MIDDLETOWN WORKS HOURLY & SALARIED UNION RETIREES HEALTH CARE FUND (EIN 367485085) - 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

2008

Legal Domicile

Principal Officer

MICHAEL BAILEY

Phone

8773929991

Tax Period

2024-01-01 to 2024-12-31

MIDDLETOWN WORKS HOURLY & SALARIED UNION RETIREES HEALTH CARE FUND, founded in 2008, is a mid-sized nonprofit in the Mutual Benefit sector that reported $55.7M in total revenue in fiscal year 2018. Revenue surged 53% from the prior year, signaling strong growth momentum. Expenses of $51.8M left a modest 7% surplus.

Mission

TO PROVIDE HEALTH AND 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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $22,729,061

Investment Income $69,466,585

Other Revenue $40,611

TOTAL REVENUE $92,236,257

Expense Breakdown

Grants Paid $0

Salaries & Benefits $153,500

Fundraising Expenses $0

Other Expenses $2,159,451

TOTAL EXPENSES $53,960,077

Year-over-Year Comparison

	2024	2023	Change
Revenue	$92,236,257	$31,093,978	+2.0%
Expenses	$53,960,077	$34,635,901	+0.6%
Net Income	$38,276,180	$-3,541,923	-11.8%

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

$147,500

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROGER MCCLOW	TRUSTEE	10.00	Director	$35,500	$0	$35,500
FRANCIS J MARTORANA	CO-CHAIRMAN	12.00	Director	$38,000	$0	$38,000
MICHAEL BAILEY	CHAIRMAN	12.00	Director	$28,000	$0	$28,000
BRIAN DALEY	TRUSTEE	10.00	Director	$23,000	$0	$23,000
MICHAEL STEPHENSON	TRUSTEE	10.00	Director	$23,000	$0	$23,000

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	$92,236,257	$53,960,077	$680,762,002	$38,276,180
2023	$31,093,978	$34,635,901	$645,729,638	$-3,541,923
2022	$19,917,175	$38,478,416	$597,444,803	$-18,561,241
2021	$37,616,244	$42,412,345	$736,520,021	$-4,796,101
2020	$19,079,807	$37,236,992	$716,577,546	$-18,157,185
2019	$46,943,648	$51,365,334	$674,421,418	$-4,421,686
2018	$55,693,871	$51,798,294	$614,265,909	$3,895,577

MIDDLETOWN WORKS HOURLY & SALARIED UNION RETIREES HEALTH CARE FUND