Boston Letter Carriers Mutual Benefit Association

Nonprofit profile at a glance

EIN
042205326
IRS 990 coverage
2010–2023
Forms available
Form 990 2023
Location
Braintree, MA, USA
Phone
6172699111
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$256,858
Expenses
$402,533
Assets
$6,481,460
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • THOMAS SHEEHAN (PRESIDENT)

Highest reported compensation

  • THOMAS SHEEHAN (PRESIDENT): $9,900 total reported compensation
  • DAVID McLEOD (TRUSTEE/RECORDING SEC.): $8,160 total reported compensation
  • PETER W McSORLEY (TREASURER): $8,160 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide benefits to members

What it reported doing in 2023

Death benefits (24) 9 @ $ 7,500 = 67,500 15 @ $ 8,000 = 120,000

Operating model

Revenue model
Investment-supported. 97% of the money available for current operations came from recurring investment income.
Distribution model
Member-benefit provider. The nonprofit used 85% 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 31
  • Sustainability: 43
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.2%; rating input score 89
  • Program expense ratio: 55.1%; rating input score 55
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 37.5%; rating input score 38; 15th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -56.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 16.1; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 81; 81st percentile among comparable filings
  • Officer compensation ratio: 8.5%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: -1.3% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: 0.4% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: 89.2% of revenue deployed · 55.1% of spending went to programs
  • Governance: 3 of 8 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $10K · 4 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 14 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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.

  • Moderate — Accountability: Independent voting board scored 38/100.
  • Review — Financial Efficiency: Program expense ratio scored 55/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.