ALLETE INC & AFFILIATED COMPANIES UNION LIFE INSURANCE TRUST (EIN 416426497) - 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

1997

Legal Domicile

Principal Officer

TROY RASCH

Phone

2187237546

Tax Period

2024-01-01 to 2024-12-31

ALLETE INC & AFFILIATED COMPANIES UNION LIFE INSURANCE TRUST, founded in 1997, is a small nonprofit in the Mutual Benefit sector that reported $370K in total revenue in fiscal year 2024. Revenue surged 32% from the prior year, signaling strong growth momentum. Expenses of $426K exceeded revenue, resulting in a 15% operating deficit.

Mission

PROVIDE LIFE INSURANCE BENEFITS FOR UNION RETIREES

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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 $38,733

Investment Income $331,584

Other Revenue $0

TOTAL REVENUE $370,317

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,319

Fundraising Expenses $0

Program Expenses $426,234

Other Expenses $865

TOTAL EXPENSES $426,234

Year-over-Year Comparison

	2024	2023	Change
Revenue	$370,317	$280,513	+0.3%
Expenses	$426,234	$428,063	0.0%
Net Income	$-55,917	$-147,550	-0.6%

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

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BETHANY OWEN	CHAIR	1.00	Director	$0	$0	$0
NICOLE JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
STEVE MORRIS	DIRECTOR	1.00	Director	$0	$0	$0
JULIE PADILLA	DIRECTOR	1.00	Director	$0	$0	$0
JULIE PIERCE	DIRECTOR	1.00	Director	$0	$0	$0
ROB SANDSTROM	DIRECTOR	1.00	Director	$0	$0	$0
LAURA KROLLMAN	SECRETARY	1.00	Director	$0	$0	$0
FRANK FREDRICKSON	DIRECTOR	1.00	Director	$0	$0	$0
JOSH SKELTON	DIRECTOR	1.00	Director	$0	$0	$0
DAN GUNDERSON	DIRECTOR	1.00	Director	$0	$0	$0
N/A	INSTITUTIONAL TRUSTEE	1.00		$5,319	$0	$5,319

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	$370,317	$426,234	$8,673,933	$-55,917
2023	$280,513	$428,063	$8,231,326	$-147,550
2022	$854,160	$429,636	$7,571,338	$424,524
2021	$460,658	$426,150	$9,327,919	$34,508
2020	$327,884	$426,222	$8,718,433	$-98,338
2019	$458,471	$418,691	$8,088,133	$39,780
2018	$321,159	$392,339	$7,039,701	$-71,180

ALLETE INC & AFFILIATED COMPANIES UNION LIFE INSURANCE TRUST