WELFARE FUND OF HEAT AND FROST INSULATORS LOCAL 12

EIN: 116302784

LONG ISLAND CITY, NY

Total Revenue
$20,015,537
Total Expenses
$17,168,769
Total Assets
$31,465,894
Net Assets
$25,589,792
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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
1950
Legal Domicile
NY
Principal Officer
JOHN SARDO
Phone
7187848883
Tax Period
2024-01-01 to 2024-12-31

WELFARE FUND OF HEAT AND FROST INSULATORS LOCAL 12, founded in 1950, is a mid-sized nonprofit that reported $20.0M in total revenue in fiscal year 2024. Revenue surged 33% from the prior year, signaling strong growth momentum. Expenses of $17.2M left a modest 14% surplus.

Mission

PLAN'S PURPOSE IS TO PROVIDE MEDICAL, VACATION, HRA AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.

Program Service Accomplishments

Program 1

PLAN'S PURPOSE IS TO PROVIDE MEDICAL, VACATION, HRA AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $15,455,552
Investment Income $4,486,635
Other Revenue $73,350
TOTAL REVENUE $20,015,537

Expense Breakdown

Grants Paid $0
Salaries & Benefits $132,299
Fundraising Expenses $0
Other Expenses $536,709
TOTAL EXPENSES $17,168,769

Year-over-Year Comparison

2024 2023 Change
Revenue $20,015,537 $15,086,101 +0.3%
Expenses $17,168,769 $16,705,322 +0.0%
Net Income $2,846,768 $-1,619,221 -2.8%
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

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Liquidity & Cash Position

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Governance

Voting Members
10
Independent Members
10
Employees
1
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
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOHN JOVIC UNION TRUSTEE 1.00
Director
$0 $0 $0
CHRISTOPHER COOK UNION TRUSTEE 1.00
Director
$0 $0 $0
MARK BAYALA UNION TRUSTEE 1.00
Director
$0 $0 $0
NICK GRGAS UNION TRUSTEE 1.00
Director
$0 $0 $0
STEPHEN MCCANN UNION TRUSTEE 1.00
Director
$0 $0 $0
OCTAVIO SOARES ALT UNION TRUSTEE 1.00
Director
$0 $0 $0
RICHARD BUDINICH - THRU 124 EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
DONALD DONNELLY EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
AL DURANTI EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
CHRISTOPHER GRANDO EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
TIMOTHY HARTNETT EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
BRIAN AULL EMPLOYER TRUSTEE 1.00
Director
$0 $0 $0
MATTEW COYLE - EFF 124 ALT EMPLOYER TRUSTEE 1.00
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
2024 $20,015,537 $17,168,769 $31,465,894 $2,846,768
2023 $15,086,101 $16,705,322 $30,003,366 $-1,619,221
2022 $16,467,207 $17,783,811 $30,527,836 $-1,316,604
2021 $18,361,265 $16,493,317 $34,847,538 $1,867,948
2020 $15,853,560 $14,261,914 $30,908,000 $1,591,646
2019 $18,041,497 $16,426,668 $28,338,661 $1,614,829
2018 $19,354,418 $14,069,725 $24,829,160 $5,284,693
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