LOCAL 342 INSURANCE TRUST (EIN 237428792) - 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

1974

Legal Domicile

Principal Officer

WILLIAM HENNESSEY

Phone

6313950600

Tax Period

2023-01-01 to 2023-12-31

LOCAL 342 INSURANCE TRUST, founded in 1974, is a community nonprofit that reported $1.3M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $1.1M left a modest 13% surplus.

Mission

CONTRIBUTIONS PROVIDE DENTAL, VISION, WELLNESS, ST DISABILITY, LEGAL SERVICES & LIFE INSURANCE BENEFITS FOR THEIR EMPLOYEES WHO ARE PARTICIPANTS IN THE FUND.

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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 $1,170,298

Investment Income $100,254

Other Revenue $6,088

TOTAL REVENUE $1,276,640

Expense Breakdown

Grants Paid $0

Salaries & Benefits $444,855

Fundraising Expenses $0

Other Expenses $206,935

TOTAL EXPENSES $1,106,199

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,276,640	$1,155,339	+0.1%
Expenses	$1,106,199	$1,129,415	0.0%
Net Income	$170,441	$25,924	+5.6%

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

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

$310,042

Key Employees

$213,167

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM HENNESSEY	TRUSTEE	1.00	Director	$0	$49,739	$310,042
JAMES F MAZZARELLA	FUND ADMINISTRATOR	39.00	Key Emp	$190,667	$22,500	$213,167

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	$1,276,640	$1,106,199	$3,154,680	$170,441
2022	$1,155,339	$1,129,415	$2,803,783	$25,924
2021	$1,218,446	$1,043,753	$3,217,821	$174,693
2020	$1,170,248	$993,778	$2,976,367	$176,470
2019	$1,078,779	$1,129,141	$2,606,518	$-50,362
2018	$1,111,339	$1,108,918	$2,408,842	$2,421

LOCAL 342 INSURANCE TRUST