Michigan State Painters Insurance Fund (EIN 237319169) - 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

1962

Legal Domicile

Principal Officer

Robert Worline

Phone

5173217502

Tax Period

2023-09-01 to 2024-08-31

Michigan State Painters Insurance Fund, founded in 1962, is a community nonprofit that reported $9.4M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.3M, a strong 25% operating margin.

Mission

To provide health & welfare benefits

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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 $7,657,712

Investment Income $884,505

Other Revenue $899,996

TOTAL REVENUE $9,442,213

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $7,111,103

Other Expenses $354,168

TOTAL EXPENSES $7,111,103

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,442,213	$7,307,797	+0.3%
Expenses	$7,111,103	$7,747,386	-0.1%
Net Income	$2,331,110	$-439,589	-6.3%

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

N/A

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

$742,494

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Nick Pape	Trustee	1.00	Director	$0	$0	$0
Joshua Ovalle	Trustee	1.00	Director	$0	$0	$95,396
Robert Gonzalez	Trustee	1.00	Director	$0	$0	$171,710
Travis Cary	Trustee	1.00	Director	$0	$0	$84,890
Phil Bradley	Trustee	1.00	Director	$0	$0	$0
Harlow Murray	Trustee	1.00	Director	$0	$0	$0
Tim Schwerin	Trustee	1.00	Director	$0	$0	$88,366
Gary Niles	Trustee	1.00	Director	$0	$0	$0
Thomas Niles	Trustee	1.00	Director	$0	$0	$0
Fred Frederickson	Trustee	1.00	Director	$0	$0	$101,726
Dominic Logeonelo	Trustee	1.00	Director	$0	$0	$0
Jake Fluty	Trustee	1.00	Director	$0	$0	$106,576
Edward Bracamontes	Trustee	1.00	Director	$0	$0	$93,830

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	$9,442,213	$7,111,103	$20,081,680	$2,331,110
2023	$7,307,797	$7,747,386	$18,067,341	$-439,589
2022	$5,826,726	$7,798,617	$18,415,492	$-1,971,891
2021	$8,366,514	$7,032,535	$20,274,908	$1,333,979
2020	$8,050,291	$6,317,313	$18,835,288	$1,732,978
2019	$8,481,567	$6,796,886	$16,675,919	$1,684,681

Michigan State Painters Insurance Fund