SOLVAY COMPANIES EMPLOYEE WELFARE … - Form 990 Financial Data

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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

1994

Legal Domicile

Principal Officer

MICHAEL RADOSSICH

Phone

6098604000

Tax Period

2023-01-01 to 2023-12-31

SOLVAY COMPANIES EMPLOYEE WELFARE TRUST, founded in 1994, is a community nonprofit that reported $3.1M in total revenue in fiscal year 2023. Revenue fell 29% from the prior year — a significant decline worth monitoring. Expenses of $6.5M exceeded revenue, resulting in a 112% operating deficit.

Mission

THE MISSION OF THE TRUST IS TO PROVIDE BENEFITS TO PARTICIPANTS OF THE SOLVAY COMPANIES RETIREE MEDICAL AND LIFE INSURANCE PLAN (FORMERLY THE CYTEC INDUSTRIES, INC. RETIREE MEDICAL PLAN).

Program Service Accomplishments

Program 1

TO PROVIDE BENEFITS TO PARTICIPANTS OF THE RETIREE MEDICAL PLAN.

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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 $2,237,236

Investment Income $277,296

Other Revenue $558,224

TOTAL REVENUE $3,072,756

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $12,292

TOTAL EXPENSES $6,512,292

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,072,756	$4,332,323	-0.3%
Expenses	$6,512,292	$8,517,941	-0.2%
Net Income	$-3,439,536	$-4,185,618	-0.2%

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

N/A

Independent Members

N/A

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

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	TRUSTEE	1.00		$12,292	$0	$12,292

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$3,072,756	$6,512,292	$4,717,951	$-3,439,536
2022	$4,332,323	$8,517,941	$8,157,487	$-4,185,618
2021	$3,678	$9,535,222	$12,343,105	$-9,531,544
2020	$7,334,683	$2,819,506	$21,874,649	$4,515,177
2019	$861,811	$390,539	$22,017,571	$471,272
2018	$4,390,333	$4,731,748	$18,362,864	$-341,415
2017	$12,252,791	$13,585,733	$19,863,598	$-1,332,942

SOLVAY COMPANIES EMPLOYEE WELFARE TRUST