MIDDLESEX WATER COMPANY VEBA

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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

2009

Legal Domicile

Phone

8888663275

Tax Period

2025-01-01 to 2025-12-31

MIDDLESEX WATER COMPANY VEBA, founded in 2009, is a small nonprofit in the Mutual Benefit sector that reported $822K in total revenue in fiscal year 2025. Revenue fell 89% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $606K, a strong 74% operating margin.

Mission

PROVIDE MEDICAL AND PRESCRIPTION BENEFITS FOR THOSE EMPLOYEES OF THE COMPANY AND THEIR ELIGIBLE DEPENDENTS COVERED BY THE PLAN.

Program Service Accomplishments

Program 1

PROVIDE MEDICAL AND PRESCRIPTION BENEFITS FOR THOSE EMPLOYEES OF THE COMPANY AND THEIR ELIGIBLE DEPENDENTS COVERED BY THE 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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $822,459

Other Revenue $0

TOTAL REVENUE $822,459

Expense Breakdown

Grants Paid $0

Salaries & Benefits $188,692

Fundraising Expenses $0

Other Expenses $28,116

TOTAL EXPENSES $216,808

Year-over-Year Comparison

	2025	2024	Change
Revenue	$822,459	$7,170,325	-0.9%
Expenses	$216,808	$191,611	+0.1%
Net Income	$605,651	$6,978,714	-0.9%

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
BANK OF AMERICA N A	TRUSTEE	N/A		$188,692	$0	$188,692

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	$822,459	$216,808	$33,813,173	$605,651
2024	No data	No data	No data	No data
2023	$2,406,776	$162,444	$26,206,888	$2,244,332
2022	$2,091,206	$125,637	$23,960,068	$1,965,569
2021	$5,320,240	$143,277	$22,015,033	$5,176,963
2020	$1,372,915	$90,251	$16,849,045	$1,282,664
2019	$3,299,640	$1,396,045	$15,551,567	$1,903,595