Utah Sheet Metal Welfare Fund

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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

1954

Legal Domicile

Principal Officer

GARRETT YATES

Phone

8012663271

Tax Period

2024-07-01 to 2025-06-30

Utah Sheet Metal Welfare Fund, founded in 1954, is a mid-sized nonprofit that reported $17.9M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion.

Mission

THIS TRUST FUND IS A COLLECTIVELY BARGAINED TAFT-HARTLEY MULTIEMPLOYER HEALTH AND WELFARE PLAN. IT PROVIDES HEALTH AND WELFARE BENEFITS FOR PARTICIPANTS AND BENEFICIARIES WHO ARE ELIGIBLE UNDER THE TERMS OF THE TRUST AGREEMENT.

Program Service Accomplishments

Program 1

TO PROVIDE HEALTH AND WELFARE BENEFITS FOR PARTICIPANTS AND BENEFICIARIES WHO ARE ELIGIBLE UNDER THE TERMS OF THE TRUST AGREEMENT.

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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 $16,664,256

Investment Income $1,240,134

Other Revenue $0

TOTAL REVENUE $17,904,390

Expense Breakdown

Grants Paid $0

Salaries & Benefits $15,451

Fundraising Expenses $0

Other Expenses $1,678,590

TOTAL EXPENSES $18,640,011

Year-over-Year Comparison

	2024	2023	Change
Revenue	$17,904,390	$15,497,238	+0.2%
Expenses	$18,640,011	$14,182,660	+0.3%
Net Income	$-735,621	$1,314,578	-1.6%

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

Employees

N/A

Volunteers

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
STEPHEN RICHARDS	Chairman	1.00	Officer Director	$0	$0	$0
TONY ERICKSEN	CO-CHAIRMAN	1.00	Officer Director	$0	$0	$0
Cody Leamaster	Trustee	1.00	Director	$0	$0	$0
WILL MATTHEWS	Trustee	1.00	Director	$0	$0	$0
GARRETT YATES	Chairman	1.00	Director	$0	$0	$0
CHASE DEEDS	Trustee	1.00	Director	$0	$0	$0
Melvin Price	Trustee	1.00	Director	$0	$0	$0
Rich Marker	Trustee	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	$17,904,390	$18,640,011	$22,164,635	$-735,621
2024	$15,497,238	$14,182,660	$22,874,386	$1,314,578
2023	$13,579,612	$12,191,100	$20,444,880	$1,388,512
2022	$14,894,443	$11,937,156	$18,175,400	$2,957,287
2021	$13,437,199	$12,638,437	$17,927,147	$798,762
2020	$13,674,745	$12,721,878	$15,626,363	$952,867
2019	$13,042,728	$13,392,928	$14,165,238	$-350,200
2018	$13,375,528	$13,146,707	$13,462,854	$228,821