PNG COMPANIES VEBA

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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

2010

Legal Domicile

Principal Officer

BRADLEY PALMER

Phone

4122086631

Tax Period

2024-01-01 to 2024-12-31

PNG COMPANIES VEBA, founded in 2010, is a community nonprofit in the Mutual Benefit sector that reported $4.7M in total revenue in fiscal year 2024. Revenue surged 620% from the prior year, signaling strong growth momentum. Expenses of $6.1M exceeded revenue, resulting in a 31% operating deficit.

Mission

PROVIDE MEDICAL AND LIFE INSURANCE BENEFITS TO RETIRED EMPLOYEE PARTICIPANTS

Program Service Accomplishments

Program 1

PROVIDE MEDICAL AND LIFE INSURANCE BENEFITS TO RETIRED EMPLOYEE PARTICIPANTS. PNG COMPANIES VEBA IS MAINTAINED IN THREE SEGREGATED ASSET SUBACCOUNTS. TWO OF THE SUBACCOUNTS ARE FOR THE BENEFIT OF...

PROVIDE MEDICAL AND LIFE INSURANCE BENEFITS TO RETIRED EMPLOYEE PARTICIPANTS. PNG COMPANIES VEBA IS MAINTAINED IN THREE SEGREGATED ASSET SUBACCOUNTS. TWO OF THE SUBACCOUNTS ARE FOR THE BENEFIT OF UNION MEMBERS AND ONE IS FOR THE BENEFIT OF NONUNION EMPLOYEES. AS TWO OF THEVEBAS ARE MAINTAINED PURSUANT TO COLLECTIVE BARGAINING AGREEMENTS, THEY ARE NOT SUBJECT TO THE ACCOUNT LIMITS ON DEDUCTIBLE RESERVES THAT OTHERWISE APPLY TO VEBAS UNDER IRC SECTIONS 419A AND 512 AND WILL NOT RECOGNIZE UNRELATED BUSINESS TAXABLE INCOME DUE TO AN EXCESS OF NET INVESTMENT INCOME OVER AMOUNTS BASED ON SUCH ACCOUNT LIMITS.

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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 $0

Investment Income $4,702,212

Other Revenue $0

TOTAL REVENUE $4,702,212

Expense Breakdown

Grants Paid $0

Salaries & Benefits $31,842

Fundraising Expenses $0

Other Expenses $268,344

TOTAL EXPENSES $6,146,234

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,702,212	$653,161	+6.2%
Expenses	$6,146,234	$557,047	+10.0%
Net Income	$-1,444,022	$96,114	-16.0%

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

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

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	INSTITUTIONAL TRUSTEE	1.00		$31,842	$0	$31,842
CHRISTOPHER LUNING	EXEC. VP, COUNSEL, SECRETARY	0.50	Officer	$0	$0	$0
ROBERT A RUBIN	CONTROLLER	0.50	Officer	$0	$0	$0
CHRISTOPHER FRANKLIN	CHAIRMAN AND CEO	0.50	Officer	$0	$0	$0
DANIEL SCHULLER	EXEC. VP, CFO	0.50	Officer	$0	$0	$0
CHRISTINA KELLY	SR. VP., CHIEF HR OFFICER	0.50	Officer	$0	$0	$0
COLLEEN ARNOLD	PRESIDENT, AQUA	0.50	Officer	$0	$0	$0
MICHAEL HUWAR	PRESIDENT, PEOPLES NATURAL GAS	0.50	Officer	$0	$0	$0
MATTHEW RHODES EVP OF STRATEGY	& CORPORATE DEVELOPMENT (EXIT 9/24)	0.50	Officer	$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	$4,702,212	$6,146,234	$23,244,820	$-1,444,022
2023	$653,161	$557,047	$26,128,014	$96,114
2022	$3,017,560	$1,467,984	$23,012,358	$1,549,576
2022	$4,166,442	$1,491,943	$24,161,239	$2,674,499
2021	$2,390,146	$2,551,538	$29,606,208	$-161,392
2020	$6,179,964	$2,336,305	$27,005,625	$3,843,659
2019	$2,346,642	$2,850,675	$24,207,510	$-504,033
2018	$3,054,976	$3,336,299	$22,755,496	$-281,323