STEAMFITTERS LOCAL UNION #475 WELFARE FUND

EIN: 221516999 Mutual Benefit

WARREN, NJ

Total Revenue
$19,590,257
Total Expenses
$14,917,370
Total Assets
$49,531,176
Net Assets
$48,500,427
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1951
Legal Domicile
NJ
Principal Officer
KIM DEVIZIO
Phone
9087541032
Tax Period
2023-01-01 to 2023-12-31

STEAMFITTERS LOCAL UNION #475 WELFARE FUND, founded in 1951, is a mid-sized nonprofit in the Mutual Benefit sector that reported $19.6M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. The organization ran a surplus of $4.7M, a strong 24% operating margin.

Mission

TO PROVIDE HEALTH AND WELFARE BENEFITS TO PARTICIPANTS COVERED UNDER THE COLLECTIVE BARGAINING AGREEMENT.

Program Service Accomplishments

Program 1

THE FUND PROVIDES MEDICAL AND DEATH BENEFITS TO MEMBERS AND THEIR DEPENDENTS.

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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 $17,338,830
Investment Income $1,324,902
Other Revenue $926,525
TOTAL REVENUE $19,590,257

Expense Breakdown

Grants Paid $0
Salaries & Benefits $208,020
Fundraising Expenses $0
Other Expenses $269,435
TOTAL EXPENSES $14,917,370

Year-over-Year Comparison

2023 2022 Change
Revenue $19,590,257 $16,101,072 +0.2%
Expenses $14,917,370 $13,840,388 +0.1%
Net Income $4,672,887 $2,260,684 +1.1%
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

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Liquidity & Cash Position

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Governance

Voting Members
10
Independent Members
N/A
Employees
259
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
0
$0
Total Directors
10
$1,369,871
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SHAUN P SULLIVAN EMPLOYEE TRUSTEE 0.50
Director
$0 $167,052 $352,509
TIMOTHY MCCONWAY EMPLOYEE TRUSTEE 0.50
Director
$0 $161,764 $336,177
JONATHAN SINNOTT EMPLOYEE TRUSTEE 0.50
Director
$0 $161,764 $336,496
ROBERT B SNYDER JR EMPLOYER TRUSTEE 0.50
Director
$0 $0 $0
MARTY J DROBNY EMPLOYER TRUSTEE 0.50
Director
$0 $0 $0
RICHARD TOMAIKO EMPLOYER TRUSTEE 0.50
Director
$0 $0 $0
ERIC EVANS EMPLOYER TRUSTEE 0.50
Director
$0 $0 $0
JEFF DIPANO EMPLOYER TRUSTEE 0.50
Director
$0 $0 $0
THOMAS MANNING EMPLOYEE TRUSTEE 0.50
Director
$0 $161,764 $339,010
JAMES CAFFREY EMPLOYEE TRUSTEE 0.50
Director
$3,578 $2,101 $5,679
KIM DEVIZIO FUND ADMINISTRATOR 40.00
Highest
$127,351 $83,255 $210,606
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 $19,590,257 $14,917,370 $49,531,176 $4,672,887
2022 $16,101,072 $13,840,388 $43,830,337 $2,260,684
2021 $18,717,642 $12,671,670 $43,752,376 $6,045,972
2020 $18,045,052 $12,615,729 $37,744,638 $5,429,323
2019 $18,049,259 $14,250,958 $32,221,283 $3,798,301
2018 $16,523,415 $13,239,733 $27,342,769 $3,283,682
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