SEMCO ENERGY INC UNION VEBA TRUST

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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

1997

Legal Domicile

Principal Officer

TRACY L VINCENT

Phone

8109872200

Tax Period

2024-01-01 to 2024-12-31

SEMCO ENERGY INC UNION VEBA TRUST, founded in 1997, is a small nonprofit in the Mutual Benefit sector that reported $803K in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $1.1M exceeded revenue, resulting in a 43% operating deficit.

Mission

THIS IRREVOCABLE TRUST IS ESTABLISHED FOR THE PURPOSE OF HOLDING ASSETS IN TRUST IN ACCORDANCE WITH SECTION 403 OF ERISA PENDING THE PAYMENT OF SEMCO MICHIGAN UNION RETIREE MEDICAL BENEFITS. NO PORTION OF THE TRUST FUND MAY BE USED OTHER THAN IN THE SOLE AND EXCLUSIVE INTEREST OF PARTICIPANTS WHOSE ELIGIBILITY TO PARTICIPATE RESULTS FROM EMPLOYMENT AS A SEMCO MICHIGAN UNION EMPLOYEE. THE IMMEDIATELY PRECEDING SENTENCE SHALL NOT BE CONSTRUED TO LIMIT THE TRUSTEES ABILITY TO PAY TAXES AND ADMINISTRATIVE EXPENSES FROM THE TRUST FUND.

Program Service Accomplishments

Program 1

Expenses: $0 Revenue: $0

FUNDING OF TRUST TO PAY FUTURE MEDICAL BENEFITS FOR SEMCO MICHIGAN UNION RETIREES AND THEIR DEPENDENTS.

Program 2

Expenses: $1,121,000 Revenue: $0

SEMCO MICHIGAN UNION RETIREE MEDICAL CLAIMS

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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 $802,570

Other Revenue $0

TOTAL REVENUE $802,570

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,121,000

Other Expenses $23,398

TOTAL EXPENSES $1,144,398

Year-over-Year Comparison

	2024	2023	Change
Revenue	$802,570	$722,993	+0.1%
Expenses	$1,144,398	$839,366	+0.4%
Net Income	$-341,828	$-116,373	+1.9%

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

$5,234,923

Total Directors

$3,503,284

Key Employees

Highest Compensated

reported

Name	Title	Role	Reportable Comp	Other Comp	Total
M COLLEEN STARRING	PRESIDENT US UTILITIES DIRECTOR	Officer Director	$0	$13,800	$1,833,403
MARK A MOSES	VP CFO TREASURER DIR	Officer Director	$0	$13,800	$977,635
ANN L FORSTER	VP ADMIN SERVICES UTILITIES	Officer	$0	$13,800	$868,961
DANIEL J FORSYTH	VP BUSINESS SERVICES SEMCO	Officer	$0	$13,800	$460,127
MARC A SIMONE	PRESIDENT US UTILITIES DIRECTOR	Officer Director	$0	$13,800	$692,246
TRACY L VINCENT	VP CONTROLLER	Officer	$0	$13,800	$402,551
COMERICA BANK	INSTITUTIONAL TRUSTEE		$3,492	$0	$3,492

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	$802,570	$1,144,398	$11,720,364	$-341,828
2023	$722,993	$839,366	$11,603,605	$-116,373
2022	$839,659	$995,293	$10,941,684	$-155,634
2021	$1,596,810	$1,008,499	$14,203,117	$588,311
2020	$521,988	$1,020,400	$13,730,614	$-498,412
2019	$1,093,389	$1,040,006	$12,771,269	$53,383
2018	$979,663	$1,177,321	$11,540,087	$-197,658