NORTH ATLANTIC STATES CARPENTERS H… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1955

Legal Domicile

Principal Officer

NICOLA FAVORITO

Phone

9786941000

Tax Period

2023-01-01 to 2023-12-31

NORTH ATLANTIC STATES CARPENTERS HEALTH BENEFITS FUND, founded in 1955, is a major nonprofit that reported $339.1M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $320.4M left a modest 6% surplus.

Mission

THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.

Program Service Accomplishments

Program 1

THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $311,548,121

Investment Income $27,504,067

Other Revenue $3,745

TOTAL REVENUE $339,055,933

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $19,412,710

TOTAL EXPENSES $320,382,089

Year-over-Year Comparison

	2023	2022	Change
Revenue	$339,055,933	$311,210,786	+0.1%
Expenses	$320,382,089	$292,051,079	+0.1%
Net Income	$18,673,844	$19,159,707	0.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$300,656

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS J FLYNN	CHAIRMAN	1.00	Director	$0	$0	$0
THOMAS STEEVES	SECRETARY/TREAS	1.00	Director	$0	$0	$0
MICHAEL C SANCHEZ	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH BYRNE	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL SHAUGHNESSY	TRUSTEE THRU 9/12/23	1.00	Director	$0	$0	$0
WILLIAM SHEA	TRUSTEE	1.00	Director	$0	$0	$0
JAMIE NOON	TRUSTEE	1.00	Director	$0	$0	$0
JACK DONAHUE	TRUSTEE THRU 12/7/23	1.00	Director	$0	$0	$0
JOHN MURPHY	TRUSTEE THRU 3/27/23	1.00	Director	$0	$0	$0
JOHN BUTTS	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH EPIFANO	TRUSTEE	1.00	Director	$0	$0	$0
JAMES CARR	TRUSTEE	1.00	Director	$0	$0	$0
JEFF WOLCHESKI	TRUSTEE THRU 11/7/23	1.00	Director	$0	$0	$0
RODNEY FRIAS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID MINASIAN	TRUSTEE	1.00	Director	$0	$0	$0
NOEL XAVIER	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL HOLMES	TRUSTEE	1.00	Director	$0	$0	$0
MARC OKUN	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS S GUNNING	TRUSTEE	1.00	Director	$0	$0	$0
KIM HOKANSON	TRUSTEE	1.00	Director	$0	$0	$0
JOHN DELOLLIS	TRUSTEE	1.00	Director	$0	$0	$0
EARL HALL	ALT. TRUSTEE	1.00	Director	$0	$0	$0
ALAN SEIDMAN	TRUSTEE	1.00	Director	$0	$0	$0
TODD HELFRICH	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER AUSTIN	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM BANFIELD	TRUSTEE	1.00	Director	$0	$0	$0
JAMES MASON	TRUSTEE	1.00	Director	$0	$0	$0
MYNOR PEREZ	TRUSTEE EFF 4/28/23	1.00	Director	$0	$0	$0
RICHARD S MONARCA	FORMER EXECUTIVE DIR.	0.00		$0	$0	$129,864
NICOLA FAVORITO	EXECUTIVE DIR. EFF 1/9/23	11.00	Officer	$0	$60,911	$300,656
SUZANNE M SMITH	CFO	9.00	Highest	$0	$54,739	$283,983
ROBERT R SICA	CIO	9.00	Highest	$0	$54,739	$246,131
INGRID BIEREN	COO	13.00	Highest	$0	$54,739	$222,226
JOEL CONNER	CONTROLLER	11.00	Highest	$0	$51,054	$205,566
PAUL GREELEY	CAP DIRECTOR	37.50	Highest	$0	$59,612	$205,634

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$339,055,933	$320,382,089	$895,056,927	$18,673,844
2022	$311,210,786	$292,051,079	$844,881,039	$19,159,707
2021	$318,987,792	$316,091,867	$922,995,900	$2,895,925
2020	$170,907,448	$182,905,831	$1,031,423,289	$-11,998,383
2020	$170,907,448	$193,898,831	$1,031,423,289	$-22,991,383
2019	$203,897,950	$192,671,489	$403,806,467	$11,226,461
2018	$233,930,752	$122,117,483	$365,932,324	$111,813,269

NORTH ATLANTIC STATES CARPENTERS HEALTH BENEFITS FUND