IRON WORKERS' LOCALS NO 15 & 424 E… - 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

1965

Legal Domicile

Principal Officer

BRET WELLS

Phone

2032381204

Tax Period

2024-07-01 to 2025-06-30

IRON WORKERS' LOCALS NO 15 & 424 EXTENDED BENEFIT FUND, founded in 1965, is a mid-sized nonprofit that reported $11.1M in total revenue in fiscal year 2024.

Mission

PROVIDE HEALTH AND WELFARE BENEFITS

Program Service Accomplishments

Program 1

TO PROVIDE VARIOUS FORMS OF HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND BENEFICIARIES OF THIS FUND.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $9,007,911

Investment Income $664,435

Other Revenue $1,445,814

TOTAL REVENUE $11,118,160

Expense Breakdown

Grants Paid $0

Salaries & Benefits $158,124

Fundraising Expenses $0

Other Expenses $624,720

TOTAL EXPENSES $10,943,153

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,118,160	$10,710,131	+0.0%
Expenses	$10,943,153	$9,484,744	+0.2%
Net Income	$175,007	$1,225,387	-0.9%

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

N/A

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

$1,088,006

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRET T WELLS	TRUSTEE	2.00	Director	$0	$105,956	$280,214
JOSEPH SORENSEN	TRUSTEE	2.00	Director	$0	$111,866	$275,477
CHRISTOPHER DAOUST	TRUSTEE	2.00	Director	$0	$104,097	$267,575
GREGORY SCHULTZ	TRUSTEE	2.00	Director	$0	$110,192	$264,740
DAVID BAFFARO	TRUSTEE	2.00	Director	$0	$0	$0
RICHARD FITZGERALD	TRUSTEE	2.00	Director	$0	$0	$0
LOWELL KAHN	TRUSTEE (P)	2.00	Director	$0	$0	$0
MICHAEL O'SULLIVAN	TRUSTEE	2.00	Director	$0	$0	$0
PARRISH RARICK	TRUSTEE	2.00	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
2025	$11,118,160	$10,943,153	$18,458,031	$175,007
2024	$10,710,131	$9,484,744	$17,702,528	$1,225,387
2023	$10,626,803	$10,748,777	$15,510,588	$-121,974
2022	$10,516,247	$9,252,310	$14,836,766	$1,263,937
2021	$10,187,917	$7,930,832	$15,371,102	$2,257,085
2020	$8,439,552	$8,987,432	$13,225,564	$-547,880
2019	$11,199,219	$10,085,144	$13,205,415	$1,114,075
2018	$10,491,178	$12,140,730	$12,541,535	$-1,649,552

IRON WORKERS' LOCALS NO 15 & 424 EXTENDED BENEFIT FUND