IRON WORKERS LOCAL 28 HEALTH & WELFARE FUND OF RICHMOND VIRGINIA AREA (EIN 546068836) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1967

Legal Domicile

Principal Officer

LARRY PATTERSON

Phone

5403457735

Tax Period

2023-01-01 to 2023-12-31

IRON WORKERS LOCAL 28 HEALTH & WELFARE FUND OF RICHMOND VIRGINIA AREEA, founded in 1967, is a community nonprofit that reported $3.1M in total revenue in fiscal year 2018. The organization ran a surplus of $1.0M, a strong 33% operating margin.

Mission

TO PROVIDE HEALTH INSURANCE BENEFITS TO ELIGIBLE PARTICIPANTS

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $3,119,332

Investment Income $606,489

Other Revenue $0

TOTAL REVENUE $3,725,821

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,262

Fundraising Expenses $0

Other Expenses $232,014

TOTAL EXPENSES $4,048,280

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,725,821	$5,204,767	-0.3%
Expenses	$4,048,280	$2,834,386	+0.4%
Net Income	$-322,459	$2,370,381	-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

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
LARRY PATTERSON	TRUSTEE	2.00	Director	$0	$0	$0
KEVIN POOLE	TRUSTEE	2.00	Director	$0	$0	$0
MARYNARD CONNOR	TRUSTEE	2.00	Director	$0	$0	$0
JAMES DAILEY	TRUSTEE	2.00	Director	$0	$0	$0
STANLEY CHILDS	TRUSTEE	2.00	Director	$0	$0	$0
STEVE SADLER	TRUSTEE	2.00	Director	$0	$0	$0
DREXELL GARNER JR	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL W LAMBERT	TRUSTEE	2.00	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
2024	No data	No data	No data	No data
2023	$3,725,821	$4,048,280	$12,417,624	$-322,459
2022	$5,204,767	$2,834,386	$12,078,180	$2,370,381
2021	$3,208,589	$2,453,898	$11,884,635	$754,691
2020	$2,525,772	$2,599,213	$10,223,503	$-73,441
2019	$2,735,657	$3,315,441	$10,026,033	$-579,784
2018	$3,068,379	$2,040,615	$9,298,761	$1,027,764

IRON WORKERS LOCAL 28 HEALTH & WELFARE FUND OF RICHMOND VIRGINIA AREA