SHEET METAL WORKERS-38 INSURANCE AND WELFARE FUND: Form 990, tax year 2022

View the entire original 990 at ProPublica ↗

Organization: SHEET METAL WORKERS-38 INSURANCE AND WELFARE FUND (EIN 13-1739693)
Tax period: 2022-01-01 to 2022-12-31
Filed: 2023-09-28
IRS object ID: 202332719349300148
Schema version: 2022v5.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule J
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2023-09-28T11:12:15-05:00	ReturnTs
Tax Period End	2022-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	131577780	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	SCHULTHEIS & PANETTIERI LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	450 WIRELESS BLVD	AddressLine1Txt
City	HAUPPAUGE	CityNm
State Abbreviation	NY	StateAbbreviationCd
ZIP	11788	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2022-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	131739693	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	SHEET METAL WORKERS UNION LOCAL 38	BusinessNameLine1Txt
Business Name Line2	INSURANCE AND WELFARE FUND	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	SHEE	BusinessNameControlTxt
Phone	8452789633	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	38 STARR RIDGE ROAD	AddressLine1Txt
City	BREWSTER	CityNm
State Abbreviation	NY	StateAbbreviationCd
ZIP	10509	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	MICHAEL COLOMBO	PersonNm
Person Title	UNION TRUSTEE	PersonTitleTxt
Phone	8452789633	PhoneNum
Signature	2023-09-28	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	MICHAEL	PersonFirstNm
Person Last	COLOMBO	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (1)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	CAROL WESTFALL	PreparerPersonNm
PTIN	P00539069	PTIN
Phone	6312734778	PhoneNum

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2022	TaxYr
Build TS	2023-04-26 12:10:37Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	RICHARD P PAGANO	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	38 STARR RIDGE ROAD	AddressLine1Txt
City	BREWSTER	CityNm
State Abbreviation	NY	StateAbbreviationCd
ZIP	10509	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$15,452,764	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	N/A	WebsiteAddressTxt
Type Of Organization Trust	Yes (X)	TypeOfOrganizationTrustInd
Formation	1948	FormationYr
Legal Domicile State	NY	LegalDomicileStateCd
Activity Or Mission	TO PROVIDE MEDICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.	ActivityOrMissionDesc
Voting Members Governing Body	6	VotingMembersGoverningBodyCnt
Voting Members Independent	6	VotingMembersIndependentCnt
Total Employee	5	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$11,499,338	PYProgramServiceRevenueAmt
CY Program Service Revenue	$12,723,413	CYProgramServiceRevenueAmt
PY Investment Income	$1,365,512	PYInvestmentIncomeAmt
CY Investment Income	$529,704	CYInvestmentIncomeAmt
PY Other Revenue	$11,602	PYOtherRevenueAmt
CY Other Revenue	$909,640	CYOtherRevenueAmt
PY Total Revenue	$12,876,452	PYTotalRevenueAmt
CY Total Revenue	$14,162,757	CYTotalRevenueAmt
PY Grants And Similar Paid	$0	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$13,166,570	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$11,944,671	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$609,015	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$646,704	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$79,693	PYOtherExpensesAmt
CY Other Expenses	$98,803	CYOtherExpensesAmt
PY Total Expenses	$13,855,278	PYTotalExpensesAmt
CY Total Expenses	$12,690,178	CYTotalExpensesAmt
PY Revenues Less Expenses	-$978,826	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$1,472,579	CYRevenuesLessExpensesAmt
Total Assets BOY	$18,248,029	TotalAssetsBOYAmt
Total Assets EOY	$15,766,327	TotalAssetsEOYAmt
Total Liabilities BOY	$3,383,248	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$1,725,384	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$14,864,781	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$14,040,943	NetAssetsOrFundBalancesEOYAmt
Mission	TO PROVIDE MEDICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Desc	TO PROVIDE MEDICAL BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.	Desc
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	0	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	0	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	3	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	5	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	6	GoverningBodyVotingMembersCnt
Independent Voting Member	6	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	0	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	0	CompensationProcessCEOInd
Compensation Process Other	0	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RICHARD P PAGANO	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	8452789633	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	38 STARR RIDGE ROAD	AddressLine1Txt
City	BREWSTER	CityNm
State Abbreviation	NY	StateAbbreviationCd
ZIP	10509	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (7 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd
JOHN MALASPINA
UNION TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
MICHAEL COLOMBO
UNION TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
FRANK PERRI
UNION TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
JAMES D'ANNIBALE
EMPLOYER TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
WALTER GREENWOOD
EMPLOYER TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
ALAN SEIDMAN
EMPLOYER TRUSTEE	2.00	2.00	Yes (X)	$0	$0	$0
RICHARD P PAGANO
FUND MANAGER	27.00	23.00		$148,869	$0	$115,400	Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$148,869	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$115,400	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	1	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (2 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
MERITAIN HEALTH
100 PAINTERS MILL ROAD	OWINGS MILLS	MD	21117	CLAIMS ADMIN	$187,083
SCHULTHEIS & PANETTIERI LLP
450 WIRELESS BLVD	HAUPPAUGE	NY	11788	AUDITING	$105,527

