SHEET METAL WORKERS UNION LOCAL 38 INSURANCE AND WELFARE FUND (EIN 131739693) - 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

1948

Legal Domicile

Principal Officer

FRANK PERRI

Phone

8452789633

Tax Period

2024-01-01 to 2024-12-31

SHEET METAL WORKERS UNION LOCAL 38 INSURANCE AND WELFARE FUND, founded in 1948, is a mid-sized nonprofit that reported $14.8M in total revenue in fiscal year 2024.

Mission

TO PROVIDE MEDICAL 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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $13,844,456

Investment Income $877,027

Other Revenue $101,579

TOTAL REVENUE $14,823,062

Expense Breakdown

Grants Paid $0

Salaries & Benefits $673,016

Fundraising Expenses $0

Other Expenses $75,346

TOTAL EXPENSES $15,284,974

Year-over-Year Comparison

	2024	2023	Change
Revenue	$14,823,062	$13,979,955	+0.1%
Expenses	$15,284,974	$13,322,453	+0.1%
Net Income	$-461,912	$657,502	-1.7%

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

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

$277,792

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANK PERRI	FUND MANAGER - EFF 01/2024	28.00	Officer	$158,390	$119,402	$277,792
JOHN MALASPINA	UNION TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL COLOMBO	UNION TRUSTEE	2.00	Director	$0	$0	$0
ERIC HOFBAUER	UNION TRUSTEE	2.00	Director	$0	$0	$0
JAMES D'ANNIBALE	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
WALTER GREENWOOD	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
ALAN SEIDMAN	EMPLOYER 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
2024	$14,823,062	$15,284,974	$17,086,435	$-461,912
2023	$13,979,955	$13,322,453	$17,237,889	$657,502
2022	$14,162,757	$12,690,178	$15,766,327	$1,472,579
2021	$12,876,452	$13,855,278	$18,248,029	$-978,826
2020	$11,769,863	$11,888,182	$18,723,409	$-118,319
2019	$13,497,753	$12,136,128	$17,783,279	$1,361,625
2018	$11,953,012	$11,770,322	$14,930,696	$182,690

SHEET METAL WORKERS UNION LOCAL 38 INSURANCE AND WELFARE FUND