Steamfitters Industry Security Benefit Fund

EIN: 136149681 Employment

Long Island City, NY

Total Revenue
$47,531,364
Total Expenses
$50,016,055
Total Assets
$306,310,129
Net Assets
$302,196,854
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1961
Legal Domicile
NY
Phone
2124658888
Tax Period
2023-01-01 to 2023-12-31

Steamfitters Industry Security Benefit Fund, founded in 1961, is a mid-sized nonprofit in the Employment sector that reported $47.5M in total revenue in fiscal year 2023. Net assets of $302.2M represent 76 months of operating reserves.

Mission

The Fund was established to accumulate funds to pay or provide supplemental benefits to participants. The Fund is a multi- employer plan and is funded by employer contributions determined in accordance with the collective bargaining agreement.

Program Service Accomplishments

Program 1
Expenses: $47,059,980

Benefits paid to or for participants

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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 $37,764,803
Investment Income $9,681,143
Other Revenue $85,418
TOTAL REVENUE $47,531,364

Expense Breakdown

Grants Paid $0
Salaries & Benefits $362,349
Fundraising Expenses $0
Program Expenses $47,059,980
Other Expenses $2,593,726
TOTAL EXPENSES $50,016,055

Year-over-Year Comparison

2023 2022 Change
Revenue $47,531,364 $45,014,108 +0.1%
Expenses $50,016,055 $55,243,098 -0.1%
Net Income $-2,484,691 $-10,228,990 -0.8%
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

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Liquidity & Cash Position

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Governance

Voting Members
6
Independent Members
6
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
1
$493,126
Total Directors
9
$0
Key Employees
3
$828,332
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
William J Turnbull Executive Administrator 001.00
Officer
$11,114 $48,581 $493,126
Steve Cuadra Education Director N/A
Key Emp
$0 $66,027 $300,737
James Ippolito Assistant Administrator 001.00
Key Emp
$8,705 $46,924 $264,546
James C White Assistant Administrator 001.50
Key Emp
$10,811 $46,924 $263,049
Stephen Powers Education Instructor N/A
Highest
$0 $56,420 $242,670
Daniel Knights Education Instructor N/A
Highest
$0 $56,466 $240,413
Jason Grecco Education Instructor N/A
Highest
$0 $56,420 $240,299
Matthew Pizzo Education Instructor N/A
Highest
$0 $56,420 $233,238
Sean Driscoll IT Director 001.50
Highest
$9,325 $26,280 $212,774
Ralph Montuoro Jr Trustee 002.00
Director
$0 $0 $0
Michael Mulvaney Trustee 002.00
Director
$0 $0 $0
Daniel Mulligan Trustee 002.00
Director
$0 $0 $0
Anthony Saporito Trustee 002.00
Director
$0 $0 $0
Brian Kearney Jr Trustee 002.00
Director
$0 $0 $0
James Sheeran Trustee 002.00
Director
$0 $0 $0
Shane McMorrow Trustee 002.00
Director
$0 $0 $0
Robert Bartels Jr Trustee 002.00
Director
$0 $0 $0
Mike Koebel Trustee 002.00
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 No data No data No data No data
2023 $47,531,364 $50,016,055 $306,310,129 $-2,484,691
2022 $45,014,108 $55,243,098 $294,790,618 $-10,228,990
2021 $52,241,912 $52,386,250 $326,665,741 $-144,338
2020 $46,679,611 $68,781,034 $308,222,894 $-22,101,423
2019 $62,339,226 $48,175,826 $310,081,021 $14,163,400
2018 $62,620,487 $37,652,698 $271,200,452 $24,967,789
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