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	2	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
EMPLOYER CONTRIBUTIONS	238220	$8,822,326	$8,822,326
PARTICIPANT CONTRIBUTIONS	238220	$3,901,087	$3,901,087

Field	Value	IRS element (for citing)
Total Program Service Revenue	$12,723,413	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$464,293	TotalRevenueColumnAmt
Exclusion	$464,293	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$1,355,418	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$1,290,007	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$65,411	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$65,411	TotalRevenueColumnAmt
Exclusion	$65,411	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp

Field	Value	IRS element (for citing)
Desc	LITIGATION PROCEEDS	Desc
Business	238220	BusinessCd
Total Revenue Column	$909,640	TotalRevenueColumnAmt
Related Or Exempt Func Income	$909,640	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$909,640	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$14,162,757	TotalRevenueColumnAmt
Related Or Exempt Func Income	$13,633,053	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$529,704	ExclusionAmt

Benefits To Members BenefitsToMembersGrp

Field	Value	IRS element (for citing)
Total	$11,944,671	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$264,269	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$217,835	TotalAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$107,454	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$25,659	TotalAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$31,487	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$72,436	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$107,752	TotalAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$14,037	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$8,500	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$38,067	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$25,400	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$96,000	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$11,615	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$24,751	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$6,047	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$25,459	TotalAmt

Other Expenses OtherExpensesGrp

Field	Value	IRS element (for citing)
Desc	REIMBURSEMENTS FROM REL	Desc
Total	-$331,261	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$12,690,178	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$650,851	BOYAmt
EOY	$752,072	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$888,665	BOYAmt
EOY	$1,500,296	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$1,229,796	BOYAmt
EOY	$1,199,076	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$28,749	BOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$30,237	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$21,699	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$14,585	BOYAmt
EOY	$8,538	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$15,435,383	BOYAmt
EOY	$12,306,345	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$18,248,029	BOYAmt
EOY	$15,766,327	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$51,007	BOYAmt
EOY	$56,722	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$3,332,241	BOYAmt
EOY	$1,668,662	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$3,383,248	BOYAmt
EOY	$1,725,384	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$14,864,781	BOYAmt
EOY	$14,040,943	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$14,864,781	BOYAmt
EOY	$14,040,943	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$18,248,029	BOYAmt
EOY	$15,766,327	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$1,472,579	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	-$2,296,417	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$30,237	OtherCostOrOtherBasisAmt
Depreciation	$21,699	DepreciationAmt
Book Value	$8,538	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$8,538	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)

DescDesc	AmtAmt
DUE TO RELATED ORG.	$512,062
BENE OBLIGATIONS CURRENTLY PAYABLE	$1,156,600

Field	Value	IRS element (for citing)
Total Liability	$1,668,662	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$11,852,303	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	-$2,296,417	NetUnrealizedGainsInvstAmt
Revenue Not Reported	-$2,296,417	RevenueNotReportedAmt
Revenue Subtotal	$14,148,720	RevenueSubtotalAmt
Investment Expenses Not Incld	$14,037	InvestmentExpensesNotIncldAmt
Revenue Not Reported Fincl Stmt	$14,037	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$14,162,757	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$13,458,541	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$13,458,541	ExpensesSubtotalAmt
Investment Expenses Not Incld2	$14,037	InvestmentExpensesNotIncld2Amt
Other Expenses Not Included	-$782,400	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	-$768,363	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$12,690,178	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART XII, LINE 4B - OTHER ADJUSTMENTS:	FormAndLineReferenceDesc
Explanation	CHANGE IN BENEFITS PAYABLE AND IBNR -782,400.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp

