IBEW LOCAL 98 HEALTH & WELFARE PLAN BOARD OF (EIN 232082042) - 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

1953

Legal Domicile

Principal Officer

JAMES FOY

Phone

2155996436

Tax Period

2023-01-01 to 2023-12-31

IBEW LOCAL 98 HEALTH & WELFARE PLAN BOARD OF, founded in 1953, is a mid-sized nonprofit that reported $97.4M in total revenue in fiscal year 2023. Revenue grew 8% year-over-year, indicating healthy expansion. The organization ran a surplus of $19.5M, a strong 20% operating margin.

Mission

TO PROVIDES HOSPITALIZATION, SURGICAL, MEDICAL, DENTAL, VISION, PRESCRIPTION DRUG, DEATH, ACCIDENTAL DEATH AND DISMEMBERMENT, AND WEEKLY DISABILITY BENEFITS TO ELIGIBLE MEMBERS (AND DEPENDENTS) OF INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS LOCAL UNION NO. 98.

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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 $88,894,154

Investment Income $8,467,161

Other Revenue $0

TOTAL REVENUE $97,361,315

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $1,691,607

TOTAL EXPENSES $77,862,859

Year-over-Year Comparison

	2023	2022	Change
Revenue	$97,361,315	$89,861,638	+0.1%
Expenses	$77,862,859	$78,430,420	0.0%
Net Income	$19,498,456	$11,431,218	+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

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

$1,549,415

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRIAN BURROWS	UNION TRUSTEE (P)	1.00	Director	$0	$43,166	$114,553
JEFF SCARPELLO	EMPLOYER TRUSTEE	1.00	Director	$0	$74,459	$608,769
MICHAEL KANE	UNION TRUSTEE	1.00	Director	$0	$0	$2,143
DOUG SMITH	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
KEN MEYERS	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
MARK LYNCH	UNION TRUSTEE	1.00	Director	$0	$175,413	$463,332
JAMES FOY	UNION TRUSTEE	1.00	Director	$0	$136,561	$359,546
JEFF NAGLE	UNION TRUSTEE	1.00	Director	$0	$0	$1,072

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	$97,361,315	$77,862,859	$197,949,555	$19,498,456
2022	$89,861,638	$78,430,420	$175,549,774	$11,431,218
2021	$92,572,978	$79,203,788	$181,781,221	$13,369,190
2020	$89,768,366	$76,355,226	$161,705,083	$13,413,140
2019	$96,978,460	$77,665,167	$142,823,740	$19,313,293
2018	$91,554,261	$75,625,859	$115,957,542	$15,928,402

IBEW LOCAL 98 HEALTH & WELFARE PLAN BOARD OF