Honeywell UAW Master Supplemental Unemployment Benefit Trust

Nonprofit profile at a glance

EIN
386047002
IRS 990 coverage
2011–2017
Forms available
Form 990 2017
Location
Morris Plains, NJ, USA
Phone
9734555913
Rating
44
Verdict
MIXED
Rating confidence
Moderate
Sector
Supplemental Unemployment Compensation

Reported finances

Revenue
$793
Expenses
$14,134
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

1 person listed

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The trust was a funding vehicle for the plan sponsor's payment of supplemental unemployment benefits for participants. In 2017, all remaining assets of the Trust were fully liquidated and reimbursed to Honeywell International Inc., the Plan Administrator. There are no remaining obligations for Trust benefits.

What it reported doing in 2017

The Plan is a welfare plan designed to provide additional financial security to eligible hourly participants during periods of qualifying layoffs, as defined in the Plan document. Generally, a qualifying layoff includes any layoff resulting from a reduction in force or temporary layoff, including a layoff resulting from the discontinuance of a plant or an operation. In 2017, all remaining assets of the Trust were fully liquidated and reimbursed to Honeywell International Inc., the Plan Administrator. There are no remaining obligations for Trust benefits.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 4
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1,682.3%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 19.5%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -45.9% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -19.9% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 1 of 1 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $3K · 1 people listed
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 7 filing years from 2011 to 2017
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 3/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.