PIPE FITTERS' WELFARE FUND LOCAL 597

EIN: 362141703

CHICAGO, IL

Total Revenue
$169,209,536
Total Expenses
$168,379,051
Total Assets
$320,491,936
Net Assets
$318,815,300
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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
1949
Legal Domicile
IL
Principal Officer
CHRISTOPHER HERNANDEZ
Phone
3126330597
Tax Period
2023-01-01 to 2023-12-31

PIPE FITTERS' WELFARE FUND LOCAL 597, founded in 1949, is a major nonprofit that reported $169.2M in total revenue in fiscal year 2023.

Mission

TO PROVIDE HEALTH BENEFITS TO THE ELIGIBLE PARTICIPANTS AND DEPENDENTS OF PIPE FITTERS' WELFARE FUND, LOCAL 597.

Program Service Accomplishments

Program 1

TO PROVIDE HEALTH CARE, DEATH AND DISABILITY BENEFITS, DENTAL, VISION, PRESCRIPTION DRUG AND ACCIDENTAL DEATH AND DISMEMBERMENT BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $161,543,410
Investment Income $7,573,062
Other Revenue $93,064
TOTAL REVENUE $169,209,536

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,387,578
Fundraising Expenses $0
Other Expenses $2,310,989
TOTAL EXPENSES $168,379,051

Year-over-Year Comparison

2023 2022 Change
Revenue $169,209,536 $167,682,021 +0.0%
Expenses $168,379,051 $180,488,844 -0.1%
Net Income $830,485 $-12,806,823 -1.1%
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
4
Employees
127
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
0
$0
Total Directors
9
$1,909,065
Key Employees
1
$318,551
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DENNIS HAHNEY TRUSTEE 1.00
Director
$0 $136,716 $386,273
TIMOTHY GILLOOLEY TRUSTEE 1.00
Director
$0 $135,364 $374,701
CHRISTOPHER HERNANDEZ TRUSTEE 1.00
Director
$0 $158,709 $501,671
JOSEPH VELLENGA JR TRUSTEE (NEW) 1.00
Director
$0 $135,364 $369,949
MONTE KIMES TRUSTEE (PAST) 1.00
Director
$0 $80,956 $276,471
BRIAN HELM TRUSTEE 1.00
Director
$0 $0 $0
MARC PITTAS TRUSTEE 1.00
Director
$0 $0 $0
KATHY MCCAULEY TRUSTEE 1.00
Director
$0 $0 $0
JOHN RAYBURN TRUSTEE 1.00
Director
$0 $0 $0
NICHOLE LINHARDT ADMINISTRATOR 20.00
Key Emp
$276,146 $42,405 $318,551
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 $169,209,536 $168,379,051 $320,491,936 $830,485
2022 $167,682,021 $180,488,844 $293,603,988 $-12,806,823
2021 $170,883,108 $174,759,319 $345,233,277 $-3,876,211
2020 $154,412,545 $163,798,749 $342,652,079 $-9,386,204
2019 $158,144,771 $166,305,945 $334,355,061 $-8,161,174
2018 $153,047,788 $153,016,262 $316,098,895 $31,526
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