SEAFARERS HEALTH AND BENEFITS PLAN BENEFITS PLAN

EIN: 135557534

CAMP SPRINGS, MD

Total Revenue
$135,819,228
Total Expenses
$100,555,001
Total Assets
$424,202,761
Net Assets
$420,136,894
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1950
Legal Domicile
MD
Principal Officer
THOMAS ORZECHOWSKI
Phone
3018990675
Tax Period
2023-01-01 to 2023-12-31

SEAFARERS HEALTH AND BENEFITS PLAN BENEFITS PLAN, founded in 1950, is a major nonprofit that reported $135.8M in total revenue in fiscal year 2023. The organization ran a surplus of $35.3M, a strong 26% operating margin.

Mission

NONE

Program Service Accomplishments

Program 1

THE FUND PROVIDES HEALTH AND WELFARE BENEFITS TO 7,473 UNION MEMBERS AND THEIR DEPENDENTS; AS WELL AS PROVIDING SIMILAR BENEFITS TO 1,372 RETIRED UNION MEMBERS AND THEIR DEPENDENTS.

Program 2

UNDER THE FUND'S MEDICAL EXAMINATION PROGRAM THE FUND PROVIDES FOR PHYSICAL EXAMINATIONS AND DRUG SCREENING TESTS NECESSARY TO ENABLE THE 7,473 UNION MEMBERS TO WORK IN COVERED EMPLOYMENT.

Program 3

THE FUND PROVIDES OTHER ANCILLARY BENEFITS INCLUDING RECREATIONAL BENEFITS AT 21 LOCATIONS THROUGHOUT THE UNITED STATES AND US TERRITORIES AND SCHOLARSHIP BENEFITS TO DEPENDENTS OF THE UNION MEMBERS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $128,562,951
Investment Income $4,262,642
Other Revenue $2,993,635
TOTAL REVENUE $135,819,228

Expense Breakdown

Grants Paid $112,500
Salaries & Benefits $2,692,753
Fundraising Expenses $0
Other Expenses $12,874,725
TOTAL EXPENSES $100,555,001

Year-over-Year Comparison

2023 2022 Change
Revenue $135,819,228 $129,192,451 +0.1%
Expenses $100,555,001 $87,444,281 +0.1%
Net Income $35,264,227 $41,748,170 -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

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Governance

Voting Members
14
Independent Members
14
Employees
118
Volunteers
14

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
1
$0
Total Directors
29
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ANTHONY CHIARELLO ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
ANTHONY NACCARATO TRUSTEE 1.00
Director
$0 $0 $0
B POWELL TRUSTEE 1.00
Director
$0 $0 $0
DAMON MOTE TRUSTEE 1.00
Director
$0 $0 $0
DAVID HEINDEL TRUSTEE 1.00
Director
$0 $0 $0
DEAN CORGEY TRUSTEE 1.00
Director
$0 $0 $0
E YOUNG TRUSTEE 1.00
Director
$0 $0 $0
ED MORGAN ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
EDWARD HANLEY TRUSTEE 1.00
Director
$0 $0 $0
GEORGE TRICKER TRUSTEE 1.00
Director
$0 $0 $0
IRA DOUGLAS TRUSTEE 1.00
Director
$0 $0 $0
J BASELICE ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
J WASSEL ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
JACK SULLIVAN ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
JOE VINCENZO ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
JOSEPH SORESI TRUSTEE 1.00
Director
$0 $0 $0
K BANCROFT ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
LEE EGLAND ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
MARIO TORREY TRUSTEE 1.00
Director
$0 $0 $0
NICHOLAS MARRONE TRUSTEE 1.00
Director
$0 $0 $0
PHILIP FISHER ALTERNATE TRUSTEE 1.00
Director
$0 $0 $0
SCOTT WINFIELD TRUSTEE 1.00
Director
$0 $0 $0
THOMAS ORZECHOWSKI TRUSTEE 1.00
Director
$0 $0 $0
TODD JOHNSON TRUSTEE 1.00
Director
$0 $0 $0
W ASP TRUSTEE 1.00
Director
$0 $0 $0
T BRDAK TRUSTEE 1.00
Director
$0 $0 $0
H GALBISO TRUSTEE 1.00
Director
$0 $0 $0
D HARRIS TRUSTEE 1.00
Director
$0 $0 $0
J NIDAY TRUSTEE 1.00
Director
$0 $0 $0
MARGARET BOWEN ADMINISTRATOR 8.00
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 $135,819,228 $100,555,001 $424,202,761 $35,264,227
2022 $129,192,451 $87,444,281 $357,482,022 $41,748,170
2021 $134,289,956 $95,725,955 $361,329,648 $38,564,001
2020 $140,259,030 $89,215,058 $315,119,275 $51,043,972
2019 $135,818,273 $93,846,979 $252,807,787 $41,971,294
2018 $126,566,342 $86,087,219 $201,548,809 $40,479,123
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