SICK BENEFIT FUND OF AIT & NW OF AMERICA LOCAL 223 (EIN 131805529) - 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

1946

Legal Domicile

Principal Officer

JOE GIOVINCO

Phone

5168726690

Tax Period

2023-01-01 to 2023-12-31

SICK BENEFIT FUND OF AIT & NW OF AMERICA LOCAL 223, founded in 1946, is a mid-sized nonprofit that reported $11.2M in total revenue in fiscal year 2023. Expenses of $12.7M exceeded revenue, resulting in a 13% operating deficit.

Mission

TO PROVIDE MEDICAL, HOSPITAL, SURGICAL, MAJOR MEDICAL, LIFE, DENTAL, OPTICAL, DISABILITY AND DEATH BENEFITS TO ELIGIBLE PARTICIPANTS AND, WHEREAPPLICABLE, MEDICAL CARE FOR THEIR FAMILIES.

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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 $10,968,921

Investment Income $263,204

Other Revenue $0

TOTAL REVENUE $11,232,125

Expense Breakdown

Grants Paid $0

Salaries & Benefits $276,265

Fundraising Expenses $0

Other Expenses $1,358,298

TOTAL EXPENSES $12,670,821

Year-over-Year Comparison

	2023	2022	Change
Revenue	$11,232,125	$10,552,505	+0.1%
Expenses	$12,670,821	$11,811,934	+0.1%
Net Income	$-1,438,696	$-1,259,429	+0.1%

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

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

$18,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
COSMO LUBRANO	TRUSTEE	1.00	Director	$0	$0	$0
BRYAN MCCARTHY ESQ	TRUSTEE	1.00	Director	$18,000	$0	$18,000
JOE GIOVINCO	FUND ADMINISTRATOR	5.00	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	$11,232,125	$12,670,821	$21,782,162	$-1,438,696
2022	$10,552,505	$11,811,934	$20,931,469	$-1,259,429
2021	$10,393,677	$10,319,607	$26,022,585	$74,070
2020	$19,533,185	$10,162,864	$27,229,455	$9,370,321
2018	$10,036,254	$10,866,507	$21,868,573	$-830,253

SICK BENEFIT FUND OF AIT & NW OF AMERICA LOCAL 223