Field	Value	IRS element (for citing)
Person	RICHARD P PAGANO	PersonNm
Title	FUND MANAGER	TitleTxt
Base Compensation Filing Org	$146,627	BaseCompensationFilingOrgAmt
Compensation Based On Rltd Orgs	$0	CompensationBasedOnRltdOrgsAmt
Bonus Filing Organization	$0	BonusFilingOrganizationAmount
Bonus Related Organizations	$0	BonusRelatedOrganizationsAmt
Other Compensation Filing Org	$2,242	OtherCompensationFilingOrgAmt
Other Compensation Rltd Orgs	$0	OtherCompensationRltdOrgsAmt
Deferred Compensation Flng Org	$93,127	DeferredCompensationFlngOrgAmt
Deferred Comp Rltd Orgs	$0	DeferredCompRltdOrgsAmt
Nontaxable Benefits Filing Org	$22,273	NontaxableBenefitsFilingOrgAmt
Nontaxable Benefits Rltd Orgs	$0	NontaxableBenefitsRltdOrgsAmt
Total Compensation Filing Org	$264,269	TotalCompensationFilingOrgAmt
Total Compensation Rltd Orgs	$0	TotalCompensationRltdOrgsAmt
Comp Report Prior990 Filing Org	$0	CompReportPrior990FilingOrgAmt
Comp Report Prior990 Rltd Orgs	$0	CompReportPrior990RltdOrgsAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SUPPLEMENTAL INFORMATION	FormAndLineReferenceDesc
Explanation	RICHARD PAGANO RECEIVES COMPENSATION AND BENEFITS IN HIS CAPACITY AS FUND MANAGER OF THE FILING ORGANIZATION AND THE RELATED PROFIT SHARING PLAN. COMPENSATION AND BENEFITS ARE PAID BY THE ORGANIZATION, WITH REIMBURSEMENTS MADE ACCORDINGLY. THE FILING ORGANIZATION'S PORTION OF THESE EXPENSES IS 54% OF THE GROSS AMOUNT DETAILED ON SCHEDULE J, PART II.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART VI, SECTION A, LINE 8B	THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION B, LINE 11B	THE FORM 990 WAS PREPARED IN COORDINATION WITH THE FUND MANAGER WHO WORKS FULL TIME FOR THE ORGANIZATION. ONCE COMPLETED THE FORM WAS PROVIDED TO AND REVIEWED BY THE BOARD OF TRUSTEES PRIOR TO SUBMISSION.
FORM 990, PART VI, SECTION B, LINE 12C	AS REQUIRED BY THE FUND'S POLICY AND BY ERISA, OFFICERS AND EMPLOYEES HAVE A CONTINUOUS OBLIGATION TO REPORT POTENTIAL CONFLICTS OF INTEREST.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION'S GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. NO DOCUMENTS ARE AVAILABLE TO THE PUBLIC.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (4 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Exempt Code SectionExemptCodeSectionTxt	Direct Controlling NADirectControllingNACd	Controlled OrganizationControlledOrganizationInd	Public Charity StatusPublicCharityStatusTxt
SHEET METAL WORKERS UNION LOCAL 38
38 STARR RIDGE ROAD	BREWSTER	NY	10509	131739691	LABOR UNION	NY	501(C)(5)	N/A	0
SMW LOCAL 38 PROFIT SHARING PLAN
38 STARR RIDGE ROAD	BREWSTER	NY	10509	133319782	TO PROVIDE RETIREMENT BENEFITS	NY	401	N/A	0
SMW LOCAL 38 CRAFT TRAINING FUND
38 STARR RIDGE ROAD	BREWSTER	NY	10509	132622315	TRAINING FUND	NY	501(C)(3)	N/A	0	LINE_2_SCHOOL_DESCRI
SEE SCHEDULE R - SUPPLEMENTAL INFORMATION

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp

Related Organization Name RelatedOrganizationName

Field	Value	IRS element (for citing)
Business Name Line1	SEE SCHEDULE R - SUPPLEMENTAL INFORMATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	0	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	0	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	0	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	0	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	Yes (1)	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	0	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	Yes (1)	SharingOfFacilitiesInd
Paid Employees Sharing	Yes (1)	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	Yes (1)	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	0	TransferFromOtherOrgInd

