PLUMBERS LOCAL UNION NO 1 ADDITIONAL SECURITY BENEFIT FUND

EIN: 111870373

LONG ISLAND CITY, NY

Total Revenue
$2,171,373
Total Expenses
$5,547,138
Total Assets
N/A
Net Assets
N/A
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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
1959
Legal Domicile
NY
Principal Officer
MICHAEL APUZZO
Phone
7188352700
Tax Period
2019-01-01 to 2019-12-31

PLUMBERS LOCAL UNION NO 1 ADDITIONAL SECURITY BENEFIT FUND, founded in 1959, is a community nonprofit that reported $2.2M in total revenue in fiscal year 2019. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $5.5M exceeded revenue, resulting in a 155% operating deficit.

Mission

THE FUND PROVIDES BENEFITS, INCLUDING MEDICAL, SURGICAL, HOSPITALIZATION, DEATH, DISABILITY, DENTAL, PRESCRIPTION, VISION, UNEMPLOYMENT AND VACATION BENEFITS TO ELIGIBLE MEMBERS.

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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%)

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Financial Overview (2019)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $2,159,179
Other Revenue $12,194
TOTAL REVENUE $2,171,373

Expense Breakdown

Grants Paid $0
Salaries & Benefits $175,465
Fundraising Expenses $0
Other Expenses $335,861
TOTAL EXPENSES $5,547,138

Year-over-Year Comparison

2019 2018 Change
Revenue $2,171,373 $2,731,481 -0.2%
Expenses $5,547,138 $5,328,579 +0.0%
Net Income $-3,375,765 $-2,597,098 +0.3%
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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Governance

Voting Members
8
Independent Members
4
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
0
$0
Total Directors
10
$1,340,278
Key Employees
1
$318,409
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL APUZZO TRUSTEE 2.00
Director
$0 $137,507 $370,317
EUGENE BOCCIERI TRUSTEE 2.00
Director
$0 $0 $0
LOUIS J BUTTERMARK TRUSTEE 2.00
Director
$0 $0 $0
DANIEL LUCARELLI TRUSTEE 2.00
Director
$0 $126,322 $311,538
PAUL O'CONNOR TRUSTEE 2.00
Director
$0 $131,520 $335,368
FREDDY DELLIGATTI TRUSTEE 2.00
Director
$0 $129,658 $323,055
REED RICKMAN TRUSTEE (P) 2.00
Director
$0 $0 $0
TERENCE O'BRIEN TRUSTEE (P) 2.00
Director
$0 $0 $0
JEFFREY LEVINE TRUSTEE 2.00
Director
$0 $0 $0
MARIE CARDOZA TRUSTEE 2.00
Director
$0 $0 $0
WALTER SARACENI ADMINISTRATOR 5.00
Key Emp
$18,982 $72,904 $318,409
GLORIA MATERON CONTROLLER 5.00
Highest
$11,379 $72,904 $220,077
WENDY SALVATIERRA HUMAN RESOURCE/OFFICE MGR 5.00
Highest
$9,478 $72,904 $195,486
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
2019 $2,171,373 $5,547,138 No data $-3,375,765
2018 $2,731,481 $5,328,579 $65,491,699 $-2,597,098
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