to offer a severance benefit, ensuring a certain level of financial security for employees during such challenging times. This benefit is extended to the employees' beneficiaries, providing a measure of financial stability in the unfortunate event of an employee's demise. The fund's primary objective is to provide a safety net for its eligible members, offering them peace of mind in the face of job losses or unexpected life events.
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Impact
October, 2024
The Heavy And General Construction Laborers Union Local 472 Severance Fund plays a critical role in providing financial protection to eligible employees in the construction industry. By offering severance benefits, the fund safeguards workers during times of job loss, termination, or even death, ensuring that they and their beneficiaries have a financial cushion to rely on.
In 2022 alone, the fund disbursed $472,025 in severance benefits, assisting seven retired participants and one beneficiary, highlighting its direct impact on individuals facing career transitions or unforeseen circumstances. With 15 active participants, along with both retired and deceased individuals covered, the fund remains a vital support system for those who have dedicated their careers to construction labor.
By fulfilling its mission of enhancing financial security for workers and their families, the Severance Fund contributes significantly to the overall well-being of its members, fostering a sense of community and mutual support within the labor workforce.
This information is meant to be a general summary of Heavy And General Construction Laborers Union Local 472 Severance Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$2,730
- Program Service Revenue: $600,000
- Gross Receipts: $1,330,194
Assets and Liabilities:
- Total Assets: $3,207,498
- Total Liabilities: $7,000
- Net Assets: $3,200,498
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER CONTRIBUTIONS
Revenue
$600,000
Organization Details
Founding Year
1990
Phone
(973) 589-5050Principal Officer
Manuel H Amador Jr
Main Address
700 RAYMOND BLVD, NEWARK, NJ, 07105
NTEE Category
Code: Y40 - Mutual benefit
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