SEAFARERS JOINT EMPLOYMENT FUND

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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

1969

Legal Domicile

Principal Officer

THOMAS ORZECHOWSKI

Phone

3018990675

Tax Period

2023-01-01 to 2023-12-31

SEAFARERS JOINT EMPLOYMENT FUND, founded in 1969, is a community nonprofit that reported $7.8M in total revenue in fiscal year 2023. Net assets of $19.5M represent 30 months of operating reserves.

Mission

TO COLLECT, PRESERVE & INVEST THE MONIES AND OTHER THINGS OF VALUE PAID TO THE FUND; TO PAY AND/OR PROVIDE FOR THE OPERATION, MAINTENANCE, EXPANSION & REPLACEMENT OF HIRING HALLS OR EMPLOYMENT CENTERS AT LOCATIONS WHERE THE UNION MAINTAIN OFFICES FOR THE BENEFIT OF UNEMPLOYED & UNLICENSED SEAMEN & OTHER WORKERS SEEKING EMPLOYMENT IN THE SHIPPING & ALLIED TRANSPORTATION SERVICES INDUSTRIES WITHIN THE GEOGRAPHICAL JURISDICATION OF THE UNIONS TOGETHER WITH SUCH ANCILLARY & COMPLEMENTARY SERVICES RELATED TO THE OPERATION OF THE HIRING HALLS & EMPLOYMENT CENTERS & TO PROVIDE SERVICES & DEVELOP PROGRAMS TO BENEFIT SUCH WORKERS BY HELPING THEM MAINTAIN & SHARPEN THEIR SKILLS & TO DO ALL THAT IS NECESSARY TO IMPLEMENT APPLICABLE PROVISIONS OF COLLECTIVE BARGAINING AGREEMENTS FOR THE BENEFIT OF SAID UNEMPLOYED INDIVIDUALS AS THE TRUSTEES SHALL DETERMINE; AND TO PAY AND/OR PROVIDE FOR THE ESTABLISHMENT & ADMINISTRATION OF SAID FUND, AS MAY BE DETERMINED BY THE TRUSTEES FROM TIME TO TIME.

Program Service Accomplishments

Program 1

OPERATION AND MAINTENACE OF HIRING HALLS: THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO MAINTAIN, EXPAND AND REPLACE HIRING HALLS OR EMPLOYMENT CENTERS IN ALL PORTS WHERE PORT AGENTS FOR THE...

OPERATION AND MAINTENACE OF HIRING HALLS: THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO MAINTAIN, EXPAND AND REPLACE HIRING HALLS OR EMPLOYMENT CENTERS IN ALL PORTS WHERE PORT AGENTS FOR THE SEAFARERS UNION ARE LOCATED

Program 2

DISPATCHING

Program 3

COMMUNICATION TO 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 $7,517,955

Investment Income $286,520

Other Revenue $-19,964

TOTAL REVENUE $7,784,511

Expense Breakdown

Grants Paid $0

Salaries & Benefits $352,937

Fundraising Expenses $0

Other Expenses $7,943,321

TOTAL EXPENSES $8,296,258

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,784,511	$7,475,773	+0.0%
Expenses	$8,296,258	$8,387,301	0.0%
Net Income	$-511,747	$-911,528	-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

Volunteers

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
THOMAS ORZECHOWSKI	TRUSTEE, SECRETARY	1.00	Director	$0	$0	$0
DEAN CORGEY	TRUSTEE	1.00	Director	$0	$0	$0
JOE SORESI	TRUSTEE	1.00	Director	$0	$0	$0
GEORGE TRICKER	TRUSTEE	1.00	Director	$0	$0	$0
PAT VANDEGRIFT	TRUSTEE	1.00	Director	$0	$0	$0
IRA DOUGLAS	TRUSTEE	1.00	Director	$0	$0	$0
ED HANLEY	TRUSTEE	1.00	Director	$0	$0	$0
DAMON MOTE	TRUSTEE	1.00	Director	$0	$0	$0
ANTHONY NACCARATO	TRUSTEE, CHAIRMAN	1.00	Director	$0	$0	$0
NICK MARRONE	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
JOE VINCENZO	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
J BASELICE	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
LEE EGLAND	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
TODD JOHNSON	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
E YOUNG	TRUSTEE	1.00	Director	$0	$0	$0
K BANCROFT	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
E MORGAN	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
S WINFIELD	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
J WASSEL	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
DAVID HEINDEL	TRUSTEE, SECRETARY	1.00	Director	$0	$0	$0
A CHIARELLO	TRUSTEE	1.00	Director	$0	$0	$0
W ASP	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
K HOPKINS	TRUSTEE	1.00	Director	$0	$0	$0
A NELSON	TRUSTEE	1.00	Director	$0	$0	$0
D HARRIS	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
J HOSKINS	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
M RUSSO	ALTERNATE TRUSTEE	1.00	Director	$0	$0	$0
MARGARET BOWEN	ADMINISTRATOR	2.00	Officer	$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
2024	No data	No data	No data	No data
2023	$7,784,511	$8,296,258	$20,428,683	$-511,747
2022	$7,475,773	$8,387,301	$20,416,288	$-911,528
2021	$7,675,234	$7,508,370	$21,926,489	$166,864
2020	$7,967,667	$7,620,088	$22,014,381	$347,579
2019	$7,268,811	$7,753,441	$21,728,712	$-484,630
2018	$6,912,345	$7,464,767	$21,445,137	$-552,422