IBEW LOCAL 332 HEALTH WELFARE PLAN

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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

1959

Legal Domicile

Principal Officer

DOUG LUNG

Phone

4082884400

Tax Period

2024-01-01 to 2024-12-31

IBEW LOCAL 332 HEALTH WELFARE PLAN, founded in 1959, is a mid-sized nonprofit that reported $86.2M in total revenue in fiscal year 2024. Revenue surged 20% from the prior year, signaling strong growth momentum. Expenses of $74.0M left a modest 14% surplus.

Mission

TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS.

Program Service Accomplishments

Program 1

TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE PARTICIPANTS COVERED UNDER COLLECTIVE BARGAINING AGREEMENTS BETWEEN THE UNION AND THE EMPLOYERS.

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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 $72,701,839

Investment Income $13,477,959

Other Revenue $0

TOTAL REVENUE $86,179,798

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $2,554,713

TOTAL EXPENSES $73,996,412

Year-over-Year Comparison

	2024	2023	Change
Revenue	$86,179,798	$71,813,593	+0.2%
Expenses	$73,996,412	$42,603,091	+0.7%
Net Income	$12,183,386	$29,210,502	-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
DOUG LUNG	CHAIRMAN	5.0	Director	$0	$0	$0
JAVIER CASILLAS	CHAIRMAN	5.0	Director	$0	$0	$0
ANDREW ROGERS	TRUSTEE	5.0	Director	$0	$0	$0
PETER HUBER	TRUSTEE	5.0	Director	$0	$0	$0
TIM DANIELS	TRUSTEE	5.0	Director	$0	$0	$0
CLINTON WOODLEY	TRUSTEE	5.0	Director	$0	$0	$0
PETE SEABERG	TRUSTEE	5.0	Director	$0	$0	$0
VICTOR CASTELLO JR	TRUSTEE	5.0	Director	$0	$0	$0
JASON THROCKMORTON	TRUSTEE	5.0	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	$86,179,798	$73,996,412	$167,194,519	$12,183,386
2023	$71,813,593	$42,603,091	$157,773,215	$29,210,502
2022	$74,659,893	$68,494,006	$155,338,433	$6,165,887
2021	$78,174,500	$62,880,980	$153,538,030	$15,293,520
2020	$65,255,564	$46,386,549	$136,059,066	$18,869,015
2020	$64,089,883	$58,524,818	$134,802,706	$5,565,065
2019	$69,738,672	$52,585,847	$121,988,121	$17,152,825
2018	$62,503,975	$62,531,704	$98,604,395	$-27,729