TEAMSTERS LOCAL 348 HEALTH & WELFA… - 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

1968

Legal Domicile

Principal Officer

DAN F DARROW

Phone

3304343729

Tax Period

2024-01-01 to 2024-12-31

TEAMSTERS LOCAL 348 HEALTH & WELFARE FUND, founded in 1968, is a mid-sized nonprofit that reported $10.0M in total revenue in fiscal year 2024. The organization ran a surplus of $2.2M, a strong 22% operating margin.

Mission

TO PROVIDE HEALTH & INSURANCE BENEFITS FOR THE ACTIVE AND RETIRED MEMBERS OF LOCAL 348 AND THEIR FAMILIES

Program Service Accomplishments

Program 1

Expenses: $7,843,608 Revenue: $9,540,214

TO PROVIDE HOSPITALIZATION, DENTAL, LIFE INSURANCE, ACCIDENTAL DEATH AND DISMEMBERMENT, SICK AND ACCIDENT BENEFITS FOR APPROXIMATELY 430 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 $9,540,214

Investment Income $461,513

Other Revenue $0

TOTAL REVENUE $10,001,727

Expense Breakdown

Grants Paid $0

Salaries & Benefits $161,635

Fundraising Expenses $0

Program Expenses $7,843,608

Other Expenses $59,134

TOTAL EXPENSES $7,843,608

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,001,727	$9,927,553	+0.0%
Expenses	$7,843,608	$7,242,239	+0.1%
Net Income	$2,158,119	$2,685,314	-0.2%

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
RICHARD BROPHY	EMPLOYER TRU	1.00	Director	$0	$0	$0
PATRICK DARROW	UNION TRUSTE	1.00	Officer Director	$0	$0	$0
MIKE TRAMONTE	EMPLOYER TRU	1.00	Director	$0	$0	$0
PATRICK ZIGA	UNION TRUSTE	1.00	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	$10,001,727	$7,843,608	$14,933,769	$2,158,119
2023	$9,927,553	$7,242,239	$12,695,648	$2,685,314
2022	$9,456,974	$7,261,488	$9,877,848	$2,195,486
2021	$8,867,898	$7,126,135	$7,766,421	$1,741,763
2020	$8,141,876	$6,633,828	$6,036,114	$1,508,048
2019	$7,616,192	$6,441,482	$4,529,180	$1,174,710
2018	$7,288,930	$6,403,596	$3,354,709	$885,334

TEAMSTERS LOCAL 348 HEALTH & WELFARE FUND