HAWAIIAN ELECTRIC INDUSTRIES INC VEBA TRUST FOR BARGAINING UNIT EMPLOYEES (EIN 996067555) - Form 990 Financial Analysis & Trantor Score

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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

1994

Legal Domicile

Principal Officer

KURT K MURAO

Phone

8085437948

Tax Period

2024-01-01 to 2024-12-31

HAWAIIAN ELECTRIC INDUSTRIES INC VEBA TRUST FOR BARGAINING UNIT EMPLOYEES, founded in 1994, is a mid-sized nonprofit that reported $26.8M in total revenue in fiscal year 2024. Revenue surged 250% from the prior year, signaling strong growth momentum. The organization ran a surplus of $20.9M, a strong 78% operating margin.

Mission

THE TRUST IS A FUNDING VEHICLE FOR THE POST-RETIREMENT WELFARE BENEFIT PLAN FOR EMPLOYEES OF HAWAIIAN ELECTRIC COMPANY, INC. AND PARTICIPATING 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 $1,758,943

Investment Income $24,991,336

Other Revenue $0

TOTAL REVENUE $26,750,279

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $316,523

TOTAL EXPENSES $5,882,635

Year-over-Year Comparison

	2024	2023	Change
Revenue	$26,750,279	$7,651,265	+2.5%
Expenses	$5,882,635	$6,055,659	0.0%
Net Income	$20,867,644	$1,595,606	+12.1%

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
HEI PENSION INVESTMENT COMMITTEE	(SEE SCHEDULE O)	0.00	Director	$0	$0	$0
N/A	TRUSTEE	0.00		$87,805	$0	$116,658

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	$26,750,279	$5,882,635	$156,530,664	$20,867,644
2023	$7,651,265	$6,055,659	$142,405,213	$1,595,606
2022	$8,416,559	$6,200,327	$128,348,207	$2,216,232
2021	$12,940,717	$6,017,800	$157,201,055	$6,922,917
2020	$4,971,582	$5,756,354	$141,952,291	$-784,772

HAWAIIAN ELECTRIC INDUSTRIES INC VEBA TRUST FOR BARGAINING UNIT EMPLOYEES