PAINTING INDUSTRY INSURANCE FUND (EIN 135600369) - 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

JOSEPH AZZOPARDI

Phone

2122552950

Tax Period

2023-01-01 to 2023-12-31

PAINTING INDUSTRY INSURANCE FUND, founded in 1948, is a major nonprofit that reported $129.6M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $120.8M left a modest 7% surplus.

Mission

TO PROVIDE MAJOR MEDICAL, HOSPITAL AND OTHER HEALTHCARE BENEFITS, AS WELL AS VACATION BENEFITS TO APPROXIMATELY 5,640 ELIGIBLE PARTICIPANTS WHO ARE MEMBERS OF IUPAT, AFL-CIO, DISTRICT COUNCIL NO. 9 AND ITS AFFILIATED LOCAL UNIONS.

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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 $120,569,236

Investment Income $6,554,859

Other Revenue $2,494,016

TOTAL REVENUE $129,618,111

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,750,125

Fundraising Expenses $0

Other Expenses $3,024,082

TOTAL EXPENSES $120,761,390

Year-over-Year Comparison

	2023	2022	Change
Revenue	$129,618,111	$118,604,476	+0.1%
Expenses	$120,761,390	$113,412,293	+0.1%
Net Income	$8,856,721	$5,192,183	+0.7%

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

Total Directors

$2,094,264

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH AZZOPARDI	UNION TRUSTEE	2.00	Director	$0	$167,768	$572,527
JOHN DREW	UNION TRUSTEE	2.00	Director	$0	$133,212	$363,999
NICHOLAS MILAZZO	UNION TRUSTEE	2.00	Director	$0	$125,274	$336,912
ANTHONY SPEZIALE	UNION TRUSTEE	2.00	Director	$0	$98,796	$267,206
LEE ECK	UNION TRUSTEE	2.00	Director	$0	$87,766	$209,643
MATTHEW GAETA	UNION TRUSTEE	2.00	Director	$0	$21,122	$66,749
STEPHEN BRICE	UNION TRUSTEE	2.00	Director	$0	$110,072	$277,228
JED COLDON	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
GORDON ROTH	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
TODD HELFRICH	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RANDY PEARLMAN	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
BRUCE RUINSKY	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RADOMIR JELCIC	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
TODD NUGENT	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
JOHN GISONDI	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
JEROME HABER	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
PETER CAFIERO	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
KIERAN AHERN	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
DINO ERBELI	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
JOHN CARUSO	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RICHARD HENSHAW	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
KYLE NUGENT	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
ARCHIE ERBELI	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
SCOTT HABER	EMPLOYER TRUSTEE (ALT)	2.00	Director	$0	$0	$0
AURELIA CIOCOI	FUND ADMINISTRATOR	35.00	Highest	$125,334	$146,853	$334,055
SALVATORE SAVARESE	FUND EMPLOYEE	16.00	Highest	$61,633	$127,371	$312,325
KEVIN MCMENOMY	CONTROLLER	21.00	Highest	$82,136	$118,113	$278,622
STACY PECCHIA	ASSISTANT FUND ADMINISTRAT	16.00	Highest	$153,391	$104,683	$258,074
STEVEN SALZMAN	FUND EMPLOYEE	1.00	Highest	$46,034	$66,483	$166,633

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	$129,618,111	$120,761,390	$192,646,677	$8,856,721
2022	$118,604,476	$113,412,293	$174,883,059	$5,192,183
2021	$117,293,620	$119,942,319	$184,177,912	$-2,648,699
2020	$98,073,345	$107,371,231	$178,849,078	$-9,297,886
2019	$120,716,136	$113,980,194	$184,645,296	$6,735,942
2018	$108,724,852	$100,121,649	$156,420,961	$8,603,203

PAINTING INDUSTRY INSURANCE FUND