ASBESTOS WORKERS LOCAL 42 WELFARE … - 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

1951

Legal Domicile

Principal Officer

PRESTON SMITH

Phone

7176815760

Tax Period

2022-07-01 to 2023-06-30

ASBESTOS WORKERS LOCAL 42 WELFARE FUND, founded in 1951, is a community nonprofit that reported $2.7M in total revenue in fiscal year 2022. Expenses of $3.7M exceeded revenue, resulting in a 36% operating deficit.

Mission

TO PROVIDE PARTICIPANTS AND THEIR DEPENDENTS WITH HEALTH, ACCIDENT, DISABILITY AND DEATH BENEFITS.

Program Service Accomplishments

Program 1

TO PROVIDE PARTICIPANTS AND THEIR DEPENDENTS WITH HEALTH, ACCIDENT, DISABILITY, AND DEATH 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 (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,581,184

Investment Income $78,874

Other Revenue $36,764

TOTAL REVENUE $2,696,822

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $278,336

TOTAL EXPENSES $3,660,964

Year-over-Year Comparison

	2022	2021	Change
Revenue	$2,696,822	$2,576,578	+0.0%
Expenses	$3,660,964	$3,256,165	+0.1%
Net Income	$-964,142	$-679,587	+0.4%

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

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
Nicholas Smith	Union Trustee	1.00	Director	$0	$0	$0
Eric Dudzinski	Employer Trustee	1.00	Director	$0	$0	$0
John Dillon	Employer Trustee	1.00	Director	$0	$0	$0
Philip S Mitchener	Union Trustee	1.00	Director	$0	$0	$0
John Kline	Employer Trustee	1.00	Director	$0	$0	$0
Preston Smith	Union Trustee	1.00	Director	$0	$0	$0
Joseph Ferrara	Union Trustee	1.00	Director	$0	$0	$0
Steven Castellarin	Employer Trustee	1.00	Director	$0	$0	$0
Nelson Gutierrez	Trustee (Alt.)	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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$2,696,822	$3,660,964	$3,601,528	$-964,142
2022	$2,576,578	$3,256,165	$4,864,672	$-679,587
2021	$2,490,963	$4,045,258	$5,215,338	$-1,554,295
2020	$2,759,120	$3,553,629	$6,231,106	$-794,509
2019	$3,363,328	$3,587,511	$7,248,715	$-224,183
2018	$2,900,757	$3,531,663	$7,100,382	$-630,906

ASBESTOS WORKERS LOCAL 42 WELFARE FUND