RHODE ISLAND SHIPPING ASSOC WELFARE FUND (EIN 056018069) - Form 990 Financial Analysis & Trantor Score

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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

1949

Legal Domicile

Principal Officer

CHRISTOPHER WATERSON

Phone

4019428690

Tax Period

2023-01-01 to 2023-12-31

RHODE ISLAND SHIPPING ASSOC WELFARE FUND, founded in 1949, is a community nonprofit that reported $1.9M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $1.6M left a modest 13% surplus.

Mission

TO PROVIDE MEDICAL, DENTAL AND LIFE INSURANCE 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 $1,848,080

Investment Income $31,007

Other Revenue $0

TOTAL REVENUE $1,879,087

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,605,334

Other Expenses $37,145

TOTAL EXPENSES $1,642,479

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,879,087	$1,716,316	+0.1%
Expenses	$1,642,479	$1,552,459	+0.1%
Net Income	$236,608	$163,857	+0.4%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAM HEYDEN	TRUSTEE	5.00	Director	$0	$0	$0
STEPHEN MARTINELLI	TRUSTEE	5.00	Director	$0	$0	$0
JEFFREY PAULINO	TRUSTEE	5.00	Director	$0	$0	$0
ORLANDO VALLES	TRUSTEE	5.00	Director	$0	$0	$0
CHRISTOPHER WATERSON	TRUSTEE	5.00	Director	$0	$0	$0

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
2023	$1,879,087	$1,642,479	$3,247,736	$236,608
2022	$1,716,316	$1,552,459	$2,694,900	$163,857
2021	$1,546,952	$1,352,461	$2,553,737	$194,491
2020	$1,564,886	$1,184,041	$2,368,284	$380,845

RHODE ISLAND SHIPPING ASSOC WELFARE FUND