IBEW LOCAL UNION 347 & NECA CHAPTE… - 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

1953

Legal Domicile

Principal Officer

DAVID REID

Phone

8552030350

Tax Period

2024-01-01 to 2024-12-31

IBEW LOCAL UNION 347 & NECA CHAPTER OF NECA BOARD OF TRUSTEES, founded in 1953, is a mid-sized nonprofit that reported $43.3M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $7.1M, a strong 16% operating margin.

Mission

THE PLAN AND TRUST WERE ESTABLISHED TO PROVIDE MEDICAL, DENTAL, SHORT-TERM DISABILITY BENEFITS, PRESCRIPTIONS, AND DEATH BENEFITS TO QUALIFIED PARTICIPANTS AND DEPENDENTS IN THE CENTRAL IOWA ELECTRICAL INDUSTRY. THE PLAN IS A COLLECTIVELY BARGAINED, MULTIEMPLOYER PLAN.

Program Service Accomplishments

Program 1

TO PROVIDE HEALTH AND WELFARE BENEFITS TO QUALIFIED PARTICIPANTS AND DEPENDENTS IN THE CENTRAL IOWA ELECTRICAL INDUSTRY.

Program 2

TO PROVIDE DEATH BENEFITS TO THE BENEFICIARIES OF DECEASED QUALIFIED PLAN 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 $38,674,166

Investment Income $4,519,340

Other Revenue $60,662

TOTAL REVENUE $43,254,168

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $36,163,022

Other Expenses $2,114,444

TOTAL EXPENSES $36,163,022

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,254,168	$38,318,132	+0.1%
Expenses	$36,163,022	$39,624,758	-0.1%
Net Income	$7,091,146	$-1,306,626	-6.4%

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
ANGELA BOWERSOX	TRUSTEE&SECR	2.00	Officer Director	$0	$0	$0
JIM DAVIS	TRUSTEE	2.00	Director	$0	$0	$0
MATT DEANGELO	TRUSTEE	2.00	Director	$0	$0	$0
SHANNAN GARZA	ALTERNATE TR	2.00	Director	$0	$0	$0
JOHN IRVING	TRUSTEE	2.00	Director	$0	$0	$0
JAMIE KNUTSON	ALTERNATE TR	2.00	Director	$0	$0	$0
DAVID REID	TRUSTEE & CH	2.00	Officer Director	$0	$0	$0
BILL SCHAFF	TRUSTEE	2.00	Director	$0	$0	$0
MATTHEW WARNER	TRUSTEE	2.00	Director	$0	$0	$0
DOUGLAS WOLF	TRUSTEE	2.00	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
2025	No data	No data	No data	No data
2024	$43,254,168	$36,163,022	$89,925,119	$7,091,146
2023	$38,318,132	$39,624,758	$73,525,576	$-1,306,626
2022	$36,098,437	$30,944,096	$60,628,659	$5,154,341
2021	$34,998,053	$31,899,008	$63,675,578	$3,099,045
2020	$31,169,064	$26,605,206	$56,544,980	$4,563,858
2019	$26,669,776	$24,406,029	$39,760,735	$2,263,747
2018	$26,104,411	$23,941,634	$32,475,738	$2,162,777

IBEW LOCAL UNION 347 & NECA CHAPTER OF NECA BOARD OF TRUSTEES