Shopmen Iron Workers Welfare Plan … - 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

1951

Legal Domicile

Principal Officer

Doreen Friel

Phone

6104890690

Tax Period

2023-01-01 to 2023-12-31

Shopmen Iron Workers Welfare Plan of Philadelphia & Vicinity, founded in 1951, is a community nonprofit that reported $3.1M in total revenue in fiscal year 2023. Revenue surged 27% from the prior year, signaling strong growth momentum. Expenses of $2.7M left a modest 14% surplus.

Mission

To provide benefits to members and dependents.

Program Service Accomplishments

Program 1

Purpose of the plan is to provide, in accordance with the trust agreement, Health Benefits for all eligible employees covered by the collective bargaining agreement 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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,507,284

Investment Income $597,151

Other Revenue $5,676

TOTAL REVENUE $3,110,111

Expense Breakdown

Grants Paid $0

Salaries & Benefits $81,439

Fundraising Expenses $0

Other Expenses $159,051

TOTAL EXPENSES $2,668,249

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,110,111	$2,449,021	+0.3%
Expenses	$2,668,249	$2,608,348	+0.0%
Net Income	$441,862	$-159,327	-3.8%

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

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

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
John Ciervo	Employer Trustee	5.00	Director	$0	$0	$0
Adam Short	Employer Trustee	5.00	Director	$0	$0	$0
Rich Giusti	Employer Trustee	5.00	Director	$0	$0	$0
Stephen Sweeney	Union Trustee	5.00	Director	$0	$0	$0
Pedro Carrasqullo	Union Trustee	5.00	Director	$0	$0	$0
Josh Dallman	Union Trustee	5.00	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	$3,110,111	$2,668,249	$4,112,952	$441,862
2022	$2,449,021	$2,608,348	$3,900,415	$-159,327
2021	$2,739,571	$2,714,417	$4,717,418	$25,154
2020	$2,911,297	$2,715,793	$4,809,230	$195,504
2019	$2,749,987	$3,020,915	$4,552,583	$-270,928
2018	$2,879,600	$2,770,969	$4,440,244	$108,631

Shopmen Iron Workers Welfare Plan of Philadelphia & Vicinity