ORMET CORPORATION HOURLY RETIREE B… - 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

2005

Legal Domicile

Principal Officer

JEANETTE STUMP

Phone

4122012242

Tax Period

2024-01-01 to 2024-12-31

ORMET CORPORATION HOURLY RETIREE BENEFIT TRUST, founded in 2005, is a community nonprofit in the Mutual Benefit sector that reported $3.1M in total revenue in fiscal year 2024. Expenses of $3.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

THE PRIMARY EXEMPT PURPOSE FOR THIS VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION (VEBA) DURING THE YEAR WAS THE PAYMENT OF SICK, ACCIDENT, OR OTHER BENEFITS TO THE PARTICIPANTS, THEIR DEPENDENTS, OR DESIGNATED BENEFICIARIES.

Program Service Accomplishments

Program 1

VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION WHICH PROVIDES HEALTH AND WELFARE BENEFITS TO APPROXIMATELY 2,300 PARTICIPANTS.

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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 $733,332

Investment Income $2,328,692

Other Revenue $223

TOTAL REVENUE $3,062,247

Expense Breakdown

Grants Paid $0

Salaries & Benefits $85,665

Fundraising Expenses $0

Other Expenses $292,488

TOTAL EXPENSES $3,579,073

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,062,247	$3,140,939	0.0%
Expenses	$3,579,073	$4,757,243	-0.2%
Net Income	$-516,826	$-1,616,304	-0.7%

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

$20,412

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES CARNEY	COMMITTEE MEMBER	1.00	Director	$6,804	$0	$6,804
HOWARD KLINE	COMMITTEE MEMBER	1.00	Director	$6,804	$0	$6,804
JEANETTE STUMP	COMMITTEE MEMBER	1.00	Director	$6,804	$0	$6,804
NICHOLAS SCHAFER	COMMITTEE MEMBER	1.00	Director	$0	$0	$0
N/A	INSTITUTIONAL TRUSTEE	24.00		$65,253	$0	$65,253

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	$3,062,247	$3,579,073	$44,893,631	$-516,826
2023	$3,140,939	$4,757,243	$43,386,361	$-1,616,304
2022	$1,784,439	$4,541,591	$41,317,020	$-2,757,152
2021	$4,222,534	$3,337,038	$50,422,374	$885,496
2020	$4,256,380	$4,988,456	$46,966,998	$-732,076
2019	$5,605,348	$5,502,047	$44,017,000	$103,301
2018	$3,810,041	$5,795,990	$40,296,254	$-1,985,949

ORMET CORPORATION HOURLY RETIREE BENEFIT TRUST