Overview
What is Cement Masons Local No 502 Savings Fund?
Cement Masons Local No 502 Savings Fund is a nonprofit organization based in Bellwood, Illinois. Their primary objective is to manage payroll savings deductions for its participants. The organization collects these deductions throughout the year and, in turn, distributes each participant's entire accumulated amount once per year. This savings fund serves as a financial planning tool for its members, allowing them to save and accumulate funds over time.
Is Cement Masons Local No 502 Savings Fund legitimate?
Cement Masons Local No 502 Savings Fund is a legitimate nonprofit organization registered as a 501(c)(9) entity. Cement Masons Local No 502 Savings 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
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What is the mission statement of Cement Masons Local No 502 Savings Fund?
The Cement Masons Local No 502 Savings Fund's mission is centered around collecting payroll savings deductions from participants and distributing each participant's entire accumulated amount once a year. This mission is designed to facilitate financial savings for its members, providing them with a lump sum at the end of the year. The fund serves as a means for participants to set aside a portion of their earnings for future use, offering a structured savings plan.
Who is the CEO of Cement Masons Local No 502 Savings Fund?
Kevin J Farley is the Trustee of Cement Masons Local No 502 Savings Fund.
What is the revenue of Cement Masons Local No 502 Savings Fund?
Cement Masons Local No 502 Savings Fund's revenue in 2023 was $9,208,754.
Who are the executives of Cement Masons Local No 502 Savings Fund and what are their salaries?
Here are 11 key members and their salaries:
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- Related: $110,688
- Other: $83,474
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- Related: $127,044
- Other: $79,193
Where can I find the form 990 for Cement Masons Local No 502 Savings Fund?
Cement Masons Local No 502 Savings Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Cement Masons Local No 502 Savings Fund
Cement Masons Local No 502 Savings Fund is a savings initiative with a distinct mission. Its primary objective is to collect payroll savings deductions from participating members and distribute each participant's entire accumulated amount once a year. This fund serves as a financial saving vehicle for its members, allowing them to gradually accumulate funds over time, which are then paid out in full at the end of the year. This strategy empowers members to plan for future financial needs or emergencies, offering them a sense of financial security.
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Impact
October, 2024
Cement Masons Local No 502 Savings Fund has a significant impact on its participants by providing a structured savings mechanism that enhances financial security. By collecting payroll savings deductions, the fund helps individuals systematically save over time. This disciplined approach allows participants to accumulate funds that can be accessed once a year, effectively promoting long-term savings habits.
The annual distribution of these accumulated amounts enables members to plan for significant expenses or investments, such as home purchases, education, or retirement. This not only fosters financial stability but also empowers participants to make informed decisions about their future. Furthermore, the fund’s mutual benefit nature highlights its commitment to serving the collective interests of its members, fostering a sense of community and shared purpose among Cement Masons. Overall, the impact of this savings fund is profound, as it encourages financial literacy, stability, and solidarity among its participants.
This information is meant to be a general summary of Cement Masons Local No 502 Savings 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 2023.
- Investment Income: $219,816
- Program Service Revenue: $8,930,404
- Gross Receipts: $9,208,754
Assets and Liabilities:
- Total Assets: $9,097,963
- Total Liabilities: $0
- Net Assets: $9,097,963
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARTICIPANTS' CONTRIB.
Revenue
$8,834,061
CONT'R ADMIN EXP CONTR
Revenue
$49,090
LIQUIDATED DAMAGES
Revenue
$36,118
PAYROLL AUDIT CONTRIB.
Revenue
$11,135
Organization Details
Founding Year
1968
Phone
(708) 544-9105Principal Officer
Kevin J Farley
Main Address
739 SOUTH 25TH AVENUE, BELLWOOD, IL, 60104
NTEE Category
Code: Y40 - Mutual benefit
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