Allete Inc & Affiliated Companies Union Life Insurance Trust

Nonprofit profile at a glance

EIN
416426497
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Duluth, MN, USA
Phone
2187237546
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Insurance Providers

Reported finances

Revenue
$370,317
Expenses
$426,234
Assets
$8,673,933
Liabilities
$35,010

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

11 people listed

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide life insurance benefits for union retirees

Operating model

Revenue model
Investment-supported. 87% of the money available for current operations came from recurring investment income.
Distribution model
Member-benefit provider. The nonprofit used 99% of its reported program spending for member benefits.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 12
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -15.1%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 20.35; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 51; 51st percentile among comparable filings
  • Officer compensation ratio: 1.2%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 5.5% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 0% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 2.7% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 11 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $426K in reported program spending
  • Leadership: top reported pay $5K · 11 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 18/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.
  • Review — Sustainability: Liabilities to assets ratio scored 51/100.