Ibew Local 102 Welfare Fund
Nonprofit profile at a glance
- EIN
- 226487222
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Parsippany, NJ, United States
- Phone
- 1.973.887.1718
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $72,614,838
- Expenses
- $72,274,952
- Assets
- $117,021,381
- Liabilities
- $7,943,093
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
People named in this filing
- BERNARD CORRIGAN (Trustee)
- JAMES ESTABROOK (Trustee)
- DAVID FIORE (Trustee)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Our Annual Motorcycle Rally and Cruise In has become a favorite among our members. A day of fun mixed with a little fund raising that has raised nearly 400 thousand dollars over the past 11 years. We were happy to see 100% off the net proceeds raised going directly to our charities. The Goryeb Children’s Hospital at Morristown Medical Center, The Seeing Eye (the nation’s oldest guide dog school which helps the visually impaired lead a more fulfilling life), Children's Specialized Hospital, Project Help and DaytopNJ are some of the charities we have contributed to. We always look forward to our next charitable event. Local 102 & Habitat for Humanity.
What it reported doing in 2024
Provided group health benefits for eligible participants and their qualified dependents.
Operating model
- Revenue model
- Earned-program. 94% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Member-benefit provider. The nonprofit used 100% of its reported program spending for member benefits.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 87
- Transparency & Controls: 90
- Accountability: 88
- Sustainability: 54
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 97%; rating input score 97
- Program expense ratio: 97.6%; rating input score 98
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th 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; 77th percentile among comparable filings
- Governance controls: 5 of 7 controls in place; rating input score 71
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0.5%; rating input score 34; 34th percentile among comparable filings
- Total-asset coverage ratio: 1.62; rating input score 56; 56th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 87; 87th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings
Growth
- Program expense growth: 0.4% per year; rating input score 100; 8th percentile among comparable filings
- Revenue growth: 3.4% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: 2% per year; rating input score 100; 15th percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: 97% of revenue deployed · 97.6% of spending went to programs
- Governance: 6 of 6 board members independent · 5 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $70.6M in reported program spending
- Leadership: top reported pay $0 · 6 people listed
- Highest-paid contractors: 5 contractors listed · $3.1M reported
- Consistency: 23 of 23 current checks pass
- Schedules: 2 filed schedules
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- 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.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- Moderate — Sustainability: Operating margin scored 34/100.
- Review — Sustainability: Total-asset coverage ratio scored 56/100.