WELFARE FUND OF THE IUOE LOCAL UNI… - 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

1975

Legal Domicile

Principal Officer

CATHERINE CHASE

Phone

2122557657

Tax Period

2024-01-01 to 2024-12-31

WELFARE FUND OF THE IUOE LOCAL UNIONS 15 15A 15C 15D AFL-CIO, founded in 1975, is a major nonprofit that reported $144.9M in total revenue in fiscal year 2024. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $123.8M left a modest 15% surplus.

Mission

TO PROVIDE MEDICAL, HOSPITAL, SURGICAL, OPTICAL, DENTAL, PRESCRIPTION DRUG, VACATION, DEATH, ACCIDENTAL DEATH AND DISMEMBERMENT AND SHORT TERM DISABILITY BENEFITS TO ELIGIBLE PARTICIPANTS.

Program Service Accomplishments

Program 1

TO PROVIDE MEDICAL, HOSPITAL, SURGICAL, OPTICAL, DENTAL, PRESCRIPTION DRUG, VACATION, DEATH, ACCIDENTAL DEATH AND DISMEMBERMENT AND SHORT TERM DISABILITY BENEFITS TO ELIGIBLE 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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $140,108,674

Investment Income $4,729,213

Other Revenue $30,609

TOTAL REVENUE $144,868,496

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,826,584

Fundraising Expenses $0

Other Expenses $895,813

TOTAL EXPENSES $123,842,442

Year-over-Year Comparison

	2024	2023	Change
Revenue	$144,868,496	$123,767,101	+0.2%
Expenses	$123,842,442	$107,062,765	+0.2%
Net Income	$21,026,054	$16,704,336	+0.3%

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

Key Employees

$457,588

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES T CALLAHAN	UNION TRUSTEE	1.00	Director	$0	$0	$0
THOMAS A CALLAHAN	UNION TRUSTEE	1.00	Director	$0	$0	$0
JOHN MCNAMARA	ALTERNATE UNION TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL SALGO	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM TYSON	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
CATHERINE CHASE	FUND ADMINISTRATOR	17.00	Key Emp	$378,079	$79,509	$457,588
YASIR I ELTAYEB	IT SUPPORT	11.00	Highest	$270,957	$77,412	$348,369
WILLIAM G STANTON	IT SUPPORT	13.00	Highest	$235,106	$89,221	$324,327
RICHARD A LOPEZ	CLAIMS SPECIALIST	40.00	Highest	$199,919	$65,393	$265,312
ANGEL N MALDONADO	CLAIMS SPECIALIST	40.00	Highest	$146,907	$60,385	$207,292
JENNIFER M MARINO	FUND OFFICE MANAGER	2.00	Highest	$139,960	$59,729	$199,689

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	$144,868,496	$123,842,442	$132,216,649	$21,026,054
2023	$123,767,101	$107,062,765	$108,984,949	$16,704,336
2022	$105,678,120	$114,325,915	$87,169,155	$-8,647,795
2021	$98,628,304	$99,720,453	$98,450,225	$-1,092,149
2020	$95,363,543	$89,969,819	$100,699,518	$5,393,724
2019	$103,721,768	$93,127,777	$89,748,641	$10,593,991
2018	$95,993,741	$91,618,769	$75,614,127	$4,374,972

WELFARE FUND OF THE IUOE LOCAL UNIONS 15 15A 15C 15D AFL-CIO