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, SCHEDULE R, PART II AND IV	CERTAIN TRUSTEES LISTED ON FORM 990 PART VII, SECTION A, SERVE AS VOLUNTEERS AND DO NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION OR RELATED ORGANIZATIONS IN THEIR CAPACITY AS TRUSTEES OF THIS PLAN. CERTAIN TRUSTEES LISTED ON FORM 990 PART VII, SECTION A, SERVE AS VOLUNTEERS AND DO NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION BUT DO RECEIVE COMPENSATION FROM SHEET METAL WORKERS UNION LOCAL 38 (THE UNION") IN THEIR CAPACITY AS EMPLOYEES/OFFICERS OF THE UNION. THEIR COMPENSATION IS REPORTED ON THE FORM 990 OF THE UNION.
FORM 990, SCHEDULE R, PART II	LOCAL UNION #17 LOCAL UNION #28 LOCAL UNION #40
FORM 990, SCHEDULE R, PART IV	A. PROKOSCH & SON (160030) ABM AIR COND. & HEATING (010160) ACCU-TEMP (012681) ACS SYSTEM ASSOCIATES ACTION CHUTES, INC. (012066) AIRSIDE SHEET METAL, INC. ALM HEATING & AIR COND., INC. (012328) AMX CONTRACTING CORP. (012903) AMX COOLING & HEATING, LLC (010051) B&A SHEET METAL BARRETT SHEET METAL (020182) BELL ENERGY MANAGEMENT (020805) C & C SERVICE LLC C. B. STRAIN & SON (190092) CAQS, INC. (032368) CAREY & WALSH INC. (030384) CELTIC SHEET METAL (032219) CFM TEST & BALANCE CORP (030040) CUSTOM COPPER (030846) CUSTOM EXTERIOR SYSTEMS, INC. (031941) D J HEATING & AIR CONDITIONING D. L. FLOW TECH INC. (040372) DME CONSTRUCTION ASSOCIATES, INC. DONALD CREADORE CO. INC. (030263) ELMSFORD SHEET METAL WORKS (050025) EMF TECHNICAL SERVICES INC. (050919) F+F MECHANICAL ENTERPRISES INC. GEM ROOFING & WATERPROOFING CO. (38-580) GENERAL SHEET METAL WORKS (070981) GREEN MECHANICAL CORP. GREENWOOD INDUSTRIES (63-008) GREENWOOD INDUSTRIES, INC. (38-595) H.T. LYONS, INC. HARDEN SHEET METAL, INC. (081131) HUDSON VALLEY ROOFING & (081278) HVAC SPECIALIST INC. (HVAC SPECIALIST INC.) HVAC SPECIALIST, INC. INDEPENDENT TESTING & BALANCING CORP. (090587) J&M HEATING & AIR CONDITIONING (100185) JESLIN, LLC (JESLIN, LLC) JESSANG CORP. DBA TAPSEXPRESS KJC WATERPROOFING INC. (110923) KLAIRGAR, INC. (110772) KLEEBERG SHEET METAL INC. (110165) L.K. SHEET METAL LINK METAL FINISHING CORP. (120176) M. GOTTFRIED INC. (070077) MACE CONTRACTING CORP MAEDA CONSTRUCTION INC. MASPETH C&S, LTD. MDS HVAC-R INC. (38-581) MILCON CONSTRUCTION OSMAN LTD. POSTLER & JAECKLE CORP. RKB SHEET METAL, INC. (181181) S-A-C INSTALLERS SHEET METAL CRAFTERS SINGER HOLDING CORP. (192388) SOUNDVIEW SHEETMETAL TACONIC HEATING & COOLING CORP (201064) THE YMI GROUP, INC. (YOUNA MECHANICAL, INC.) TITAN ROOFING INC. (200247) TURNER MECHANICAL SERVICES INC (201262) U S TEST & BALANCE (210336) UNITED ROOFING & SHEET METAL, VAMCO SHEET METAL, INC. (220078) WBE SHEET METAL INC. YANKEE SHEET METAL CO., INC. (250020) YORK MECHANICAL CORP.