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

EIN: 237091121

TROY, MI

Total Revenue
$43,254,168
Total Expenses
$36,163,022
Total Assets
$89,925,119
Net Assets
$48,579,470
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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
IA
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.

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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 (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

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Governance

Voting Members
8
Independent Members
8
Employees
99
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
2
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
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
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
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